Yesterday the NAZ double topped in the afternoon at 2186. Then, today after a gap down opening, it rallied all the way back to top at 2186 again, before selling off 14 points in the last 90 minutes. I think the C wave has started to end the correction from early august. tony
Afternoon churn was broadly faded, Naz couldn't go through resistence at breakeven. The market sold at every chance it got, looks like a top may be near.
I was thinking in a 39.2 first. (Im trading a little time-frame) and then we will see. Im thinking in a market going a few points below to get "enough power" from there to break up or vanishing slowly and then in the future confirm a top after failure upstairs. Right now its hard to choose one because macro, fundamental and double top is make think a market going down, but, well, if the market holds the bull trend so far, why its going to change now? On the other hand we get a lot of stocks heading up or crossing important level to the upside or even the sox stocks with a nice structure as well lot of bios.... so, its hard with that's stocks pointing up a market going down.... so, i answer me myself: "just trade it day by day and disregard the biases...." and that's what im going to do, but of course without forgeting too much where we are stading, you know.... regards
Hey Roc, Understand your position. I noticed BIDU and GOOG going a little ballistic lately Makes me thing there is too much speculation in the market But will let it unfold and adjust accordingly
yea, goog and all the "plane" history makes me think in a top... we have mixed signals, confusing... like this market so far...
After six unsuccessful tries by the COMPX to go positive today (2171 -2172), in only three hours, the trap door fell open. B waves are like that, bull traps. But it's only a correction, the bull market continues. COMPX 2164 held the first down wave @ 10:00AM, then the six failures above, but 2157 only held momentarily. Next supports are 2137 - 2141, 2130 and 2121 EOD.