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#1 OEXCHAOS

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    Mark S. Young

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Posted 12 January 2007 - 08:41 AM

Older blog entry that has some relevance today.



http://www.traders-t...mp;showentry=74



This would be a great place to turn the market. If not here, then in a day or three and a bit higher.



Mark

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#2 Cirrus

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Posted 12 January 2007 - 10:09 AM

I agree Mark from a lot of viewpoints. Great blog by the way. I would be bearish right now if it wasn't for the internals and basic weekly price charts of the NDX, RUT2K, SP400 and SPX. They have lagged the big boys which is a little troublesome. However, They have posted some really tight consolidation right at highs on the weekly chart for many weeks. On some charts we see very visible cup-n-handles (not that I'm a believer there). I think if several of those indexes break out of their weekly charts to the upside we could run for a bit. FWIW based on everthing else I would think such a BO would only last 2 to 3 weeks and prove to be a fakeout but I'd have to let internals tell me what's up. I'm really uncertain right now about direction and have a lot of cash. I'm very selective with shorts and longs here and have been doing plenty of trading. Still have core positions but with the low volatility this market has proven to be difficult. I think we will get a very nice LT entry point in energy sometim this year...probably between late winter and mid spring. I'll have to keep an eye on your blog...

#3 OEXCHAOS

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    Mark S. Young

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Posted 12 January 2007 - 10:15 AM

I try to put things of more lasting value in the blog, unless I'm building a data base of stuff about the T-4. FWIW, I'm not at all confident about the market's direction, but I'm ALWAYS going to be skeptical of obvious patterns. Big break outs on narrower indices are suspect, I'd say. One other thing, like the last time, this may be only good for a day or two pause and then up we go. My work is close to turning, but it's still on a Sell. Shrug. Mark

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