I dont think we are looking at the same charts. Take a look at this one and tell me what you see. http://stockcharts.com/h-sc/ui?s=$BPCOMPQ&p=W&b=1&g=0&id=p41059944218
yep, i have three pos and two of em were deep in the red by 4%...now one is up almost 5% and the other 1%. intc is unstoppable.
looks like a short term top may be forming. The way everyone talks about this market is that they see gains throughout the rest of the year. I could see if they were predicting a pullback and then a run to 2750 or 3000 but to continue a run like we have had with not even a 2% pullback is unreal.
Almost all my calls have been correct this year regaridng the stocks and the market My goog call with regards the cup and handle formation http://i17.photobucket.com/albums/b95/adsensesystem/cuphandle.png up 45 points since with NO sign of slowing And the nasdaq prediction made on Nov 30th when it sold http://i17.photobucket.com/albums/b95/adsensesystem/nasdaq.png Another google call http://i17.photobucket.com/albums/b95/adsensesystem/google/goog5.png The final target for the nasdaq is 7000-9000 in 3-6 years as soon as the runaway herd mentality takes control and valuations become overextended.
I remember all my lessons. Last year, I was going into 2006 wearing the small-cap hat and then in May I saw almost all my profit simply disappear. At the start of 2006, everyone was very bullish and saying that small cap was the way to go. I promised myself that this would not happen again so I dove more into technical analysis then ever before and decided to wave away attitude, news, bullishness, bearishness, etc. Simply to focus in on the charts and ignore what everyone else was saying. Over the summer, Maria on CNBC had a look of fear on her face and asked someone "What if Iran turned off the tap?". Then as she said that, I saw the energy stocks quiver all that much upward. I laughed and knew then that this was the end to the oil era. It wasnt quite the end yet, however, looking at the Bullish percent indicator and combining that with what I saw around, i.e. Maria, you knew the curtain was going to close soon... Over the summer, I told someone that a certain stock would double or triple by the end of the year. They looked at me funny. Then I had a discussion of oil with someone saying that the price would fall eventually. They looked at me funny too. The stock market works in cycles and the bullish percent indicators is the most accurate way to determine what part of the cycle you are currently in. This is a clear signal when you should buy, hold or sell. If you went by these indicators, then you would know that shorting the indexes was not the right thing to do over a month ago. http://stockcharts.com/education/IndicatorAnalysis/indic_BPI.htm "Bullish Percent levels that are above 70% are considered overbought, whereas levels below 30% are considered oversold. Strong buy signals occur when the Bullish Percent Index falls below 30% and then reverses up by at least 6%. Conversely, promising sell signals occur when it goes above 70%, and then reverses down by at least 6%." Its a myth that all stocks have gone up since 2004 and its simply wrong to say that. No one thinks about Atari or James River Coal. There are quite a few I can name actually. The people in this thread are a strong sell signal when combined with the bullish percent indicator.
When things get out of the ordinary I get worried. I always follow the trend so I will never short an upward trend, but I am not afraid to take profits. I thought today would be a decent dip buying day, but I did not purchase anything today because nothing dipped that I wanted to buy. The only thing I closed today were 5 of my 10 calls of BSX jan 17.50 calls, and I probably should have kept them since I own them for .20 (got .90 for them) The charts of my stocks just look too good to sell. Not overbought, not oversold. I don't know, but it just all seems strange. I definitely feel like I am in unchartered waters.