8 replies to this topic

[IYB]

For those who missed them the first half dozen times, this market is giving us the umpteenth showings of "The Greek Tragedy" and "Unemployment Blues", and.............. yet another chance to get on board {long} --- no penalty. Jmho. Good Trading, D

That's where we are, imho. Right back where we were coming into this week. The Fed says: "Take that shot over- NO PENALTY!"

Trend is up. We got a Seven Sentinels Buy Signal on 2-16-10. Few believed then that the uptrend was REAL. And now we're testing the 1080-1090 support all over again.

Make no mistake. This is an uptrend. And the market is giving you another chance to get on board. If you rejected the uptrend idea last time....guess what? You get a second chance! How often will THAT be given? JMVHO. Good Trading, D

I'm sure the similarity between the June/July 2009 correction and the January/February 2010 correction has not escaped many. See circled areas below. If you (as do I) accept the idea that we are in an ongoing Primary (AKA Cyclical) Bull Market, then an upcoming resolution to this correction very similar to that which occurred in July is reasonable. I further conclude that there are two ways that we get out of this correction that make the most sense.

The first is the scenario I've been expecting - a pop to 1090+ and then a full retest of 1045 area or marginal new low around 1030 area, then on up to new highs.

The other is proposed below as an equally reasonable resolution......an immediate "gap and go" this week. Can't happen? While I'm not predicting it per se, I do believe it CAN happen and would/will be prepared to go with it if it occurs. Just some food for thought.

See circled areas:

http://stockcharts.com/c-sc/sc?s=$SPX&p=D&yr=1&mn=0&dy=0&i=p29202309007&a=190923296&r=1530.png

Now a blow up of the July 09 resolution (gap and go) to that correction:

http://stockcharts.com/c-sc/sc?s=$NYMO&p=D&st=2009-06-01&en=2009-07-21&i=p46947417575&a=190430867&r=823.png

And finally my proposed potential resolution to this correction:

http://stockcharts.com/c-sc/sc?s=$NYMO&p=D&yr=0&mn=1&dy=15&i=p55921994191&a=190421680&r=902.png

To summarize, I still favor the "retest then go" scenario over next coupla weeks, but only show this "immediate gap and go" scenario as a "plan B" to which I remain alert. Good Trading, D

Barring a 10 SPX sell off in the next 20 minutes, we have a full buy signal on today's close. Good Trading, D

http://stockcharts.com/c-sc/sc?s=$RUT&p=D&yr=0&mn=3&dy=0&i=p03227721239&a=185689071&r=939.png

Edited by IYB, 25 February 2010 - 07:11 PM.

[hiker]

hi Don,

the final chart in this chart thread is both fun, and may interest you as it did me watching the data elements progress today.

I also find it interesting how the horizontals for NYDEC that have been relevant to identifying potential extremes have not changed
since before August 2008 when I starting examining this chart set...yes, there are high 3000's number of NYSE issues so the number
of potential NYSE declining issues is finite....today was quite a flip following the test of high extreme levels (high vs. the horizontal values
on the chart derived from prior extremes)

http://forums.techni...post?id=4599661

I also note that RTH achieved a new 52wk close high today

best to you!

- hiker

Edited by hiker, 25 February 2010 - 07:12 PM.

[IYB]

hi Don,

the final chart in this chart thread is both fun, and may interest you as it did me watching the data elements progress today.

I also find it interesting how the horizontals for NYDEC that have been relevant to identifying potential extremes have not changed
since before August 2008 when I starting examining this chart set...yes, there are high 3000's number of NYSE issues so the number
of potential NYSE declining issues is finite....today was quite a flip following the test of high extreme levels (high vs. the horizontal values
on the chart derived from prior extremes)

http://forums.techni...post?id=4599661

I also note that RTH achieved a new 52wk close high today

best to you!

- hiker

Nice charts. Thanks Hiker. New high on RTH? CNBC just made a big point the other day about consumers having no confidence.... Best regards, D

[thespookyone]

Many of those indicators look like they are rolling over-like the daily on SPX appears to be.

[IYB]

Many of those indicators look like they are rolling over-like the daily on SPX appears to be.

"The market's Job One is to deceive." Operative words in that statement are "look" and "appears".....in which case it's doing its job well, Spookyman

Edited by IYB, 26 February 2010 - 12:24 AM.

[VermeerUK]

For those who missed them the first half dozen times, this market is giving us the umpteenth showings of "The Greek Tragedy" and "Unemployment Blues", and.............. yet another chance to get on board {long} --- no penalty. Jmho. Good Trading, D

As per usual good chart work there Mr,

Genuine question.....Just who is this "Mulligan" geezer that keeps getting a mention on here?????

The only "Mulligan" i can think of is the idiot mortar/artillery commander in 'Kelly's Heroes'.....

Regards & Be lucky.V

[IYB]

For those who missed them the first half dozen times, this market is giving us the umpteenth showings of "The Greek Tragedy" and "Unemployment Blues", and.............. yet another chance to get on board {long} --- no penalty. Jmho. Good Trading, D

As per usual good chart work there Mr,

Genuine question.....Just who is this "Mulligan" geezer that keeps getting a mention on here?????

The only "Mulligan" i can think of is the idiot mortar/artillery commander in 'Kelly's Heroes'.....

Regards & Be lucky.V

From Merriam Webster:

Main Entry: mul·li·gan
Pronunciation: \ˈmə-li-gən\
Function: noun
Etymology: probably from the name Mulligan
Date: circa 1949

: a free shot sometimes given a golfer in informal play when the previous shot was poorly played

{In other words, you get to "do it over again and try to get it right", with no penalty}

[VermeerUK]

[/quote]
From Merriam Webster:

Main Entry: mul·li·gan
Pronunciation: \ˈmə-li-gən\
Function: noun
Etymology: probably from the name Mulligan
Date: circa 1949

: a free shot sometimes given a golfer in informal play when the previous shot was poorly played

{In other words, you get to "do it over again and try to get it right", with no penalty}
[/quote]

So now then.....What does 'Etymology' mean?.....

Just kidding....Thanks for explanation IYB.

Regards & Belucky.V

[IYB]

Main Entry: et·y·mol·o·gy Pronunciation: \-jē\ Function: noun Inflected Form(s): plural et·y·mol·o·gies Etymology: Middle English ethimologie, from Anglo-French, from Latin etymologia, from Greek, from etymon + -logia -logy Date: 14th century 1 : the history of a linguistic form (as a word) shown by tracing its development since its earliest recorded occurrence in the language where it is found, by tracing its transmission from one language to another, by analyzing it into its component parts, by identifying its cognates in other languages, or by tracing it and its cognates to a common ancestral form in an ancestral language 2 : a branch of linguistics concerned with etymologies — et·y·mo·log·i·cal \-mə-ˈlä-ji-kəl\ adjective — et·y·mo·log·i·cal·ly \-k(ə-)lē\ adverb Just kidding too. Have a great weekend Vermeer. Cheers.