TOP or NEW HIGHS

I guess we saw this coming from a mile away when the euro started rallying right at the completion of Trichet, Sarkozy, and Merkel's late night meeting last night(see my "Rally" thread below). The Euro continues to rally, going from barely hanging on to 1.4000 on Sunday, 7/17, to well above 1.4430 as of now. And, despite MSFT being sold down after the earning, the market continues to rally right alongside the Euro in the after hour trading. Both SPY and DIA are currently at intraday highs. My QQQ Options Analyzer would've turned bullish had it closed above 59. It had closed at 58.99 instead. Top or new highs? I'll post my assessment after reviewing today's closing data. Meanwhile, feel free to chime in.

http://www.traders-t...?...st&p=585852

I guess we saw this coming from a mile away when the euro started rallying right at the completion of Trichet, Sarkozy, and Merkel's late night meeting last night(see my "Rally" thread below).

By your previous posts, I figured you thought we were already topping ... It appears all you did was state what was already happening.



http://www.traders-t...?...st&p=585710

The Euro rallying along with equity futures on speculation of reaching some kinda deal on Greece between Trichet, Sarkozy, and Merkel, ahead of the EU leaders meeting tomorrow.

http://www.traders-t...?...st&p=585723

That might've been the reason the Euro responded positively. Still, sudden moves like that are usually followed by swift reversals.

http://www.traders-t...?...st&p=585767

I know we have Jobless Claims @ 8:30 and Philadelphia Fed Survey @ 10:00 this morning, but A Selective Greece Default (Reuters) coming out of EU Summit has been the headline this morning.

http://www.traders-t...?...st&p=585770

I'm actually looking forward to selling into this gap, especially the Nasdaq100. There's something very wrong with the NDX. I'll write it up when I have more time.

http://www.traders-t...?...st&p=585626

From my perspective, today's rally is merely a mean reversion attempting to resolve an extremely oversold condition accumulated over the prior several sessions.

http://www.traders-t...?...st&p=585626

A selloff in the next couple of days that rivals the rally today wouldn't come as much of a surprise to me.

Edited by orange, 21 July 2011 - 04:49 PM.

By your previous posts, I figured you thought we were already topping ... It appears all you did was state what was already happening.

Just for clarification, I'm off about 4 points from my initial VST Sell signal that was triggered on July 6 to today's close. According to that signal, which was later upgraded to an IT Sell signal, I believe the market had topped.

Now, after a another day of monster rally today, I don't know whether my Sell signal had been reversed at this point. I'll have a better assessment after reviewing today's closing data.

Clear?

O.K. just to avoid any confusion, here are my recent calls. The closing price of the following trading session is used for tracking purpose.

I'll post update (win. lose, or draw) when I unload my current short position and go long again.

===============================
SHORT
VST SELL on Wednesday, July 6, 2011, 1:14 a.m.

SPX=1339.22 (Wednesday, July 6, 2011)

67.72 points or 5.33% gains from previous LONG listed below.

Upgrading to ST SELL on Saturday, July 9, 2011.

IT Sell Confirmed on Sunday, July 17, 2011.

===============================
LONG
[url="http://<a%20href="http://www.traders-talk.com/mb2/index.php?showtopic=131754"%20target="_blank">http://www.traders-t...opic=131754</a>"]VST Bottom on Thursday, June 16, 2011, 6:55 p.m.[/url]

SPX = 1271.50 (Friday, June 17, 2011 )

[url="http://<a%20href="http://www.traders-talk.com/mb2/index.php?showtopic=131836"%20target="_blank">http://www.traders-t...opic=131836</a>"]Upgrading VST to ST Buy Signal on Monday, June 20, 2011[/url].

[url="http://<a%20href="http://www.traders-talk.com/mb2/index.php?showtopic=132046"%20target="_blank">http://www.traders-t...opic=132046</a>"]Upgrading ST BUY to IT BUY on Monday, June 27, 2011[/url].

The st chart you posted was worth more than 2 days.

The st chart you posted was worth more than 2 days.

Yes, you were right about that one.

It's a bear market, can't you tell?

It's a bear market, can't you tell?

So.... Top?

It's a bear market, can't you tell?

So.... Top?

Do you buy after the news is out?