Teetering on the edge
Started by
VolPivots
, Oct 20 2009 07:27 PM
11 replies to this topic
#2
IYB
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Posted 20 October 2009 - 08:33 PM
It's been teetering for over a week now, but I think the teeter just tottered into the abyss.....
The recent rally is highly reminiscent of the late June rally, just before the decline to the retest low in early July, which then set up another big run off that low. Notice that then and now that NYMO got barely positive in the late June rally and in this recent run-up, and therefore in each case, NYSI showed just a tiny upward inflection before turning down again heading for the retest low. The relative weakness in the NYSE volume McO below the NYMO chart is even more pronounced. JMH view. Regards, D
http://stockcharts.com/c-sc/sc?s=$NYMO&p=D&st=2009-02-01&en=2009-12-21&i=p78799162625&a=175707857&are=298.png
http://stockcharts.com/c-sc/sc?s=$NYSI&p=D&st=2009-01-01&i=p27874977440&a=178663571&are=2296.png
“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
#3
spielchekr
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Posted 20 October 2009 - 08:36 PM
I wish we'd hit 1104 tomorrow.
#4
Will
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Posted 20 October 2009 - 08:56 PM
IYB, its tracking closer to June First week right now, especially NYMO chop, so we could have one more token high.
#5
IYB
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Posted 20 October 2009 - 09:06 PM
I certainly don't rule that out Will. The one difference (though conceivably without a distinction) is that the level of NYMO (and other related McO's) is lower currently than in early June and is thus anchoring down harder on price. If you've seen James Cameron's "The Abyss", the NYMO is kinda like that crane that collapsed from up above and fell into the abyss, and then began pulling their sub (price) with it.IYB, its tracking closer to June First week right now, especially NYMO chop, so we could have one more token high.
Best, D
Edited by IYB, 20 October 2009 - 09:15 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
#6
snorkels4
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Posted 20 October 2009 - 09:53 PM
Andy House, Texas Man, Accidentally Drives 2006 Bugatti Veyron Into Salt Marsh
http://www.zimbio.co...Veyron Crashing
http://www.zimbio.co...Veyron Crashing
#7
Russ
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Posted 20 October 2009 - 09:55 PM
It's Zig-Zag time.... and with an island top just as the financials have too
http://stockcharts.com/c-sc/sc?s=$SPX&p=D&yr=0&mn=9&dy=0&i=p09029468766&are=3541.png
http://stockcharts.com/c-sc/sc?s=$SPX&p=D&yr=0&mn=9&dy=0&i=p09029468766&are=3541.png
Edited by Russ, 20 October 2009 - 09:59 PM.
"Nulla tenaci invia est via" - Latin for "For the tenacious, no road is impossible".
"In order to master the markets, you must first master yourself" ... JP Morgan
"Most people lose money because they cannot admit they are wrong"... Martin Armstrong
http://marketvisions.blogspot.com/
"In order to master the markets, you must first master yourself" ... JP Morgan
"Most people lose money because they cannot admit they are wrong"... Martin Armstrong
http://marketvisions.blogspot.com/
#8
Will
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Posted 20 October 2009 - 10:48 PM
FWIW, I have been trading (2-5 day swing trades) primarily long since July with hardly any short trades. Even though I think the market is starting to show divergences I still plan on buying the dips until I get stopped out a few times. I have made more than enough in these 3-4 months to not worry about a few losing trades. This is the strongest rally I have ever seen and am not going to let my analysis get in the way. I would rather make money than be right.
#9
tommyt
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Posted 20 October 2009 - 11:10 PM
[quote name='Will' date='Oct 20 2009, 08:48 PM' post='488241']
FWIW, I have been trading (2-5 day swing trades) primarily long since July with hardly any short trades. Even though I think the market is starting to show divergences I still plan on buying the dips until I get stopped out a few times. I have made more than enough in these 3-4 months to not worry about a few losing trades. This is the strongest rally I have ever seen and am not going to let my analysis get in the way. I would rather make money than be right.
that is one of the simplest programs I have used...in a strong uptrend buy all the dips using some sort of ST trigger until stopped out 2-3 times. Just don't practice it enough.
FWIW, I have been trading (2-5 day swing trades) primarily long since July with hardly any short trades. Even though I think the market is starting to show divergences I still plan on buying the dips until I get stopped out a few times. I have made more than enough in these 3-4 months to not worry about a few losing trades. This is the strongest rally I have ever seen and am not going to let my analysis get in the way. I would rather make money than be right.
that is one of the simplest programs I have used...in a strong uptrend buy all the dips using some sort of ST trigger until stopped out 2-3 times. Just don't practice it enough.
#10
Will
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Posted 20 October 2009 - 11:33 PM
that is one of the simplest programs I have used...in a strong uptrend buy all the dips using some sort of ST trigger until stopped out 2-3 times. Just don't practice it enough.
I learned it the hard way after fighting the tape for 4 months from March. This could be the top here but it could very well keep going for another 3-6 months with short 2-3 week pullbacks.
