38.2 retrace off the march low in the es
#1
Posted 08 June 2007 - 07:17 AM
#2
Posted 08 June 2007 - 07:27 AM
Edited by BigBadBear, 08 June 2007 - 07:28 AM.
#3
Posted 08 June 2007 - 07:33 AM
#4
Posted 08 June 2007 - 07:52 AM
Edited by BigBadBear, 08 June 2007 - 07:53 AM.
#5
Posted 08 June 2007 - 08:00 AM
is 1478.92 basis jun..... the low so far..1480.50....close enuff for guv wrk......below 1478......would be a problem.....with 1459 the next target........the sp500 cash banged its 50 day ma which is also coincident with the 78.6 retrace off the low of may 1st and a retest of the low of may 10....my additions to the long side basis sept with an avg price of 1525 will be bundled with my 1383 june entry in a stop of 1475 basis june...that is all.....btw ....CRASH them BONDS........SNORT
Cheif, thanks for the detail & follow up on your trade......you called the March low perfectly when you visited Fibs site TW and won a free drive in dinner, at that time i believe the CLX was showing a positive divergence with price, I do not think we have had enough time to set up that same type of divergence and hence I was a bit puzzled at the timing of your long additions this time around.
Perhaps we have seen the internal low for this correction but price imho has some catching up to do as Cirrus points out.....perhaps I will leave money on the table but my preference is to wait the extra 2-3 weeks it may take to form a lower risk bottom with the accompanying positive divergences coincident with Airedales 4.5 Cycle Low due July.
Now its possible that your pockets are deeper and you are willing to ride out the st turbulence at least to 1475.........having said all that, not many here can claim being long the big one from 1068
#6
Posted 08 June 2007 - 08:11 AM
Whether it's going to be the beginning of a 1 or A won't be known until later.
Quite possible we bottomed a 4...but not shown on this oex chart...a 4 would look better on spx...TWT
http://stockcharts.com/c-sc/sc?s=$OEX&p=60&yr=0&mn=5&dy=3&i=p68612109552&a=81733615&r=7319.png
#7
Posted 08 June 2007 - 08:12 AM
#8
Posted 08 June 2007 - 08:35 AM
You expect an 80% retrace by the time this bounce expires? Something like a Friday, Monday and into Tuesday rally? Or something more low key...
Get ready for a rally the likes to which havent been seen his yr. We should be 100pts within minutes and trickle up all day to +150 on the DOW
#9
Posted 08 June 2007 - 08:52 AM
"In order to master the markets, you must first master yourself" ... JP Morgan
"Most people lose money because they cannot admit they are wrong"... Martin Armstrong
http://marketvisions.blogspot.com/
#10
Posted 08 June 2007 - 09:57 AM