8 replies to this topic

[NAV]

Then this rally was a 2 day wonder . Any selloff here would cause a zero line reject on the 120-min MACD buy signal that i posted here today. Will post an upadated chart on my blog later. Remember in markets, when a signal/setup fails is when the best moves happen, cuz too many folks are caught on the wrong idea. The signal is still on a buy, but yesterday's close was ominous. So it's low risk to start probing short here. Started scaling into NQ shorts here from 1958. A hourly close above today's high will stop me out.

[NAV]

This may not be of much interest to you folks. But mark this down. Today's gap-up in the Indian stock market should be a top of intermediate term importance. CNX Nifty (stockcharts symbol $CNXN) should have made an important top around the 4300 area. This market has been fighting a weekly sell signal and a daily continuation sell signal for the last 2 days. Started scaling into shorts here as well. Let's see if they can hold it any longer.....

[greenie]

but yesterday's close was ominous

NAV, it is still 'today' for us in California

Will keep an eye on your BSE call. How do you get all indicators (daily, weekly) for BSE? What service do you use?

Is it possible to short individual stocks in India?

[bearish04]

Hi NAV I am probably not trading the same timeframe as you in India. But i dont see anything to short the mkt here as yet. There is still a lot of excitement as you know with some sector or stks in the F&O going up 8-10% allmost everyday - (typical w3 behaviour). Like cement yest or sugar today so I would wait before trying to pick a top. I have a few long positions and am careful here (stops in place) but i think we will probably make a new high in the 15k bse range before we give up. Anyway, I am playing it more by the day rather than looking at IT. A bad day with an engulfing candle and I would probably run for cover. Cheers B

[NAV]

Hi NAV
I am probably not trading the same timeframe as you in India. But i dont see anything to short the mkt here as yet. There is still a lot of excitement as you know with some sector or stks in the F&O going up 8-10% allmost everyday - (typical w3 behaviour). Like cement yest or sugar today so I would wait before trying to pick a top. I have a few long positions and am careful here (stops in place) but i think we will probably make a new high in the 15k bse range before we give up. Anyway, I am playing it more by the day rather than looking at IT. A bad day with an engulfing candle and I would probably run for cover.

Cheers
B

bearish04,

Nifty will not take out the early June highs and BSE will not take out the Feb highs from what i am seeing. If it does, my entire premise is wrong and i will cover. I am positioning here for a ST to IT swing trade. I am willing to go out on a limb and say today perhaps marked an important IT top on the BSE. TWT.

Good luck.

Edited by NAV, 29 June 2007 - 04:23 AM.

[eminimee]

Nav..you wouldn't know the symbol on IB by any chance?...anyone?

[NAV]

Nav..you wouldn't know the symbol on IB by any chance?...anyone?

Nope.

[geosing]

If you mean Interactive Brokers, it is NASDAQ:IBKR

[eminimee]

geosing...thanks