NYSE - Double Top on Low Volume?
Started by
Russ
, Apr 09 2007 02:47 PM
6 replies to this topic
#1
Posted 09 April 2007 - 02:47 PM
"Nulla tenaci invia est via" - Latin for "For the tenacious, no road is impossible".
"In order to master the markets, you must first master yourself" ... JP Morgan
"Most people lose money because they cannot admit they are wrong"... Martin Armstrong
http://marketvisions.blogspot.com/
"In order to master the markets, you must first master yourself" ... JP Morgan
"Most people lose money because they cannot admit they are wrong"... Martin Armstrong
http://marketvisions.blogspot.com/
#3
Posted 09 April 2007 - 03:21 PM
Market looks weak, perhaps spx is heading back down to fill that 1399 gap. Commercials however have largely covered their short position from march. A pull back looks quite likely here at least for this week.
I vote yes. Transports also looking double toppy to me on lower volume. DowTrans Will we see what we saw last July?
Best to you.
"Nulla tenaci invia est via" - Latin for "For the tenacious, no road is impossible".
"In order to master the markets, you must first master yourself" ... JP Morgan
"Most people lose money because they cannot admit they are wrong"... Martin Armstrong
http://marketvisions.blogspot.com/
"In order to master the markets, you must first master yourself" ... JP Morgan
"Most people lose money because they cannot admit they are wrong"... Martin Armstrong
http://marketvisions.blogspot.com/
#4
Posted 09 April 2007 - 03:24 PM
Note what happened after low volume days Dec 29 04 and May 05 06.
http://stockcharts.c...3369&r=5755.png
http://stockcharts.c...3369&r=5755.png
#5
Posted 09 April 2007 - 03:34 PM
Note what happened after low volume days Dec 29 04 and May 05 06.
All three time periods saw a sideways market after a rally attempt at new highs, is it the same this time?
"Nulla tenaci invia est via" - Latin for "For the tenacious, no road is impossible".
"In order to master the markets, you must first master yourself" ... JP Morgan
"Most people lose money because they cannot admit they are wrong"... Martin Armstrong
http://marketvisions.blogspot.com/
"In order to master the markets, you must first master yourself" ... JP Morgan
"Most people lose money because they cannot admit they are wrong"... Martin Armstrong
http://marketvisions.blogspot.com/
#6
Posted 09 April 2007 - 03:35 PM
http://stockcharts.com/c-sc/sc?s=$NYA&p=D&yr=1&mn=0&dy=0&i=p09517708055&r=3230.png
For myself, I think yes. Obviously a bit of "waterfall" WITH VOLUME would be nice confirmation,lol. The low volume runup back to fill the gap has bothered me all along. I'm partially short the S+P and QQQQ here, this morning, on the gap up-but will need confirmation to get in harder. This mornings lack of follow through to the "perfect wave" set up coming in-talks to me as well. We come in off a very positive employment report with yet another huge buyout in the making. crude gets smacked down all day, the dollar starts holding some ground, and the response? =fizzle.
And what about all these mega buyouts lately? Do they not usually come at tops-that has been my experience.
Spooky
#7
Posted 09 April 2007 - 05:08 PM
And what about all these mega buyouts lately? Do they not usually come at tops-that has been my experience.
spooky
You too, eh?
Best to you.
Peace
johngeorge
johngeorge