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Market is setting up to correct


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#1 Chilidawgz

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Posted 05 November 2017 - 11:08 AM

Something is not quite right internally. Stocks above 50DMA, expanding new lows, summation indexes, my volume oscillators are not confirming price action. Unless my indicators improve I think we have some down days ahead. 

 

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Anything can happen...what's happening now?
No one can forecast the future. No one.

"Again, this is all based on some trivial elementary school arithmetic."
(The individual in the quote was giving his opinion on TA...way too funny smile.png
That comment made me smile and spit out my coffee)
 
“To speak out against the madness may be to ruin those who have succumbed to it.
So the wise on Wall Street nearly always remain silent.
The foolish have the field to themselves, and none rebukes them.” (J.K. Galbraith).
 
 

#2 alexnewbee

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Posted 05 November 2017 - 11:49 AM

I am on the short side, in fact I made a call here on this board.
But playing devil's advocate, what makes you think that turn is now? It has been diverging since spring, no? Thank you.
"we do G.d's work" Lloyd Blankfein

#3 alexnewbee

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Posted 05 November 2017 - 11:52 AM

IMHO, that arrest of princess in SA could work as a trigger, but only if markets are ready. They have quite an exposure and possibly people would sell some of their assets.
"we do G.d's work" Lloyd Blankfein

#4 Chilidawgz

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Posted 05 November 2017 - 12:18 PM

Not saying the turn is now. Just looking at internals diverging from price. If the internals improve, we continue the bull run...after all the world central banks are still pumping fiat currency. The Swiss have stated they ARE buying US securities and Japan has and is buying their own nations stocks. I think our own FED probably has an undisclosed stash of US securities, they have their own trading desk. (Nice to be a closed, private institution with no one allowed to look at the books)

 

I am a longer term trader and am fully positioned in my stock allocation. I do not trade daily. I use ETF's. Here is an example of one I hold.

 

aa.gif


Anything can happen...what's happening now?
No one can forecast the future. No one.

"Again, this is all based on some trivial elementary school arithmetic."
(The individual in the quote was giving his opinion on TA...way too funny smile.png
That comment made me smile and spit out my coffee)
 
“To speak out against the madness may be to ruin those who have succumbed to it.
So the wise on Wall Street nearly always remain silent.
The foolish have the field to themselves, and none rebukes them.” (J.K. Galbraith).
 
 

#5 alexnewbee

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Posted 05 November 2017 - 12:50 PM

Ok, thks.
"we do G.d's work" Lloyd Blankfein

#6 dowdeva

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Posted 05 November 2017 - 02:14 PM

Seeing the same thing. Was looking at my breadth charts Friday and shaking my head, and saying something doesn't feel right.... No longs, but no shorts yet, just OTM credit spreads for now (short).


Edited by dowdeva, 05 November 2017 - 02:16 PM.


#7 opinionated

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Posted 05 November 2017 - 05:28 PM

Also called internal correction IMO... 



#8 Iblayz

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Posted 05 November 2017 - 07:31 PM

I am looking for an attempt to sell it tomorrow.....early......as in the first hour of trading. As is my norm, I have another date for a high targeted should tomorrow's highs be taken out. Not gonna post the date in advance if at all.



#9 Iblayz

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Posted 05 November 2017 - 08:07 PM

Also, and in conjunction with the above, wouldn't be surprised to see at least a touch of ES 2587.5. That is also a number that should concern one holding short if it were to close the day above said number.



#10 12SPX

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Posted 06 November 2017 - 08:32 AM

Seeing the same thing. Was looking at my breadth charts Friday and shaking my head, and saying something doesn't feel right.... No longs, but no shorts yet, just OTM credit spreads for now (short).

Yay!!  Eight up weeks, better possibility of a flat week at the least but then theres expiration week!