5 replies to this topic

[NAV]

As i wrote in my blog, we had narrow range days on NYSE and Nasdaq MCOs, but not narrow enough to call small change days. Expect a lot of volatility today. If the price and momentum pattern i am seeing plays out, we should see a hard short squeeze right from the open and the market should not look back until it makes new highs. I have seen this setup many times. Remember it's just a pattern and can always fail. I would turn bearish, if we cannot get a decent size squeeze by 10:30 Est, by which my 120-min would have also turned down. Yesterday someone asked me for a target and i said YM 13700. Today morning, the futures hit that mark promptly. That should be the intraday low or a slight marginal poke downwards if the bullish pattern is to remain intact. Good luck everyone.

Edited by NAV, 19 June 2007 - 07:33 AM.

[arbman]

I hope you are right, I am looking for any blow off type rally at this point, I don't have enough positions in my short portfolio.

Edited by kisacik, 19 June 2007 - 07:35 AM.

[ogm]

SDS starting to look good on daily/weekly. A small push, and it should take off.

BBY's earnings certainly not going to be a big help to the bullish cause today.

[skyymaster]

As i wrote in my blog, we had narrow range days on NYSE and Nasdaq MCOs, but not narrow enough to call small change days. Expect a lot of volatility today. If the price and momentum pattern i am seeing plays out, we should see a hard short squeeze right from the open and the market should not look back until it makes new highs. I have seen this setup many times. Remember it's just a pattern and can always fail. I would turn bearish, if we cannot get a decent size squeeze by 10:30 Est, by which my 120-min would have also turned down.

Yesterday someone asked me for a target and i said YM 13700. Today morning, the futures hit that mark promptly. That should be the intraday low or a slight marginal poke downwards if the bullish pattern is to remain intact.

Good luck everyone.

Yes, Nav. I do remember the last time you pointed this out about month or so ago, we did have a very volatile day.

[peregrine]

It appears that your short squeeze still has a chance to occur...but slightly delayed. To my eye, we are completing an abc downward correction from the 11 AM bar on Friday (basis NYA)...and in Elliott terms it may be a 4th wave of some dimension ..with a 5th up in near prospect. In sum, a caution on getting too bearish.

[OEXCHAOS]

I'm short and looking to cover quickly. I'm looking for a bounce from 154000, then more down. Subject to review. Mark