Also posted this on the morning of the 31st as the market dropped.....
I suppose it would be unfair of me after that cynical bearish post last night not to say what I think this AM. I got tied up with some software issues and had to make a couple of phone calls to get positions squared in a couple of my accounts. I think this morning was a hook.....for bears. E-wavers are looking for the C Down of an ABC correction or even a 3 of 5 down. But my stuff indicated strength for the QQQ's today. I have learned the hard way.....don't trade against a GDP number (and don't trade against my own work....after all....why did I do it in the first place?). So I closed all short positions. A couple a little early this AM and because of the software issues I got a couple covered at better prices.....caused they dropped while I had difficulties. Anyway I'm looking for higher prices here. Maybe I'm wrong......we shall see. http://www.marketswi...p;postcount=142
Also posted this on the 1st.....
I have just completed spreadsheets on QQQ, NDX, COMP, SPX, DOW, OEX, SOX, RUT, SMH, NYA, and SPY (with seven plus years of data). So I can look at my blended super indicator for each of these after updating the data each day. And I must say things look very, very bullish here. The DOW, SPX, OEX and NYA made bullish crosses TODAY. That is, the indicators for these turned up at a price above where they last turned down. And none of them are at nosebleed levels on the daily base indicator.
The only fly in the ointment is the SOX. It crossed down today. It wasn't a big cross and could easily reverse with a small move upward. However, SMH has not crossed down. The SOX has lead the NDX by a day lately though so this is troublesome. SNDK is 9.34% of the SOX and there was the problem today. If I had to make a prediction based simply on what I see (and while restraining myself from saying how stupid it all is as far a Tech is concerned) I would say that a viscious bear crusher is dead ahead. No table pounding though because I hope I have finally gotten it into my head to trade based on my indicators and let the noise go in one ear and out the other ( and that's a fast move since there is little to hinder it). http://www.marketswi...p;postcount=144
Edited by Iblayz, 07 February 2007 - 08:51 PM.