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#1 eminimee

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Posted 02 May 2008 - 11:29 AM

any hourly close below 1408 Es and I think we have a significant top in place....holding there could leave the door open to another high late day or Monday at 1433.50..

#2 hiker

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Posted 02 May 2008 - 11:34 AM

hi and thanks Tea, fwiw, Fib spent two hours in the chat last night reviewing all the usual breadth stuff he follows, and he seemed bullish..but pts. out the July breadth McSum failure at +250 remains R in addition, he seemed to think we are due for a pause in the advance about now. do not want to speak for him, but those were two points that I made from his review. I think he considered yest. move above the VolMcSum d/t line as impt. confirmation that this advance may likely not be a false start for the bulls. good weekend to you. fwiw, I have been scalping SPY and little swings relevant to direct index trading. but, the recent hold of 138.21 SPY major horizontal was enough simple TA for me to take a 3/5th SPY swing long near that level...going to hold it till stopped out and not attempting to top pick the exit right here or next week...I know, you have asked me before about my drawdowns in such trades...it is not leveraged...will see.

Edited by hiker, 02 May 2008 - 11:37 AM.

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#3 SemiBizz

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Posted 02 May 2008 - 11:46 AM

There's a three-step sequence setting up to the downside... after 1411.98 breaks we should test 1409 for a minute, then move smartly down to 1406, 1397, 1387. Based on 10 day hourly volumes.
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#4 SemiBizz

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Posted 02 May 2008 - 11:54 AM

OK, there's the signal new lows in countertrend window... down we go...
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Volume is the only vote that matters... the ultimate sentiment poll.

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#5 bobalou

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Posted 02 May 2008 - 11:57 AM

thx for the up dates,,,I spend a lot of time w/ the QLD,,,could you come play ,,, w/ me please

#6 hiker

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Posted 02 May 2008 - 11:59 AM

fyi, lod SPY so far right now is 140.97...some distance below the 40wk sma, which saw upside penetration intraday for the first time today since late Dec, early Jan SPX daily d/t line holding back advances for many days here..saw first upside penetration today..this move down intraday may be a kissback action TOWARD the failed d/t line and that is all? d/t line connecting 1576 1523 1416.54 is 50% fib 1426.34 is 78.6% 1454.11 (.618) and 1454.19 (100%) are fibs for two different swing moves

Edited by hiker, 02 May 2008 - 12:03 PM.

why is it important to wear sunglasses, even on cloudy days?

UV damage to the eyes is cumulative during the lifetime

blindness from UV damage to the eyes is preventable for the current younger generations -

elvis wore shades - by the Cleveland Clinic

#7 SemiBizz

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Posted 02 May 2008 - 12:05 PM

OK, there's the signal new lows in countertrend window... down we go...



Any Questions?
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Volume is the only vote that matters... the ultimate sentiment poll.

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#8 SemiBizz

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Posted 02 May 2008 - 12:06 PM

This thing has VOLUME and MOMENTUM....
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Volume is the only vote that matters... the ultimate sentiment poll.

http://twitter.com/tradingcoach1

#9 SemiBizz

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Posted 02 May 2008 - 12:08 PM

bounce to 1409 and DOWN WE GO !!
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Volume is the only vote that matters... the ultimate sentiment poll.

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#10 isaac613

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Posted 02 May 2008 - 12:08 PM

I have a question. What is your target on Naz and qqqq. Give me an exact number. Thanks Semi. :)