5 replies to this topic

[Tor]

I am not good enough to say there is no market declien here, but look at the facts. 1500 holds SPX, dow above 13000. RSI SPXis already almost down to 50 and the bears are talking about feeling sick because of the declines. Seems to me this is part of a two week consolidation, before new highs are seen. I base thaton what I see, not what I feel or think. If 1480 breaks then I may change my view. I am neutral here due to my previously failed short operations. Just some thoughts.

[CLK]

I'm keeping most my powder dry till I see buying and chasing.

[JAP]

Fudged earnings and PPI/CPI numbers have already been reported. All we have left is CNBC hype and LBOs. Recent LBO announcements have not had much positive effect on the market. So... Where's the beef?

[thespookyone]

Well, I'm short the Q's, with puts-but we are sure seeing two different things here. The Q's break yesterdays low, then torch Fridays lows, on HUGE volume-and this is consolidation? Makes more sense to me that the heliun volume move up was a backtest.. Negative MACD cross, negative PPO cross, negative adx cross on the way-just doesn't have me mooing. My Q shorting, QID, and Q puts however are going nicely, and about to get better. Having watched the MACD on the DOW PLUNGE as the market rose today=our thoughts surely could not be more different here. Spooky

Edited by thespookyone, 15 May 2007 - 06:11 PM.

[CLK]

Well, I'm short the Q's, with puts-but we are sure seeing two different things here. The Q's break yesterdays low, then torch Fridays lows, on HUGE volume-and this is consolidation? Makes more sense to me that the heliun volume move up was a backtest.. Negative MACD cross, negative PPO cross, negative adx cross on the way-just doesn't have me mooing. My Q shorting, QID, and Q puts however are going nicely, and about to get better. Having watched the MACD on the DOW PLUNGE as the market rose today=our thoughts surely could not be more different here.

Spooky

I'm very familiar with macd crossings and all kinds of divergences,
been posting them for a long time here.
It's just that I've learned the hard way not to take the first cross or two
very seriously when the move up is strong. Last year or two I'd be
aggressively probing for a top. This year I'm reluctant. Maybe
they hooked me but a hedge is all they get out of me.


Good trading.

[CLK]

Another way to look at it.