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Rally failed. Going short.

Started by denleo , Apr 10 2008 02:43 PM

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7 replies to this topic

#1 denleo

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Posted 10 April 2008 - 02:43 PM

Rally failed. Going short. Short-term trade. Just shorted futures at 1359. Stop at 1375. No objective yet. Denleo

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#2 arbman

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Posted 10 April 2008 - 03:00 PM

It didn't fail, it is in the early stages of starting, it is making a bottom, imho. This was a bounce after roughly 3 days of decline, very normal market action with a retracement within the bounds of the recent trading ranges... I think it will bottom in a day or two, a sell off into Friday close and then a large gap on Monday or Tue... rinse and repeat... This sell off so far feels very fake as if there is some sort of bad news from Paulson and et...

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#3 arbman

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Posted 10 April 2008 - 04:31 PM

my numerology...

Posted Image

Edited by arbman, 10 April 2008 - 04:34 PM.

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#4 blustar

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6,574 posts

Posted 10 April 2008 - 06:54 PM

For what it's worth, my 4 hour oscillator gave a buy signal today and we are at the Gann cycle low. I'm looking for a big up move into early Monday. SPX 1419/20. blu

Blessings,

blu

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#5 arbman

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Posted 10 April 2008 - 07:38 PM

I also expect a big rally next week to 1400 resistance, probably over it. This is a ST trade as it looks. I am buying some select stuff in the mean time...

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#6 thespookyone

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Posted 10 April 2008 - 08:38 PM

Denleo-Short term, I have to agree. current Trin, and the position 5 and 10 percent components of most internals relative to the zero line compared to the actual MCO's are NOT screaming "blastoff" here, imho.

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#7 selecto

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Posted 10 April 2008 - 09:12 PM

Bulls need to get price back up inside the wedge and push it out the other side. Same for the NDX.
I don't see exactly how that happens.

http://stockcharts.com/c-sc/sc?s=$SPX&p=60&yr=0&mn=1&dy=0&i=p47021015276&a=135798612&r=2029.png