There you go. A mini-rally at the end. Did my charts see it? No, but they were expecting more upward movement. Essentially, we had 11 days of almost all bear territory. A couple days of bull action isn't too crazy. My charts are telling me the bull action is accelerating. It may not last very long...I only look a few days ahead...heck, we could reverse tomorrow....but it's not at all crazy to the think that the bulls can rule a litle while longer. Shorting...or at least shorting overnight...is too risky right now, IMHO. SM
I just sold all my long positions. I had a great week. Made about 5% across the board. I'm selling because of this graph: http://stockcharts.com/h-sc/ui?s=TNA&p=D&yr=0&mn=5&dy=12&id=p64441862902 Price is at the center of the bollinger band range. Price likes to reverse direction there...but it doesn't always. Until now, we were going toward that midline so I felt pretty confident. But now that we're there, I prefer to wait and see what happens next. It'd 50-50 whether it keeps going. I don't like 50-50...I like 70-30. SM
what are you guys doing after this week? I made a post in this thread on 7-06 saying how i'm bullish for last week and this week, but i'll be looking to sell probably thursday or friday. Are you guys still bullish?
Lev, I can only see a couple days ahead and that assumes no "shock" comes along that dissuades the general market mood. Yeah...my charts told me to go long yesterday, so I got in late. Made 4% on Ford (just sold it). Currently Holding URE which I bought this morning. Made about 3% so far. I think it has more to give over the next day or so. Ford might have more to give too, but I could build a case that it was topping out based on how close it gets to the bollinger in one of my charts. Probably real conservative considering the market is still going up. But hey...4% in 24 hours should be good enough for anyone. Kudos to anyone who stayed long since last week. Gutsy call. I had to sell it all on Friday...it was at a place in it's range where a reversal was more probable. SM
Yes, bullish. Since follow through is found to be 70% accurate, I've been buying since Monday. Short of being related to the late Mr. Gann, I like to use a follow through day (usually day 4-7) before putting the $$$$$ in harm's way.
Sectors down today except for tech. Retail sales down for a second month 50bps. Mixed bag at this point. I'd say you're smart to stay on the sidelines for now. Covered all of my shorts last week. Longs aren't doing anything to write home about.
It's now 10:25 AM...If I'm reading things right, I think the shorts are going to start to rule the roost. Price action is about to bump against a falling moving average line. Yeah...it could cross, but we're near a turn-around anyway...today would be a reasonable day for a turnaround based on the action we've seen...yesterday was a blow-off to the upside. I bought some EDZ a few minutes ago. http://stockcharts.com/h-sc/ui?s=EDZ&p=D&yr=0&mn=2&dy=12&id=p76870252615 SM
U ever follow firstwave's chat n chart show-great guy. Good calls URE hitting daily 50, gap over it would be good but personally think market is due for correction here. OPEX week so who knows maybe starting monday...