22 replies to this topic

[stocktrender]

I think P was referring to the exchange you had with TechMan on January 15th.

http://www.traders-t...mp;#entry502456

Ahhh yes...the intraday double bottom post.

The content of that thread wasn't at all off track as the short term sell signal took place on January 21st. Never was there an intermediate term sell signal. The cumulative charts updates of 1/15 (the same day of the thread) fully pointed out the potential shorter term problem and the follow through of something bigger that might be happening with the 1/22 updates (Summation Failure). All of this can be verified at Technical Watch.

Anyway, went back long with the Hammer stick on 2/5 and just riding the current advancing sequence...until proven otherwise.

Fib

My target for this trade by the way is about 1045 to 1030 for now. I may hold it past that too though and see what happens but thats what I am looking for. Stop is a close above 1055. Lets see the bulls show some muscle.

[fib_1618]

My target for this trade by the way is about 1045 to 1030 for now.

You have two main things going against you right now:

1) higher highs in both the breadth and volume NYSE and NASDAQ MCSUM's compared to the January peaks

2) breadth and volume are moving in sync with each other to the upside with readings of over +750 - which is the point in which starting a downtrend is a low probability.

Better to go with the flow than to fight the (rip) tide...you'll have plenty of time to reverse once the MCSUM's turn lower, and that's going to minimally take several more days.

Lets see the bulls show some muscle

Wow...tough crowd.

Fib

[snorkels4]

"Lets see the bulls show some muscle" more muscle? dang-i shot some cabernet thru my nose