Out QID +4% -soon we ll take out the june lows This guy is freaking awesome-dont know if i can post his name FW "A nice reversal from the lows yesterday, most of them being in the premarket and retests in the live market. DJ-30 did and air kiss of our 10,000 market call and managed to reverse back up to the 10235 area for a 75 point gain. Congress gave the markets the gasoline to reverse the trend from last week with the unemployment extensions passing thru key committees and getting important majority votes in place. Is this enough to reverse the moves of last week and send us to new monthly highs? The answer to that question should come today with any selloff going to the hourly and daily 50 sma . Should they hold there and bounce to take out the morning highs then the current market dip is likely over. Should the daily indexes fail to hold the 50 sma and hourly sma we will see retracements of the last twodays bounce."
I don't know if we're going down. The market is looking for direction, and hugging the midline of the bollinger band. I think it was trying to make an upward move...which was in it's infancy....a 3 to 7 day cycle up...but Bernanke kicked it in the stomach and temporarily stunned it. The market could shake it off. I'm taking a wait and see attitude. I'm holding good stocks and I don't feel motivated to sell them, figuring that tomorrow morning, today's action will seem like an over-reaction. Right now, any answer could be correct, so any carefully thought out swing trade has a 50-50 shot of panning out. My thought is just to keep waiting. SM
Almost...I was sorely tempted to buy TZA yesterday in anticipation of my indicators turning up (i.e., before they did). Glad I didn't! Futures up now (Thursday), so I'm hoping my long positions I did hold will rebound. This dovetails with my theory that we were starting to rally and then Bernanke stunned the market. My indicators are still neutral, so it's best to wait for a trend to develop before leveraging long or short. But during uncertain times like these, "strong stocks" aren't so dangerous. SM
Indicators on FAS and TNA now pointing up. Looking like the start of a 2 to 3 day move if we hold this gain.
I did, and made out good...but I also bought some BIIB, and it really tanked late on Friday before I unloaded it. Killed much of my gains. At this point, the markets are pretty oversold, and I'm waiting to see if there is more propellant...it will take a lot of propellant to get price to slide along the upper bollinger band...which is what will have to happen. SM