hg the last month is not an overall upward trend in the nasdaq/qqqq`s.....and if i could do 6 weeks it would be interesting to see what the trend is for the nasdaq. 4 weeks of downward slope (included within a santa claus rally) during the hottest part of the year, is a pretty significant rejection/deviation/rebellion from the upward bull slope of the previous 4 months.
http://tinyurl.com/yheye5 this is the 3 month chart, notice how the nasdaq/qqqq`s have crossed over the dow/snp lines. I believe this is your "leading indicator" for knowing where the indices are going next.
the snp just crossed over the dow, and i think it is the next to rollover, as it has failed a couple times at the upward resistance level, and it has looked relatively weak the last couple of weeks, in fact, it seems to be dragging the dow down/holding it back.
In all three indexes the long term trend is UP. In all three indexes the intermediate term trend is UP. the s&p and the q's have a short term downtrend. The dow is still in a short term uptrend. Trading against the long and intermediate term is a recipe for disaster. Sure you can make money if your timing is perfect, but it just doesn't work. You will get greedy and lose most of your profits.
Bluestreak is wrong again and every time he is proven wrong he continues to blame it on manipulation by outside forces. Where is the selloff? Hmmmmmmm? Where is it bluestreak? You have been here for months tel us about the big selloff. When will it happen? These super detailed charts are kinda a waste of time. I dont use the,. I use crap yahoo finance charts for most my TA and that works fine. If you use the very detailed charts you start imagining bearish indicators and other non existent chart formations while losing sight of the big picture.
Let's put it in a different way. BS if you were a position trader and you owned a stock that was up 20 out of the last 24 days would you sell it? Or worse yet, would you short it?
i think earnings (yoy) starting with alcoa jan. 09th (i think) will be what brings the dow to finally capitulate, and rollover with the other indices.
that`s not a valid/comparable analogy to our current market conditions. And it depends, but I am sure that GOOG was up close to 20 days in a row at 515, and I would have no problem shorting (puts would be the better play) that back down for $75.00 give or take in profits. It depends on a myriad of other factors besides just being up 20 straight days.