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[viccarter]

I have lurked more than commented lately. I suppose its because I had little to say. Simply put, I have been long. For a while. Based off weekly set ups. My timing has not been perfect, but I have been steadfast in holding onto longs. I have taken lumps namely in my CRK position trade I was up over 25% on that and sold (at a loss no less 5 trading days later). Took a 30+ handle stop out on a RUT trade, and got LONG bit time (posted here via TWM shorts when RUT 660-670). This last trade has been a beautiful face ripping, teeth smashing kick in the bear's face. I can say this now cos' I'm 90% OUT, but on 8/18; 8/19 I was hiding in a corner somewhere. I said to myself "we will make a higher low". "Bull got too scared too fast; not many longs; we don't need to retest lows right now." I could see it in the board, in Guy Adami, and the rest talking big short after the move was made. I had to distance myself from this noise.

Some did capitalize on the move. Only 1 caught the move live. Catching live means you talk big BEFORE MOVE and STAND ON IT LIKE A ROCK within a REASONABLE TIME FRAME that gives others the benefit of being able to TIME. Just because there is only 1 Jordan doesn't mean there are no other good basketball players. Although I've caught some good shorts this year, I missed the big move, and even got hurt some on the way down. How disappointing! But once we were down there, I just had to trade it like I saw it -- LONG. Now on to charts.

I thought we'd see a long tail on the monthly -- and we have. See Value Line, now down where we were, so fast, we really had several arguments that you could make for support; you can just eyeball for yourself.



Weekly timer charts -- I haven't changed this chart or its lines for many, many months. I missed the short and it was written all over my chart. Yes, we could double-dip on the weekly RSI-5. If we do, and get a divergent set up. We all know what to do.



240 timer -- simple chart



Hourly timer chart: The smartest thing I did during the sell off was this: Something I've known since early this year, is WHEN and IF this RED support broke after it was tested so many times, it would swoosh to 740 minimum if not lower. When it actually happened, it was so fast and powerful, I was frozen and could not trade it short. But I knew to stay away from longs.







I won't go over any discussion about MAC Oscillator or whether or not we have a ZBT or not. Everyone on here pretty much watches the daily MAC and knows how OB we were. I my AUTO ZBT did hit using RUT ADV-DEC but did not hit on NYSE ADV-DEC for the record.

As far as less commonly viewed breath charts: I had a RSI-5 OB signal hit both yesterday and today on the NYSE 52WK highs. It is usually good for some weakness, though it can stay up there for 3 or 4 days in a strong up trend. It is usually a good signal to reduce longs.




In short I am looking for some weakness, which we have seen today. Right now, I am treating this as simply working off OB conditions, and will stalk it for buys. Right now, I think that trader's have their short-dar fine tuned, so I am not looking for doom and gloom just yet. I don't see everybody all bulled-up, or even lethargic about shorts. With this type of heightened caution, I don't see us going down too far.

Of course in this game, even if you know the count, you still have to watch the pitch and be ready for what comes at ya.

Good trading everyone.