13 replies to this topic

[Mr Dev]

Just a tough call for tomorrow,...more of the same chop likely .... the trend charts on price and internals have already or starting to rollover,....however there is a short term price formation that was created just today that does have bullish implications for tomorrow. So how would I trade this.... well first of all with only a 50% position and then it would really depend on ones own trading time frame. With the formation and this bull market one could go long half and exit on ANY pop,.. then reverse to the short side as the other technicals continue to slow these two indexes down. One may also want to wait until the numbers come out tomorrow and just fade them. Again on the bullish side ...todays price formation,.. that should hold unless we close below the lows.... AND ... the fact is ..it is very tough to short even these two weak indexes into either a Liquidity Thursday or a Feel Good Friday so any win there is a win ...try not to be greedy. All the best to the traders here today.... no matter which way you trade.

Edited by Mr Dev, 17 May 2007 - 02:45 PM.

[Mr Dev]

Again another way to play this is ...don't ....wait for tomorrow and then ... fade the move.. well maybe.. we'll see soon enough. Do I take my own advice ,....not all the time,...but I wish I did.

[CLK]

This big patch of daily bars is not the usual clean V pattern that the Nasdaq tops from. Still can top, but not usual.

[Mr Dev]

This big patch of daily bars is not the usual clean V pattern that
the Nasdaq tops from.

Still can top, but not usual.

Huh?
Who mentioned a Nasdaq top,... or any daily formation?

Not Me

The only formation I referred to is a bullish one set up on the min charts today

Oh lol and the words.... usual and clear for a TOP thats funny too.

My meds aren't working today so please don't get me wound up tighter than a...

Edited by Mr Dev, 17 May 2007 - 04:33 PM.

[denleo]

Hey Mr. Dev, I have noticed you are good at trading RUT. I am looking at the fact that it is oversold and holding 50-day MA. I have traded it both ways over the last couple of days. I am currently short (just because it is the weakest index), but looking forward more than 1 day, I think it has a chance of going up to or close to the highs. Your thoughts beyond tomorrow? Denleo

[CLK]

This big patch of daily bars is not the usual clean V pattern that
the Nasdaq tops from.

Still can top, but not usual.

Huh?
Who mentioned a Nasdaq top,... or any daily formation?

Not Me

The only formation I referred to is a bullish one set up on the min charts today


Oh lol and the words.... usual and clear for a TOP thats funny too.

My meds aren't working today so please don't get me wound up tighter than a...

I thought you planned on trading back and forth on the way down.

VLE

[SemiBizz]

Let's see if this helps... We made THEE high on 5/7. On 5/10 we failed to test the 5/7 high on higher volume and a retracement ensued per our turn date... The next turn date is 5/24 and we should reach the target of 2492 on or before 5/23. And then we'll see, I expect another turn back up and a new high by June 12th.

[Russ]

Mr. Dev: Curious why one of your posts shows a short fund which you said looks like capitulation but on the other hand you are going long?

Huh?
Who mentioned a Nasdaq top,... or any daily formation?

Not Me

The only formation I referred to is a bullish one set up on the min charts today

Edited by Russ, 17 May 2007 - 09:15 PM.

[Mr Dev]

Hey Mr. Dev, I have noticed you are good at trading RUT. I am looking at the fact that it is oversold and holding 50-day MA. I have traded it both ways over the last couple of days. I am currently short (just because it is the weakest index), but looking forward more than 1 day, I think it has a chance of going up to or close to the highs. Your thoughts beyond tomorrow?

Denleo

Actually D,

Are you ready for a lengthy answer that just states be cautious?

I think there is a good chance it floats a few points higher again on into Monday afternoon, Tuesday I would expect a pullback

and if not Tuesday by the close then Wednesday morning ..again traders are still seeing liquidity and would anticipate it for Thursday so I will be anticipating and maybe getting a little long.

As far as the markets over all the S&P could likely make its high then too thus giving everything its else
including the RUT its support... there is no way I can tell at this time whether the RUT hits NEW HIGHS but I
doubt it.

The S&P will be following what I have as a Long term divergence already set up for the DOW.

Obviously I think that the RUT and NAS will avoid these divergences because no NEW HIGHS longer term.

At this time I wouldn't try and SHORT or go LONG with a full positions.. maybe reduce down to a 30% short today after the numbers or even a 30% Long for Monday.

Then play both ways equally,...meaning try and be Long just as often as you are Short...day to day that is
picking your trading opportunities or times based on your own short term timing.

Sorry I can't be more help,...I always try and get the short term right ,...and the longer term stuff seems to take care of it self.

Trade safe

I thought you planned on trading back and forth on the way down.

VLE

I think you got me figured out.... I just didn't exit my position yet...like I most times my advice is right but

sometimes I may not be following it for my next trading opportunity and sometimes I'll skip one move.

trade safe

Let's see if this helps... We made THEE high on 5/7. On 5/10 we failed to test the 5/7 high on higher volume and a retracement ensued per our turn date... The next turn date is 5/24 and we should reach the target of 2492 on or before 5/23. And then we'll see, I expect another turn back up and a new high by June 12th.

Sounds and looks like reasonable TA ! Always a bit tricky to hold ones ground tho.

Mr. Dev: Curious why one of your posts shows a short fund which you said looks like capitulation but on the other hand you are going long?

Hi Russ,

Well yes the other day I did post the short fund that looked like a capitulation move,...but as I was saying for the open today it would be a good IDEA to go Long..... or an alternative would be to stay out,...based on bullish set up,,....and re-short the POP.

Did I exit my 45,700+ share short the RYVNX ,.....no I did not....sometimes I give better advice to traders keeping them protected more than I protect myself!

Trade lighter than normal at this time, reduce positions and stress for a few days.

Trade safe and pick trading opportunities as they arise.

I'm keeping my bias at this time... and market thoughts next week are above.

trade safe

Edited by Mr Dev, 18 May 2007 - 08:31 AM.

[Mr Dev]

Hey Mr. Dev, I have noticed you are good at trading RUT. I am looking at the fact that it is oversold and holding 50-day MA. I have traded it both ways over the last couple of days. I am currently short (just because it is the weakest index), but looking forward more than 1 day, I think it has a chance of going up to or close to the highs. Your thoughts beyond tomorrow?

Denleo

D,

Just to share I have a 60m sell signal that is ON and will likely stay on until the RUT hangs above 823,or 826 to be safe, for a half day.

IF price reaches that area it will then likely pull back,.. and the signal could become a buy.