8 replies to this topic

[ogm]

[eminimee]

Could get pretty ugly if this is right..We have to close below spx 1530 to get things rolling first.

http://stockcharts.com/c-sc/sc?s=$OEX&p=60&yr=0&mn=6&dy=3&i=p52835448895&a=81733615&r=2442.png

[VolPivots]

but daddy...j/k

until the major mkt index cracks (new 52wk hi y-day), Paulson, benny & co are fully in charge

[ogm]

DD Just missed the earnings too. I think we'll be testing 1530 pretty soon here.

AXP doubled loss provisions, DD missed, TXN missed.....

Ain't looking too good

Earnings were overestimated, and hopes were even higher.... Buy the rumor....

http://www.reuters.c...20070724?rpc=44

" NEW YORK, July 24 (Reuters) - U.S. stock index futures fell on Tuesday as disappointing profits from DuPont Co. (DD.N: Quote, Profile, Research) and Texas Instruments Inc. (TXN.N: Quote, Profile, Research) raised concerns about the economy's health and the impact of the housing slump.

In one of the heaviest reporting days on the calendar, DuPont, the No. 2 U.S. chemical company, posted quarterly profit that missed Wall Street's forecasts. For details, see [ID:nN24408959].

DuPont joins Caterpillar (CAT.N: Quote, Profile, Research) among components of the Dow industrials whose profits have fallen short of estimates, raising concerns that equities can sustain their steady climb that drove the Dow to 14,000 for the first time last week."

[NAV]

One baby step at a time . We need to first break the hourly support at 1540.50. Then the hourly swing low at 1537.25. Then the all important pivot at 1529.75. Then it's starts getting bearish. If you carefully look, we are still hovering around the breakout level on both DOW and SPX.

[eminimee]

Key numbers for me on SPX are 1530 and 1524.50. A close below 1524.50 and we are going to new lows (below June lows) ...holding 1530, we still have a shot at another high....

Edited by Teaparty, 24 July 2007 - 08:00 AM.

[ogm]

Key numbers for me on SPX are 1530 and 1524.50. A close below 1524.50 and we are going to new lows (below June lows) ...holding 1530, we still have a shot at another high....

Do you really beleive we have a shot at another high ? I mean deep inside, in your gut ?

Edited by ogm, 24 July 2007 - 08:15 AM.

[eminimee]

"A shot"....sure...that's what my charts say if 1530 holds...if you want a percentage of whether or not we do it or not....I'd say 33.3%. As a trader ..I have to be open minded... Just covered some more at 1540...still holding a third of my es short from 1555...stop on balance at 47.25.

[ogm]

"A shot"....sure...that's what my charts say if 1530 holds...if you want a percentage of whether or not we do it or not....I'd say 33.3%. As a trader ..I have to be open minded...
Just covered some more at 1540...still holding a third of my es short from 1555...stop on balance at 47.25.

Here is what I think... 1535 is the key for now. And even if we bounce there, I don't expect it to break 1545-46 on the upside. Just to retest that moving average break from below. Overall structure looks like a trend change in progress.

Edited by ogm, 24 July 2007 - 08:27 AM.