V Bottom
#1
Posted 10 June 2007 - 12:32 AM
#2
Posted 10 June 2007 - 05:32 AM
At this point, it's just a matter of hope on the bulls part. Can it happen ? As IYB used to say, market makes monkeys out of us at some or other point in time. So nothing can be ruled out. But based on the study of various technicals this weekend, i would give it only a 20-30% odds at this time. If the 60-min trend turns up, from a pure price perspective, the odds of a "V" bottom improves to higher than 50%. We are nowwhere close to that. The breadth MCO thrust needs a divergent bottom with price, which means another leg down is coming soon. A break of Friday's lows would target the SPX 1450-1460 area. I will restart my shorting campaign again from Monday.
Thanks NAV. I had in mind an up week yet a proviso of slightly lower targets IF we were to see a break of recent lows. Are you planning to sell into strength or on the break? Thanks and good trading.
http://www.traders-t...showtopic=71196
Edited by Tor, 10 June 2007 - 05:34 AM.
The future is 90% present and 10% vision.
#3
Posted 10 June 2007 - 10:42 AM
At this point, it's just a matter of hope on the bulls part. Can it happen ? As IYB used to say, market makes monkeys out of us at some or other point in time. So nothing can be ruled out. But based on the study of various technicals this weekend, i would give it only a 20-30% odds at this time. If the 60-min trend turns up, from a pure price perspective, the odds of a "V" bottom improves to higher than 50%. We are nowwhere close to that. The breadth MCO thrust needs a divergent bottom with price, which means another leg down is coming soon. A break of Friday's lows would target the SPX 1450-1460 area. I will restart my shorting campaign again from Monday.
Thanks NAV. I had in mind an up week yet a proviso of slightly lower targets IF we were to see a break of recent lows. Are you planning to sell into strength or on the break? Thanks and good trading.
http://www.traders-t...showtopic=71196
Tor,
I am planning to sell into strength.
#4
Posted 10 June 2007 - 11:44 AM
Just wanted to let you know that on your blog it says "trading advive" in the first paragraph under the headline "NAV's market analysis" - just so you can correct it ;-)
At this point, it's just a matter of hope on the bulls part. Can it happen ? As IYB used to say, market makes monkeys out of us at some or other point in time. So nothing can be ruled out. But based on the study of various technicals this weekend, i would give it only a 20-30% odds at this time. If the 60-min trend turns up, from a pure price perspective, the odds of a "V" bottom improves to higher than 50%. We are nowwhere close to that. The breadth MCO thrust needs a divergent bottom with price, which means another leg down is coming soon. A break of Friday's lows would target the SPX 1450-1460 area. I will restart my shorting campaign again from Monday.
Thanks NAV. I had in mind an up week yet a proviso of slightly lower targets IF we were to see a break of recent lows. Are you planning to sell into strength or on the break? Thanks and good trading.
http://www.traders-t...showtopic=71196
Tor,
I am planning to sell into strength.
#5
Posted 10 June 2007 - 11:47 AM