Today's rally is on low volume and no momentum. Nothing to get excited about. Looks like a false start to me. Obvious resistance on SPX is 1430. This type of action will not be able to break it. I am still waiting for bears to bring prices down to me.
Denleo
Today's rally
Started by
denleo
, Jan 14 2008 03:19 PM
16 replies to this topic
#2
dcengr
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Posted 14 January 2008 - 04:02 PM
Low volume rallies are bullish.. means all the selling has dried up and now the inventory is in all the strong hands.
Though I would like an opportunity to go long at lower prices, once the train leaves, it doesn't stop.
Qui custodiet ipsos custodes?
#3
selecto
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Posted 14 January 2008 - 04:14 PM
Flat at the close, didn't like volatality which hints of opening weakness. I do not believe this leg up has concluded, however. Various sometimes-trusty bottom spotters have turned.
#4
ogm
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Posted 14 January 2008 - 04:17 PM
Today's rally is on low volume and no momentum. Nothing to get excited about. Looks like a false start to me. Obvious resistance on SPX is 1430. This type of action will not be able to break it. I am still waiting for bears to bring prices down to me.
Denleo
Yep. Another 60-80 points on SPX and I'm a buyer too.
#5
SemiBizz
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Posted 14 January 2008 - 04:20 PM
The odds favor a breakway upside gap tomorrow. It can only go up on light volume and gap ups.. what happened today, for example. Yes it is a fakeout rally, but it's not quite done. If your gut doesn't feel good about it, then you are reading the market correctly.
Price and Volume Forensics Specialist
Richard Wyckoff - "Whenever you find hope or fear warping judgment, close out your position"
Volume is the only vote that matters... the ultimate sentiment poll.
http://twitter.com/VolumeDynamics http://parler.com/Volumedynamics
Richard Wyckoff - "Whenever you find hope or fear warping judgment, close out your position"
Volume is the only vote that matters... the ultimate sentiment poll.
http://twitter.com/VolumeDynamics http://parler.com/Volumedynamics
#6
denleo
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Posted 14 January 2008 - 04:25 PM
Today's rally is on low volume and no momentum. Nothing to get excited about. Looks like a false start to me. Obvious resistance on SPX is 1430. This type of action will not be able to break it. I am still waiting for bears to bring prices down to me.
Denleo
Yep. Another 60-80 points on SPX and I'm a buyer too.
This would be great. This is what I want too. Are bears taking a break?
Denleo
#7
atlasshrugged
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Posted 14 January 2008 - 04:25 PM
The odds favor a breakway upside gap tomorrow. It can only go up on light volume and gap ups.. what happened today, for example. Yes it is a fakeout rally, but it's not quite done. If your gut doesn't feel good about it, then you are reading the market correctly.
couldnt agree more SB!
#8
SemiBizz
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Posted 14 January 2008 - 04:32 PM
We're probably going to see 2524. Until proven otherwise this is just a bounce. The low volume is indicative of it. If we do get a gap up that fills, then we're back to the 2005 sideways through options expiry pattern.
Edited by SemiBizz, 14 January 2008 - 04:34 PM.
Price and Volume Forensics Specialist
Richard Wyckoff - "Whenever you find hope or fear warping judgment, close out your position"
Volume is the only vote that matters... the ultimate sentiment poll.
http://twitter.com/VolumeDynamics http://parler.com/Volumedynamics
Richard Wyckoff - "Whenever you find hope or fear warping judgment, close out your position"
Volume is the only vote that matters... the ultimate sentiment poll.
http://twitter.com/VolumeDynamics http://parler.com/Volumedynamics
#9
peregrine
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Posted 14 January 2008 - 04:34 PM
I had been looking for SPX 1354..C=A from the October high.
However, the NYMO and NAMO positive divergences.. January supports vs. November supports are being supplemented by additional shorter term positives...so I am reluctantly adding longs.
The most recent of which were several "range days" today...after Friday's down.... means the odds of a move up tomorrow have increased. So, the risk here is missing the boat that the MOs are implying....fwiw.
P
#10
SemiBizz
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Posted 14 January 2008 - 04:36 PM
BTW sports fans, if you were alive at 2am ET you could have witnessed a light volume test of the futures lows that made this all possible today...
Price and Volume Forensics Specialist
Richard Wyckoff - "Whenever you find hope or fear warping judgment, close out your position"
Volume is the only vote that matters... the ultimate sentiment poll.
http://twitter.com/VolumeDynamics http://parler.com/Volumedynamics
Richard Wyckoff - "Whenever you find hope or fear warping judgment, close out your position"
Volume is the only vote that matters... the ultimate sentiment poll.
http://twitter.com/VolumeDynamics http://parler.com/Volumedynamics
