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SPX
Started by
NAV
, Mar 28 2008 09:13 AM
11 replies to this topic
#2
IndexTrader
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Posted 28 March 2008 - 09:28 AM
This market really trades pitiful! If it truly is going to this area of 1315-1320 you mention, to me it's hard to see why that would not be a failure of this most recent rally attempt.
When you think about it, what do we really get? A couple of big up days followed by days of sloppy action where the gains are given back. Coming into an earnings period I have to wonder what type of guidance companies are going to be given, and therefore, how that 1390 target would be accomplished.
Right now all I see is a market in a downtrend. To me, if it is going to go up, I think it needs to make a stand right in here, or perhaps just slightly lower. Otherwise, it will begin to look like it failed around the 50 day average yet again, with yet another test of the lows ahead. If in fact that all comes to pass, a third test will likely fail.
Lastly, I keep looking for some leadership. Where is it?
IT
#3
SemiBizz
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Posted 28 March 2008 - 09:30 AM
Leadership? Why it's the same old game... jam the horsemen, try to put a face on the QQQQ and hope something sticks, and that it keeps eyes off what's going on with the brokers...
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
#4
NAV
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Posted 28 March 2008 - 09:43 AM
IT,
2 days back i noted that this is gonna be a choppy-jerky uptrend. The upside action is pitiful as you noted. So is the downside action. There's no leadership. There's too much uncertainity whether all this bailout circus was a success or not (me thinks not). That's precisely why it's gonna be choppy, trendless, aimless, if you will. 1385-90 projection is based on my weekly momentum indicators and i think it's still possible.
The daily uptrend from a momentum persepective is intact as long as we trade above SPX 1278. I know that sounds funny 
.
It's so hard to make money in this kind of choppiness, if you are position trader. On a sidenote, S&P as a market, itself sucks for position traders. There are better trending commodities, if one is a position trader IMO.
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It's so hard to make money in this kind of choppiness, if you are position trader. On a sidenote, S&P as a market, itself sucks for position traders. There are better trending commodities, if one is a position trader IMO.
#5
skyymaster
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Posted 28 March 2008 - 09:51 AM
Absoulutely right guys, that is what I have been saying to OGM, where is the Leadership(beef)?
Same olds (GOOG, AAPL, RIMM) can't lead anymore. They are done ! Jjust distribution going on there to hopefuls. The only thing that is/was leading was gold and oil and now we are seeing either breakdown or consolidation. But, I have feeling with so much bearishness in them and the demand across the world and basically no more oil to pump this would be a better place to invest if one was investing.
Also, new highs have been pathetic vs. new lows. We still have not had washout. It looks like the washout is gonna be bad because they are still distributing highlevel stocks which are no longer leaders.
I have OTM January puts on AAPL. I expect that 60 level to fill this year maybe in one fell swoop. 
Also, new highs have been pathetic vs. new lows. We still have not had washout. It looks like the washout is gonna be bad because they are still distributing highlevel stocks which are no longer leaders.
I have OTM January puts on AAPL. I expect that 60 level to fill this year maybe in one fell swoop.
Edited by skyymaster, 28 March 2008 - 09:54 AM.
People should not be afraid of their governments. Governments should be afraid of their people.
Remember this day, men, for it will be yours for all time.
Remember this day, men, for it will be yours for all time.
#6
phineas_gage
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Posted 28 March 2008 - 10:03 AM
Rotation.
Change of trend.
These are great times for trading if we step away from the forest for a minute and take a closer look at the trees.
#7
SemiBizz
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Posted 28 March 2008 - 10:03 AM
There's not much else to do here except fill those gaps and hope they can turn it up on Monday.
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
#8
SemiBizz
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Posted 28 March 2008 - 10:12 AM
This doesn't look too good... Just saw a notice posted from one of the brokers that all buy orders for LEH were being "reviewed" due to volatility...
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
IndexTrader
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Posted 28 March 2008 - 10:33 AM
Rotation.
Change of trend.
These are great times for trading if we step away from the forest for a minute and take a closer look at the trees.
Maybe you could be a little more specific.
IT
#10
phineas_gage
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Posted 28 March 2008 - 11:03 AM
Sorry about the elliptical comment. What I mean is that since last week, I have been very profitable trading individual stocks, based on their own internals, and driven by what I'm calling a new intermediate bullish trend in the overall market. I have not been profitable, nor am I trying to guess any more what the broad averages will do on a given day, even though I am IT bullish. I think a group of well selected big cap tech and biotech names will trade better than the averages during this weird period. Buy dips, sell blips. I'm playing long only right now. If the market falls apart, I can stop out within a few, and still have a good year. I don't like the "sky-is-falling" come bet right now. This is a market of stocks.
-PG
-PG
Rotation.
Change of trend.
These are great times for trading if we step away from the forest for a minute and take a closer look at the trees.
Maybe you could be a little more specific.
IT
