First, the FAS, showing that financials peaked right after the open and have been weakening all day:
http://stockcharts.c...9782&r=5051.png
And second- the last of the short term sentries to turn negative is the hourly TRINQ. The other 5 are on "sell". I believe that when the 3 hour ema crosses above the 10 hour ema, the rally will be over:
Tried to put the chart here, but it wouldn't transfer.
All that being said, however, I WILL stop out my short ETF's tomorrow if it does not turn down from this general area. We shall see....
Two Short Term Tells
Started by
IYB
, Apr 02 2009 02:07 PM
9 replies to this topic
#1
IYB
-
- TT Patron+
- 7,157 posts
Member
Posted 02 April 2009 - 02:07 PM
“Men, it has been well said, think in herds; it will be seen that they go mad in herds, while they only recover their senses slowly, one by one.” ― Charles Mackay, Extraordinary Popular Delusions and the Madness of Crowds
#2
robo
-
- Traders-Talk User
- 1,225 posts
Member
Posted 02 April 2009 - 02:31 PM
IYB,
Thanks for the update - very much appreciated....
Edited by robo, 02 April 2009 - 02:32 PM.
" “There is only one side to the stock market; and it is not the bull side or the bear side, but the right side” Jesse L. Livermore
#3
IYB
-
- TT Patron+
- 7,157 posts
Member
Posted 02 April 2009 - 02:40 PM
“Men, it has been well said, think in herds; it will be seen that they go mad in herds, while they only recover their senses slowly, one by one.” ― Charles Mackay, Extraordinary Popular Delusions and the Madness of Crowds
#5
SilentOne
-
- Traders-Talk User
- 3,452 posts
Member
Posted 02 April 2009 - 02:56 PM
IYB,
I appreciate your sharing.
Merriman has a market turn (3/4) for tomorrow, so we should start heading into a 5 week low shortly.
cheers,
john
I appreciate your sharing.
All that being said, however, I WILL stop out my short ETF's tomorrow if it does not turn down from this general area.
Merriman has a market turn (3/4) for tomorrow, so we should start heading into a 5 week low shortly.
cheers,
john
"By the Law of Periodical Repetition, everything which has happened once must happen again and again and again-and not capriciously, but at regular periods, and each thing in its own period, not another's, and each obeying its own law ..." - Mark Twain
#6
zoropb
-
- Traders-Talk User
- 8,392 posts
Member
Posted 02 April 2009 - 03:04 PM
http://stockcharts.com/c-sc/sc?s=$TRINQ&p=60&yr=0&mn=1&dy=0&i=p07426849595&a=164247133&r=670.png
tks for the post as always Big D
hey z gets to make a few points after all today!
sheeshstill short until am at least.
Z
Love, be kind to one another, seek the truth, walk the narrow path between the ying and the yang.
#7
shanabe
-
- Traders-Talk User
- 152 posts
Member
Posted 02 April 2009 - 03:22 PM
Took a flyer on SDS @ 71.52 near market close. This is a psychology driven rally. I was stopped out of SPY y'day w/ too tight a stop and therefore missed most of today's gains on the gap up this a.m. Took a pass on the rest of the day from a long standpoint. Two days of up based on little more than chicken entrails...time for another Friday "fear day?" That'll at least make da Chief happy!! 
In Ponzi We Trust
#8
Cirrus
-
- TT Patron+
- 5,735 posts
Member
Posted 02 April 2009 - 03:28 PM
The feel of the last half of the session was bulls taking profits and bears shorting. I think 855 to 860 tomorrow or perhaps by Tuesday and then we see the correction.
#9
Warren
-
- Traders-Talk User
- 91 posts
Member
Posted 02 April 2009 - 08:26 PM
Took a flyer on SDS @ 71.52 near market close. This is a psychology driven rally. I was stopped out of SPY y'day w/ too tight a stop and therefore missed most of today's gains on the gap up this a.m. Took a pass on the rest of the day from a long standpoint. Two days of up based on little more than chicken entrails...time for another Friday "fear day?" That'll at least make da Chief happy!!
Two days of up based on little more than chicken entrails...
I think that “Voodoo Economics” has to be the only way to describe what’s been going on for years now and it looks like they are taking it to new heights. They must be taking advanced classes in the Caribbean.
Don"t worry, BE HAPPY!
#10
arbman
-
- Traders-Talk User
- 19,504 posts
Quant
Posted 02 April 2009 - 08:28 PM
Common Sense suggests a correction next week, even during this chaos. So, after 3 weeks and 27% rally on DJIA:
About 18 large cap stocks out of 30 are still below 2008 lows.
All of them still have their 200 dma pointing down.
Only 3 of them are now above 200 dmas.
Only 13 of them have their 50 dma turned up.
Almost all of them have just crossed above 50 dma.
Most of them came close to two standard deviations above 20 dma which is a sign of extreme really, retreated and then tried again yesterday and today.
We just had the third "exhaustion" gap up, the previous gap produced some extreme volatility.
The prices are near their channel tops, SPX is testing the broken uptrend line from Monday.
The leadership sector did not really participate to the third gap and rally.
The breadth has been strong so far, only a correction should be expected, but then it does in all bear market rallies.
The inflationary sectors rallied with the commodities.
The semis are lagging the tech which is lagging the inflationary issues.
The implied volatility started to go up with the rally.
The market shot up with a huge volume but only formed a shooting star (SPY).
Fundamentals will absolutely horrifically continue to suck even if they "may" turn up later in 2009...
A little correction please? Hopefully it goes up to 851 tomorrow within the daily volatility range of 30 points and be done with it too, so we don't have to fear from another whipsaw...
