BOP INDICATOR UPDATE
Started by
mss
, Mar 08 2007 05:27 PM
5 replies to this topic
#1
Posted 08 March 2007 - 05:27 PM
We have a mixed bag of signals. "da chief" thinks we have a bottom. Several of my charts suggest we have a bottom, and several say no or maybe.
The warning is we could be forming a complex bottom as in the May - July '06 period. This one may also be a little more volatile .
Below are 5 charts with notes on each. We might have a better handle after the close Monday as some others have suggested.
Best to all, and comments are welcomed.
mss
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#2
Posted 08 March 2007 - 09:31 PM
Love your bag of tricks.
Thanks for sharing.
"Nature's Failure to Function in a 'Predictable Way'... 500 years ago?"
BIGGEST SCIENCE SCANDAL EVER...Official records systematically 'adjusted'.
BIGGEST SCIENCE SCANDAL EVER...Official records systematically 'adjusted'.
#3
Posted 08 March 2007 - 11:30 PM
Thanks for the charts...Oscilators are sometimes tricky with interpretations as to bull/bear mkt being important...On your 21 BBOSC chart, during May/June '06, the tool dropped down to like -65, bounced then another new low in price came. In mild corrections in a bull, that tool will nail most lows under -50...in bigger corrections in a bull, it takes more. Conclusion, know how to tinker with the tool based on mkt perception.
#4
Posted 09 March 2007 - 08:02 AM
SPX convincingly clearing 1415 would add a lot to the bullish argument in my opinion.
There's plenty of room on the weekly chart for more decline and for the market to get less overbought. That said, the recent decline was sharp enough that perhaps the time will be very short. The May - June 2006 decline was only about 26 trading days. Is 8 going to be enough this time?
I think that soon we'll try and get through 1415 or go back down and test the lows.
Best,
Doug
#5
Posted 10 March 2007 - 12:43 PM
Hey Scott,
I have also gotten a mixed bag of signals this week. My fast indicator (top) bottomed giving a buy signal at Monday's close. My slower indicator (bottom) is in the position showing a possible "ABC" with more decline to come for it to reach the bottom ... I took a small long at Monday's close on the fast indicator,, but closed it at Friday's close thinking we may get another drop next week ?? Not sure if I made the right decision or not ? I guess time will tell.... All the best trading......
I have also gotten a mixed bag of signals this week. My fast indicator (top) bottomed giving a buy signal at Monday's close. My slower indicator (bottom) is in the position showing a possible "ABC" with more decline to come for it to reach the bottom ... I took a small long at Monday's close on the fast indicator,, but closed it at Friday's close thinking we may get another drop next week ?? Not sure if I made the right decision or not ? I guess time will tell.... All the best trading......
Just an "Old Retired Fart" trying to keep my IRA invested with the market direction.
#6
Posted 10 March 2007 - 02:26 PM
Should have posted this with the daily chart,,,, just wasn't thinking . The weekly is in a nice position "if" we get a V bottom, but has plenty of room for more complex bottoming. I have also been giving some thought to this year being another year like "04" ?? Just a thought ....
Just an "Old Retired Fart" trying to keep my IRA invested with the market direction.