8 replies to this topic

[dcengr]

I said a few days ago that I believed it would test this area. Now its at a critical point whether it will fail or pass this point. The two polls that turned bullish few days ago (blogger, lowrisk) do not bode bullish for this recent upturn, but that would be a short term indicator.

[arbman]

Well, an one day rally could be explained, but a second day can not. The option market was telling about a bottom two days ago, it gave another chance to the bears yesterday to exit, instead they loaded up more. The equity P/C ratio readings over 0.7 are usually bullish regions, the overall P/C was also quite high. I doubt that it is turning back down immediately, I see this morning's opening numbers getting low though... - kisa

[qqqqtrdr]

Well, an one day rally could be explained, but a second day can not. The option market was telling about a bottom two days ago, it gave another chance to the bears yesterday to exit, instead they loaded up more. The equity P/C ratio readings over 0.7 are usually bullish regions, the overall P/C was also quite high. I doubt that it is turning back down immediately, I see this morning's opening numbers getting low though...

- kisa

We need at least 1 1/2 - 2 hours of trading before P/C makes any sense. The market also turns quite a bit around 10:30. What the market does between 10:30 and 11:00 generally helps point to which way the market is going.

Barry

[dcengr]

Well, an one day rally could be explained, but a second day can not. The option market was telling about a bottom two days ago, it gave another chance to the bears yesterday to exit, instead they loaded up more. The equity P/C ratio readings over 0.7 are usually bullish regions, the overall P/C was also quite high. I doubt that it is turning back down immediately, I see this morning's opening numbers getting low though...

- kisa

I don't expect immediate turn either. But a few hours and vicious reversal wouldn't be out of what I expect. But it can go up too.

Just the sentiment picture doesn't support higher, at least to me.

[BigBadBear]

I guess you are short again....Dcenger you will turn bullish 1 day

[dcengr]

I guess you are short again....Dcenger you will turn bullish 1 day

I did turn bullish.. why do you think I pulled some of my shorts off? Just because I remain IT bearish doesn't mean I can't turn ST bullish.

[BigBadBear]

bullish for you is pulling off some of your shorts....amazing. I mean 1 day you will be backing up the truck to buy

[dcengr]

bullish for you is pulling off some of your shorts....amazing.

I mean 1 day you will be backing up the truck to buy

Maybe. But I don't think that'll be today.

[BigBadBear]

you are right more than likely 'if you remain a religous bear' then it will be within 2% of the real top