I am not covering the rest of my positions...

at SPX 728 as planned earlier. Looks like some newly minted bulls are learning the ropes in the mother of all bear markets. What else can you make of the P/C ratio ?. This is getting silly ! Lowering my targets to SPX 715-718 area. Lowering the target was based on the extent of bounce this morning. If it does not hit that area, then i will get out at the next 30-min buy. Have a good weekend everyone !

Edited by NAV, 27 February 2009 - 11:11 AM.

at SPX 728 as planned earlier. Looks like some newly minted bulls are learning the ropes in the mother of all bear markets. What else can you make of the P/C ratio ?. This is getting silly ! Lowering my targets to SPX 715-718 area. Lowering the target was based on the extent of bounce this morning. If it does not hit that area, then i will get out at the next 30-min buy.

Have a good weekend everyone !

Yes...I'm looking for 716 as well.

i have always enjoyed bison and buffaloe over hamburgers....i had no idea how juicy bull meat is!

What happened to all those divergences you had? IT

at SPX 728 as planned earlier. Looks like some newly minted bulls are learning the ropes in the mother of all bear markets. What else can you make of the P/C ratio ?. This is getting silly ! Lowering my targets to SPX 715-718 area. Lowering the target was based on the extent of bounce this morning. If it does not hit that area, then i will get out at the next 30-min buy.

Have a good weekend everyone !

Thanks NAV...P/C is beyond belief. I posted this EW count yesterday but saw no responses..somewhat lines up with your 715:

spx

if this count is alive and well...
..not sure if (5) is finished....could be..wave (1)was 70 points so if (5) = (1)..target would be around 710 for wave (5)....where ever it bottoms...a bounce back to the previous 4th would be target approx...780 area...then another 5th down...
..and IT...I still have major divergences in place...but as we all know...they'll mean something when price says so...
http://stockcharts.com/c-sc/sc?s=$SPX&p=60&yr=0&mn=3&dy=0&i=p84853067163&a=79672211&r=9373.png

What happened to all those divergences you had?

IT

IndexTrader,

Always appreciate this kind of sacrcasm from you. I wrote on my blog the very next day and posted on this board that when NYSE MCO broke the Nov lows, that setup was invalidated. I have repeated that at least 5-6 times in my last two days of posts. I posted a real-time trade going short based on my changed outlook. And come you come back and ask me this question. Divergences get erased. Setups gets invalidated. I don't need to tell that to someone who has 30 years of trading experience. Watta waste of time !

Edited by NAV, 27 February 2009 - 11:34 AM.

What happened to all those divergences you had?

IT

IndexTrader,

Always appreciate this kind of sacrcasm from you. I wrote on my blog the very next day and posted on this board that when NYSE MCO broke the Nov lows, that setup was invalidated. I have repeated that at least 5-6 times in my last two days of posts. I posted a real-time trade going short based on my changed outlook. And come you come back and ask me this question. Divergences get erased. Setups gets invalidated. I don't need to tell that to someone who has 30 years of trading experience. Watta waste of time !

I think you misinterpreted my statements. From your original divergence posts it sounded as if you were looking at more than simply the MCO. For instance, I know you look at stochastics, MACD, etc. So I presume they were diverging as well. I did see the MCO post though, I did see your statement about new lows...728 I think it was. So here we are at new lows...I'll lay you odds that there are divergences still (I don't know 'cause I don't look at oscillators). Don't bother with an answer.

IT

some positive chart divergences remain visible, for now

and at least one of these divergences is VERY impt to the ID of sustainability of the price "breakdown"

http://www.websiteto...post?id=3332088

yes, the breadth data , once updated for eod will be instructive

Edited by hiker, 27 February 2009 - 12:14 PM.