39 replies to this topic

[NAV]

NAV, maybe the market is trending, but NASDAQ and Russell are below today's open. SPX is about unchanged (from the open). I would like to see it trend, but what the heck kind of a trend is that?

Denleo

The so called Down(trend) from 7/16 consumed 33 hourly bars. The current, so called up(trend) from friday is still in it's 12th hourly bar. Early stages of wave structures are always tricky, especially the impluses. The early stages of impulses deceptively look corrective. So, i would say, give it some time. The hourly momentum is on the bulls side. The intraday A/D line is on the bulls side. Now only if they can sit tight....


I would at least wait till EOD. If they look weak by then, i will probably bail out. And BTW, measuring how much we are up since the open is meaningless. That in no way characterizes a trend.

Edited by NAV, 23 July 2007 - 02:19 PM.

[arbman]

NAV you don't think the indices will test the lows tomorrow?

[NAV]

NAV you don't think the indices will test the lows tomorrow?

Kisa,

It depends on today's close. If ES closes near the 1558-59 resistance, then we will likely not.

Edited by NAV, 23 July 2007 - 02:34 PM.

[Gary Smith]

We finish red, or up less than half this much. Don't like the SOX lagging the Q's here.

I love when the DOW or SPX leads. I hate when the Nasdaq leads. I hate it even more when the SOX leads. This BULL market has been about the DOW. Until this point gets widespread recognition, the BULL will keep charging higher. SOX and Nasdaq died in 2000. They are now unwilling slaves to the DOW.

Nice insights. In 72 it was all about the Nifty 50 while the rest of the market lingered. In 99 it was all about tech while everything else lingered. This time around it should be about the Dow, especially those with the most international exposure ala IBM.

[denleo]

NAV, I am not bearish, but I think the market has "uptrended" itself into negative breadth and negative Russell and few other indexes. This is not as bullish as I thought. Denleo

[rkd80]

NAV, I am not bearish, but I think the market has "uptrended" itself into negative breadth and negative Russell and few other indexes. This is not as bullish as I thought.

Denleo

i am trying to be as neutral as possible, but denleo's reasoning and not to beat a dead horse, inability to break through the lower highs cannot be bullish. it does not have to be outright bearish either, but things are simply not as rosy as they appear.

the ES is putting up quite a fight, trying to avoid lower lows on the 5 min chart, but overall i have no idea what to expect tomorrow. ill keep the 1 es short, but i am not confident in either direction - but being long right now is less comforting than being short (not by much tho)

[ogm]

Pretty wimpy close for all this exhuberant excitment. So many equity calls bought today again. Lets see what earnings surprizes we'll get after the close. BTW, 130+ S&P companies report this week. The cat will be out of the bag on earnings. Buy the rumor ........

[NAV]

As a bull here, i did not like the close. But as a bear, i would have hated it too . So i will wait till tommorow....

[SemiBizz]

Come on... We were DOWN BIG on Friday... The bears fumbled the ball AGAIN....

[esther231]

I'm with you, Semi. Not sure if that should be a comfort or not to you. lol But it is what it is.