9 replies to this topic

[IYB]

Fwiw, I continue to view today's action in the same context as shown here yesterday....as an excellent entry point. I believe we just completed a ST pullback and started a new run within a continuing IT uptrend. Still.....just my humble view of this beast. Best, D

Since I know this question is coming I'll jump out in front of it. No - I do not see this as a Seven Sentinels Sell Signal, any more than were March 30 or April 20 during the initial advance earlier this year, for example. This is the first real pullback since the rally began, and just like those two examples (where the seven went to sell side for a day or two), in a powerful upward thrust, each proved to be excellent entry points. I've been patiently waiting for this kind of activity to provide a good entry, as said Sunday, and had expected the pullback to punch thru on all seven like the two examples shown in the chart below:

Just my humble interpretation. Good trading all, D

http://stockcharts.com/c-sc/sc?s=$NYMO&p=D&st=2009-01-01&en=2010-01-01&i=p61848919345&a=173216384&are=197.png

Edited by IYB, 12 August 2009 - 06:51 PM.

[skott]

I hope you are wrong. I went short bought SDS @ 45.39 I said a few days ago we'd spike to 102.00 SPY area. That area is rejectling price. Besides that, didn't you see Erin Burnette wore a black dress today? Surely, you know what that means.... she used to work for GS and this is the signal!!

[inamosa]

It isn't easy to choose the direction here, IMHO I notice the Nasdaq looks weaker than the S&P...but we can't really get a proper correction without the S&P rolling Which means we may indeed be headed higher...but if higher, how much higher before a 5%+ correction? I don't think a lot, maybe 5% or less - but could be wrong...if I'm right, though, reward:risk isn't great for a multi-week long here

[redfoliage2]

It isn't easy to choose the direction here, IMHO

I notice the Nasdaq looks weaker than the S&P...but we can't really get a proper correction without the S&P rolling

Which means we may indeed be headed higher...but if higher, how much higher before a 5%+ correction? I don't think a lot, maybe 5% or less - but could be wrong...if I'm right, though, reward:risk isn't great for a multi-week long here

China just went into a 10% correction and US is the next for a 10% pullback.

[IYB]

It isn't easy to choose the direction here, IMHO

I notice the Nasdaq looks weaker than the S&P...but we can't really get a proper correction without the S&P rolling

Which means we may indeed be headed higher...but if higher, how much higher before a 5%+ correction? I don't think a lot, maybe 5% or less - but could be wrong...if I'm right, though, reward:risk isn't great for a multi-week long here

China just went into a 10% correction and US is the next for a 10% pullback.

Do you happen to have a chart? TIA, Red. D

PS- Singapore opens in 10 mins and fut's call it 200 points higher......make that 300

Edited by IYB, 12 August 2009 - 07:57 PM.

[tuffy88]

I think you are right Don. At least the market is in a clear uptrend and should be played on the long side. After the run since March their will be a correction whether this is a new bull market or an awsome bear market rally. But when? I don't think anyone has a clear crystal ball for answering that one.(or even a cloudy crystal ball) For the ever present possibility of being wrong, that is what stops or some other disiplined strategy for cutting losses short is for. Good luck. Charles

[U.F.O.]

I'm with ya Don. Full load of TNA. (Don't tell my wife) U.F.O.

[skott]

singapore? china is down tonite.... nothing real strong out there

[IYB]

singapore? china is down tonite.... nothing real strong out there

Sorry- I meant Hong Kong HSI. It's now +430

Edited by IYB, 12 August 2009 - 09:08 PM.

[skott]

now, 330