Nenner, a sometimes popular forecaster, has recently said in proprietary forecast that a close in the SP5 below 1511 is a sell signal for the index. On May 24th the index closed at 1507.51 on 3.3 b vol. Today the index closed at 1515 on lower vol. The support below today's close appears to be 1447, 1432, 1404, 1370 (the March 5th Low.) This man's methods are his own and not published, but on occasion he has delivered some good turning point forecasts. Best, Islander.
A sell signal ?
Started by
Islander
, May 25 2007 07:45 PM
4 replies to this topic
#2
webranger
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Posted 25 May 2007 - 08:40 PM
I believe he means ES future, not SPX cash. ESM7 close at 1515 today, above 1511.
#3
pdx5
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I want return OF my money more than return ON my money
Posted 25 May 2007 - 10:56 PM
FWIW a long standing bear on US equities in particular and world equities in general
has turned
Could more bear capitulations follow?
http://www.safehaven...rticle-7628.htm
has turned
Could more bear capitulations follow?
http://www.safehaven...rticle-7628.htm
Edited by pdx5, 25 May 2007 - 10:57 PM.
"Money cannot consistently be made trading every day or every week during the year." ~ Jesse Livermore Trading Rule
#4
Islander
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Posted 26 May 2007 - 02:01 PM
I believe he means ES future, not SPX cash. ESM7 close at 1515 today, above 1511.
The great man denies he deals in futures and did mean cash. We asked. Best, Islander
#5
Islander
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Posted 26 May 2007 - 02:42 PM
-----------------------------Read it again carefully---------------------FWIW a long standing bear on US equities in particular and world equities in general
has turned
Could more bear capitulations follow?
http://www.safehaven...rticle-7628.htm
His argument for stocks is that initially the equities fare better than bonds or cash during inflation. He is right, but he also says that ultimately stocks collaspe when inflation becomes rampant. This is NOT and endorsement of stocks, but Peter's warning that only gold, silver and maybe foreign dividend paying shares are relatively "safe" given what Congress has done and it more recent threats to use tariffs and currency restrictions against China. We should worry about that because we are electing fools to Congress. Best to you, Islander
