10 replies to this topic

[mss]

POSTING FOR BOBALOU

[PorkLoin]

You sure this ain't "posting for Jackson Pollock"?

[bobalou]

sorry who is ,Jackson Pollock,please...now, look for trin lines to be broken.

[PorkLoin]

Hi Bobalou -- Pollock was a painter in the 1930s, 40s and 50s, increasingly known for lots of color and dense patterns on canvas. I think he's called an "abstract impressionist." Not sure which lines you are talking about but I think we could see some breaking both ways here. There's gotta be a bounce in here somewhere, maybe after a new low for the month next week. Could be just a blip down to scare some longs, or could be another "real" move lower. Also think the upper green line will be broken. I think it's over 50/50 that we've seen an important top in the stock indices. If not the end of the rally from 2002/2003 then at least from the 2004 low. A close over SPX 1200 would give me more doubt here, and above 1216 or so would make me think that new yearly highs are likely. But we're still really oversold right now and many things have turned up, and short of a waterfall cascade I think we go sideways/higher for a couple weeks. Best, Doug

[bobalou]

Hi ,pork.my bs..the 1205 # is the one I'm looking at,and I have to think they have to get that ira $$ at a higher level,so I T view I'm a bull,and flat,because I can not day trade,no time...but the ? is did we put in the low..this wk.should be base building,or more wip saws.I like the vix # growing,makes for faster trades..I would like to see one more push down.I'm in cash = safe,can I miss some, you bet ,not me

[PorkLoin]

Hey Bobalou, being flat/in cash can be a good thing, at least once in a while. I've had five winners in a row (since the August high) betting on the NDX via Rydex funds, down, up, down, up, (chickened out and didn't trade short after the early Oct. high -- missed the best move, naturally), up, and now I've got a puny profit on the short from Wednesday's close. I picked the wrong index to bet against I think....

I'm a patient bear here, and realize there may be all sorts of hijinks -- more shaking both ways. Don't think we're gonna launch up, but of course one never really knows in advance. Don't think we plunge all that much soon, if at all, either.

Don't think we saw "the" low last week, but we could do it Monday and then have that IT rally you mention. Or we could do it later or bounce around, etc., heck, man, right now I'm just gonna watch the charts and indicators. Might make a higher low on the NDX as the Dow and S&P make lower lows.

Best,

Doug

[mss]

POSTING FOR BOBALOU

just a guss,and we are on the over sold side,,,but...this is why I'm in cash,and just looking to go long..? need some time for base building ??
but,nas could be the next leaders





Best to all,

Edited by mss, 23 October 2005 - 06:38 PM.

[bobalou]

the cat is out of the bag..that is good..now,let us see, if she can stay out

[bobalou]

OH well ..back in the bag..look at the sox 420 coming ? if she brakes ,1150 sp ?nsa 1500 ?

[PorkLoin]

IMO the move up/sideways of the past couple weeks has looked corrective most of the way, i.e. new lows for the month coming. Might not get lower lows until November, since Oct. has about had it. I see what is on balance a bearish picture but would bet on another market fake-and-bake bounce higher or more sideways action just for the sake of being confounding. No interest on going long here. If we do get new price lows on the S&P, Dow, etc., then it's gonna be a tough decision for me. At that point we'll have some big positive divergences in momentum versus price. Best, Doug