when we get a new weekly high, possibly monday, it will be a confirmation for the rally. time for an elliot wave. ps. theres also a very important divergence between the NDX and the INDU. I'm not sure what it means yet, but it could be the start of a new bull market. :eek: let the flaming begin.
Though I'm fundamentally VERY bearish, this week's lows should be played as an intermediate bottom: a. Several indices held major neckline support b. "2 Weekly doji at big support" is compelling c. My proprietary Cum Vol RSI gives BUY signal (hard to fake out) If the lows of this week are retested, I'd load the boat (with stop, of course). Advise caution with short tries.
<a href="http://money.msn.com/content/p24708.asp">Source.</a> Late last week, I felt myself, in a flash, getting bearish. It seemed like the same mood of 'this market is really doomed' that was influencing others came to influence me, too. And I sensed that I should be careful on my shorts and look for an opportunity to fade that 'flash.' In that place, at that time, it seemed wise. This put me on my guard and helped me remain circumspect and nimble.
Intuitively, sounds right. And, might I add, one of the more intelligent posts to this thread. What tool(s) do you use to measure "relative volatility"? Tks, gnome
I simply compare the percentage movements up or down. The S&P generally moves about 40% of the NASDAQs daily volitility. Yet at the bottom they were about par which is quite rare. Runningbear