The NASDAQ is about as oversold short term as it's been in years according to the $NAMO. Of course that could mean nothing and it could get more oversold and last for a while at these levels. On the other hand the $TRINQ says nobody is concerned barely breaching the 1.60 level. This would tell me that the market sees this decline as a shallow correction that should be bought. It isn't just the buying that matters, it's as much the hedging and how much damage will be done unwinding the hedges after a violent rally happens to lesson the pressure on the oversold condition. A lot of money gets lost during these traps as big up days are followed by big down days.
The futures are pointing at a big opening and small fast money shorts are shaking in their boots right about now. It's still a long way from the opening bell and the end of the silly hour and seems unlikely that gains will be held after the type of internal crashing that has been going on. You don't often see sustained gains after closing breath is so lob sided. Commodities should tell the story.
That's my 2cents
$namo says buy
Started by
2cents
, Mar 06 2007 06:32 AM
3 replies to this topic
#1
2cents
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Posted 06 March 2007 - 06:32 AM
My opinion isn't worth the HTML it's written on
#2
bobalou
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Posted 06 March 2007 - 06:55 AM
all you say is good ,my bs ,on the out side,,if the market does not pull back,but,, in a way adds to yesterdays move up,,cause the late players were wrong ,thinking still down.they have to or should cover and add to the up move ??? gap and go ??
#3
2cents
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Posted 06 March 2007 - 07:11 AM
all you say is good ,my bs ,on the out side,,if the market does not pull back,but,, in a way adds to yesterdays move up,,cause the late players were wrong ,thinking still down.they have to or should cover and add to the up move ??? gap and go ??
When you say "adds to yesterdays move up" what do you mean. The market closed down and the internals were terrible.
My opinion isn't worth the HTML it's written on
#4
bobalou
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Posted 06 March 2007 - 07:30 AM
if you look at a min . chart ",about" noon I think was the high,if we can add from about there,,and try not to think of the close,or noon on ,cause people sold from there,could of had margin calls,or just adding back shorts.playing on them self's,,and look at the vol .lower w/ liter vol. ? we'll see
