11 replies to this topic

[OEXCHAOS]

I had to leave the office. At about 1:25, I noticed a big red volume stick, and I was itchin' to short the rally. I know that any time I'm itchin' to short a rising market, I need to get away. It's nausea that's the confirmation not confidence. Detachment is fine too, but feeling eager to take a trade is a bad thing. More seriously, I'm seeing some serious red stick volume going into the close and that warrants some care. Way more downside volume than anything we've seen in days. It's early still, and we don't yet have our fade signal. Probably Friday at the close. Mark

[Bandit]

I had to leave the office. At about 1:25, I noticed a big red volume stick, and I was itchin' to short the rally. I know that any time I'm itchin' to short a rising market, I need to get away. It's nausea that's the confirmation not confidence. Detachment is fine too, but feeling eager to take a trade is a bad thing.

More seriously, I'm seeing some serious red stick volume going into the close and that warrants some care. Way more downside volume than anything we've seen in days.

It's early still, and we don't yet have our fade signal. Probably Friday at the close.

Mark

Mark-- I am seeing more up volume than down!!

NYSE NASDAQ
Advances 1,870 (56%) 1,819 (57%)
Declines 1,336 (40%) 1,258 (39%)
Unchanged 155 (5%) 116 (4%)
Up Vol* 1,831 (55%) 1,591 (64%)
Down Vol* 1,419 (43%) 813 (33%)
Unch. Vol* 61 (2%) 69 (3%)
New Hi's 348 220
New Lo's 28 37
*in millionsmore...

Bandit-- Maybe you use a different table to get up vs. down volume?

[Russ]

Looks like momentum is stalling.

http://stockcharts.com/c-sc/sc?s=$SPX&p=D&yr=0&mn=5&dy=0&i=p46352495816&r=5863.png

[jjc]

I'm not reading too much into the weakness at the end of the day; It seems to be a setup for Friday morning antics. The consolidation had to occur inorder to get further, in the grand scheme of things today looks very bullish for the IT. I will be looking for a Friday afternoon run on stops. Currently I'm flat in my trading account; will load up long this evening. I'll dance around this position tomorrow morning and look for a good place to settle Long before lunch.

[fib_1618]

Looks like momentum is stalling.

Going by the daily volume figures on your chart, momentum might be building as opposed to stalling.

We'll see.

Fib

[OEXCHAOS]

Mark-- I am seeing more up volume than down!!

NYSE NASDAQ
Advances 1,870 (56%) 1,819 (57%)
Declines 1,336 (40%) 1,258 (39%)
Unchanged 155 (5%) 116 (4%)
Up Vol* 1,831 (55%) 1,591 (64%)
Down Vol* 1,419 (43%) 813 (33%)
Unch. Vol* 61 (2%) 69 (3%)
New Hi's 348 220
New Lo's 28 37
*in millionsmore...

Bandit-- Maybe you use a different table to get up vs. down volume?

I'm looking at the futures volume on 5 and 10 minute charts. See the long thread with Semi not too far below.

Mark

[Russ]

Looks like momentum is stalling.

Going by the daily volume figures on your chart, momentum might be building as opposed to stalling.

We'll see.

Fib

Every one of those indicators on that chart has flattened out or is rolling over after a long up slope since march, especially interesting is the accum/dist. As for volume compare it with the last set of down volume bars, each of the up volume bars is less than their respective down volume bars and the biggest down volume bar last thursday was the first time since march that down volume exceeded the previous set of up volume.

Edited by Russ, 31 May 2007 - 06:15 PM.

[OEXCHAOS]

I'm not reading too much into the weakness at the end of the day; It seems to be a setup for Friday
morning antics.

The consolidation had to occur inorder to get further, in the grand scheme of things today looks very
bullish for the IT.

I will be looking for a Friday afternoon run on stops.

Currently I'm flat in my trading account; will load up long this evening. I'll dance around this position
tomorrow morning and look for a good place to settle Long before lunch.

I'd not be surprised by a gap up tomorrow. Too many Bears still, I think.

No need to rush shorting.

Mark

[Rich]

Sell?

Not yet.

Rich

[jjc]

I'm not reading too much into the weakness at the end of the day; It seems to be a setup for Friday
morning antics.

The consolidation had to occur inorder to get further, in the grand scheme of things today looks very
bullish for the IT.

I will be looking for a Friday afternoon run on stops.

Currently I'm flat in my trading account; will load up long this evening. I'll dance around this position
tomorrow morning and look for a good place to settle Long before lunch.

I'd not be surprised by a gap up tomorrow. Too many Bears still, I think.

No need to rush shorting.

Mark

I decided not to go long. Things don't smell right and I'm deep into a good problem. Think I'll stay away
from the tape and see if I can resolve a few issues I've been mulling.

Good Luck.