4 replies to this topic

[SemiBizz]

http://bigcharts.mar...&mocktick=1.gif



The last high volume candle on Nasdaq was 3/06. The high of that candle is 2353. In order for Nasdaq to prove it can go lower, it needs to close inside that candle (under 2353). This month's volume is tracking to be highest in 6 years...

Above 2394 and we are inside previous trading range low for 2007. So, if you are long you don't want to see 2353, if you are short you don't want to see 2394.

[kemo1k]

Thanks semi-- Can you give any comment on todays light volume on today's COMPQ move? I appreciate it.

[SemiBizz]

Thanks semi--
Can you give any comment on todays light volume on today's COMPQ move?
I appreciate it.

Today is an upthrust... Going higher on vapor. Now we had an upthrust that started in July that lasted until February... eventually they reverse, but as long as the Fed prints money they can hold it up for quite awhile...and they will, as long as they can...

Thing you have to watch is they have plenty of volume now, and two weeks to turn it into a high on volume scene...

[kemo1k]

So you expect more climb on vapor? my data shows just 1.1 B on compq and 1.7 B on nyse at 2:00 pm. Man that is light. Do you think they can jump it and run it up on volume from here? I am expecting more chop with a downward bias myself.

[SemiBizz]

So you expect more climb on vapor?
my data shows just 1.1 B on compq and 1.7 B on nyse at 2:00 pm. Man that is light.
Do you think they can jump it and run it up on volume from here?
I am expecting more chop with a downward bias myself.

Yes, it is light... And they used the old "gap over resistance" trick today too. This week is Gov't Scam week, better known as the Federal Reserve Meeting... If you think the risk/reward is such that you can trust a low volume upthrust then you should short it. My experience says that at 2:15 the day of the announcment we're going to see an up and down whipsaw that won't settle for a few days. I'm playing light here. I think the best you're going to get here on the short side is a choppy trade into the announcement.