10 replies to this topic

[NAV]

Looks like they are setting up for a gap-down. Or maybe the truth is, they are setting themselves up for a buying opportunity. Went long NQ at 1957.25. This is on top of the QQQQ calls i hold. Seems like the Shangai scare again, which is down 3.2%. (or maybe the Shangai excuse )

[ogm]

Looks like they are setting up for a gap-down. Or maybe the truth is, they are setting themselves up for a buying opportunity. Went long NQ at 1957.25. This is on top of the QQQQ calls i hold.

Seems like the Shangai scare again, which is down 3.2%. (or maybe the Shangai excuse )

Or maybe we are in a downtrend, and surprize moves will be coming to the downside. Who knows.

Futures are a bit oversold on 5/15 min charts, lets see if they bounce, or sell through.

Edited by ogm, 22 June 2007 - 05:38 AM.

[NAV]

Looks like they are setting up for a gap-down. Or maybe the truth is, they are setting themselves up for a buying opportunity. Went long NQ at 1957.25. This is on top of the QQQQ calls i hold.

Seems like the Shangai scare again, which is down 3.2%. (or maybe the Shangai excuse )

Or maybe we are in a downtrend, and surprize moves will be coming to the downside. Who knows.

Futures are a bit oversold on 5/15 min charts, lets see if they bounce, or sell through.

Either way, one needs to take a position to make profits (or loss). I am just betting on the upside and i have made my reasons clear.

[OEXCHAOS]

I hate to be on the opposite side of the fence, NAV. But I am. I still have my S&P stuff pointing lower. NDX looks best, to be sure, but the rest looks pretty iffy. Sentiment says no low in place yet. Breadth sucked wind yesterday, too. No futures short positions on, yet however. Mark

[ogm]

NDX may have looked the best. But if you look on breadth and actual NDX data, it was really only a few mega caps that rallied. MSFT, INTC, AAPL and a few more. The breatdth was negative on the Naz for most of the day, despite the Naz beeing in the green.

[NAV]

I hate to be on the opposite side of the fence, NAV.

But I am. I still have my S&P stuff pointing lower. NDX looks best, to be sure, but the rest looks pretty iffy.

Sentiment says no low in place yet. Breadth sucked wind yesterday, too. No futures short positions on, yet however.

Mark

Breadth was not too shabby yesterday. It was a small change day on the Nasdaq MCO. The final hurrah into a top occurs on crappy internals, anyway. So i am not that worried about it. For me price pivtos are more important here and if they break i am gone.

Some thoughts for today...

Edited by NAV, 22 June 2007 - 06:17 AM.

[swanstkdh]

HOw low do you think we go. It is a chinese water torture for the bears. We are losing steam though on the upside.

[OEXCHAOS]

I want to contextualize here, too. You're very focused on the short term and the Naz. I'm more widely focused on many time frames, and less focused on the Naz. To the extent that I am, I'm actually buying Naz stocks (e.g. AMD). My IT stuff is what looks so bad. And because I didn't get a sentiment set up, I have to question the low (s). That doesn't mean that you don't get bailed out handsomely if the gap fills. I really have no feel for that, so don't let me cause you to doubt your game plan. Not that you would.

[NAV]

I want to contextualize here, too. You're very focused on the short term and the Naz. I'm more widely focused on many time frames, and less focused on the Naz. To the extent that I am, I'm actually buying Naz stocks (e.g. AMD).

My IT stuff is what looks so bad. And because I didn't get a sentiment set up, I have to question the low (s). That doesn't mean that you don't get bailed out handsomely if the gap fills. I really have no feel for that, so don't let me cause you to doubt your game plan. Not that you would.

As i have been saying here and on my blog, my weekly momentum (IT) has already rolled over. In fact, it happened three weeks back. Now the daily momentum (which is up) is fighting against the weekly momentum. I expect the daily to get overbought in the next 3-4 sessions and rollover and issue a continuation sell. That would be the "Weekly/Daily" combo sell. And where's the fireworks, BTW? Like da_cheif says, what has not happened is probably pending. I am very comfortable in what i am seeing technically, but as a trader very cautious and concerned.

Edited by NAV, 22 June 2007 - 06:37 AM.

[OEXCHAOS]

Cautious and concerned usually means "right"