Part I, which i posted 2 weeks back resuled in some cliff-diving. Now we another ledge developing on the NYSE summation. Nasdaq already seems to be slipping off of the summation ledge, with NAMO turning down below zero today. The NYAD and NYUD are showing big kahuna divergences against the price. The tension is palpable. Are we going to get another breadth spike and get everything back in gear on the upside or are we building a big Kahuna top here ?
Ominous Summation ledge - Part II
Started by
NAV
, Nov 10 2009 10:01 PM
4 replies to this topic
#2
IYB
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Posted 10 November 2009 - 11:39 PM
Couldn't agree more NAV.The tension is palpable.
Seems that every system/method/projection out there comes down to whether or not we blast off here or fail- at least as to what happens in the next 3 weeks or so. I'm leaning towards failure myself with a move into triple digits this month, but am wide open to the market's decision on that. I will not argue with that message. I think the die will be cast by EOD tomorrow. Continued good trading, D
“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
porsche911sg
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Posted 11 November 2009 - 12:08 AM
Something is just massively wrong... likely to be confirmed by next week.Couldn't agree more NAV.The tension is palpable.
The market catches almost everyone on the wrong side. We always seem to get fake break out before that huge dump or the hugh dump before the false break down! Trade Safe!
#4
relax
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Posted 11 November 2009 - 04:34 AM
NAV, do you not agree that bulls have done quite well in terms of dealing with the big drop in summations
spx is less than 10 points below the top and summations is at zero with plenty of room to go up
whether is does so is another question
but in terms of a bull case scenario things could not look better
as always, let's see what happens
#5
Tor
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Posted 11 November 2009 - 04:52 AM
NAV, the MCO hit levels which have always (as far as I can see) presented extremely good buying opportunites.Part I, which i posted 2 weeks back resuled in some cliff-diving. Now we another ledge developing on the NYSE summation. Nasdaq already seems to be slipping off of the summation ledge, with NAMO turning down below zero today. The NYAD and NYUD are showing big kahuna divergences against the price. The tension is palpable. Are we going to get another breadth spike and get everything back in gear on the upside or are we building a big Kahuna top here ?
If you look at the quarterly chart we have broken upwards, so the weight of evidence says we are going higher, maybe a lot higher.
I am rather frustrated with the bears I must admit. While we stay over 1080 there is absolutely NO reason to be bearish IMO!
Observer
The future is 90% present and 10% vision.
The future is 90% present and 10% vision.
