4 replies to this topic

[Mr Dev]

Primarily for anyone day trading LONG here even as they are still playing the new high game with the markets... it is a Friday so nothing major in the way of give back is seen yet ,,,but things on the charts with a hook and with this last spike up... you can't argue much with the exit . I really thnk that the DOW needs a long rest. With the upper weekly consolidation it is possible to get the POP up and thru but it's already set up to diverge on contact.. so more of the same 3-5% pullbacks are to be expected..imho

Edited by Mr Dev, 15 June 2007 - 01:04 PM.

[qqqqtrdr]

We haven't really traded outside the daily bollinger bands on NASDAQ. Although we are at new highs, I think we can build a rally and drift higher from here next week.. I say drift... I don't think we can continue with large gains like the last couple of days. But from my side the market looks bullish.. The only bearish scenario I see is if we GAP down on Monday big time and sell off. Given the fact that we are not overbought medium term, I don't see it happening. Barry

[Mr Dev]

We haven't really traded outside the daily bollinger bands on NASDAQ. Although we are at new highs, I think we can build a rally and drift higher from here next week.. I say drift... I don't think we can continue with large gains like the last couple of days. But from my side the market looks bullish.. The only bearish scenario I see is if we GAP down on Monday big time and sell off. Given the fact that we are not overbought medium term, I don't see it happening.


Barry

Hi qqqq
what's your charting definition of overbought.. pic is worth 1ooo words

[Mr Dev]

Wow

I wonder how many are gonna be left holding this BAG !

[thespookyone]

Well, if I was going to trade the Q's on a stricly Bollinger band basis-I guess I'd want that bottom band to show a flare down, which it does not-and I wouldn't feel too bullish at a point where a spinning top or doji was stuck in the top of the band. The volume on this last Q rise is falling, and pathetic. Distribution days(some BIG ones) outnumber accumulation days easily lately. As far as not being overbought? The slow sto sure looks pretty overbought-if it has some tiny room left at all, it wouldn't be worth the risk to me. Fast sto overbought,Williams percent overbought as well. Negative money flow divergence present, negative macd divergence on this latest top,and negative ppo divergence. ADX showing virtually no buying pressure.All things considered, it's a lot more of a BOO than a MOO to me here. Spooky

Edited by thespookyone, 15 June 2007 - 09:35 PM.