So far...

The trendlines remain in tact and the dailies still look ok. Ignoring the "wisdom" around the place, the decline so far, and I emphasis SO FAR, is just a correction to clear out the over bullish sentiment on the last run up. I will be trading accordingly.

I believe that might be known as "the black knight" defence. I prefer to wait till I see signs of support kicking in before I conclude that, at worst, "it's only a flesh wound". So far I cannot see any structure being breached to the up side on any of the world markets

I believe that might be known as "the black knight" defence.

I prefer to wait till I see signs of support kicking in before I conclude that, at worst, "it's only a flesh wound". So far I cannot see any structure being breached to the up side on any of the world markets

1005 agree, could be - I am FLAT at the moment and looking at this:

http://stockcharts.c...t...25&cmd=show[s213113246]&disp=P

I agree trade accordingly..... In my opinion long term charts are overbought and we have run too far to fast...... Advance/Declines on averages of the market do support that the market is not ready to sell off yet, and do support a Short term bottom is ready here... My plan is to short the downside soon .... 1 - Let's see how today's rally works out today too work off VST oversold indicators... 2 - I'm looking for the 5-day MA to cross the 10-day MA on the indexes.... before considering going short... 3 - If you wait for the break in the long term trend line of SPX before shorting you might be too late unless you have stop buy order in.. Barry

. . . Ignoring the "wisdom" around the place, . . .

I try to but you're everywhere. You've posted, on average, ten posts a day since you re-joined us tor.

Edited by milbank, 23 February 2011 - 09:59 AM.