5 replies to this topic

[OEXCHAOS]

From this morning's ChartSmarts:



Correction

Next up, probably a bounce. After that, we get to see, but I'm thinking that there are some lower channel lines to visit. Any pullback in here is nothing to get too worried about. Even so, we're picking off shorts because in a thinning market, where the majors do OK, but the secondaries suffer, we can essentially trade long and short at the same time and (hopefully) make money both ways irrespective of market action. As the pros say, we'll have "two Alphas and no Beta"!

DOW: The Dow finally pulled back but it held up most of the day.




S&P500: The S&P held pretty well until late, but now we're flirting with a daily sell.




NDX: The Naz faired less well than the Dow and S&P. See a theme here?




RUT: The Russell got killed, which is exactly what we'd expect in a weak market. It's all playing out according to script.




Two weeks, risk free:

http://www.chartsmarts.com/order.htm

[arbman]

I have signs that this sell off looks a lot more induced than actually happened because of an exhausted bull. It could be some discounting activity, it needs a lot more selling intensity to turn into an IT trade at the moment, I took most of the profits for the time being. It could be a trading range or further blow off, the answer will come in a few days, so far the volume is light, the leadership in tech, industrials and financials are still intact...

[arbman]

The volume is significantly higher today, if the lows are broken by the close, it bill be bery bery bearish...

[Rogerdodger]

Ugliness.
Except for the fact today is the 1st.
I bought the early S&P dip counting on fund money later in day to pour in.
No high confidence on my part but I've seen 'em do it before.
If the $VIX can stay within the BB's:
http://stockcharts.com/c-sc/sc?s=$VIX&p=D&yr=1&mn=0&dy=0&i=p75881869177&a=27927380&r=7216.png

Edited by Rogerdodger, 01 May 2007 - 01:06 PM.

[arbman]

The most important and lately leading indicator here is DJI and NDX. NDX just hit a major trendline resistance from the top but did not quite break down. I think a quick pull back tomorrow to the 20 dma around 1840-1845 would be a good and quick long trade. I don't think this is the ST bottom yet since there was a buying climax in the volume last week, although the selling momentum is diverging in the shorter time frames now. The speculation is getting quickly bearish both in the index and equity options. A further blow off or a double top should be more favored probably in building an IT top...

[vitaminm]

if u 'r playin' then play with these

http://finance.yahoo...=...l&c=DIG,DUG