20 replies to this topic

[denleo]

The market is washed out internally without any damage to S&P. It is safe to buy now. Don't buy stocks. Buy indexes. This is 1998. Denleo

[Jnavin]

I agree. Nice "W" on the intradays.

[arbman]

Looking at the new lows, it feels like we just crashed!

[ogm]

Hmm.. I think its a bit premature to call this a bottom. I think internals are a bit oversold ST, but ... Who is holding the indexes up ? Commodities ? I think they will start getting hit too as liquidity dries up. I'm short oils already. Time for speculation in commodities to take a break. And no, there is no peak oil , or shortage.. its all BS.

[Woody]

The market is washed out internally without any damage to S&P. It is safe to buy now. Don't buy stocks. Buy indexes. This is 1998.

Denleo

I thought Breadth usually led price.....price has some catchup to do at some point.

[ogm]

The market is washed out internally without any damage to S&P. It is safe to buy now. Don't buy stocks. Buy indexes. This is 1998.

Denleo

I thought Breadth usually led price.....price has some catchup to do at some point.

Yep, look at RUT. You know why IWM will keep tanking , no matter how many puts people buy ? because it represents 2000 stocks that are falling apart. You can't move 2000 stocks with IWM for longer then 10 minutes. those 2000 stocks need to hold up.

RUT just broke down today. And we already have bottom calls. Not so fast.

[NAV]

Intraday A/D line is 20:80, as ugly as it gets. Hard to get a reversal out of this today IMO. Looks like a trend day. I am not going to bottom pick here, even if it means missing the initial rally. Will wait for at least a day for the dust to settle.

Edited by NAV, 24 July 2007 - 11:57 AM.

[ogm]

Intraday A/D line is 20:80, as ugly as it gets. Hard to get a reversal out of this today IMO. Looks like a trend day. I am not going to bottom pick here, even if it means missing the rally. Will wait for at least a day for the dust to settle.

Look at MCO and summations.. super ugly. They can prop up NDX with a few large caps, but the rest is falling apart. There are thousands of stocks on the Nas and most of them down. If liquidity is drying up, its only a matter of time when they will throw in the towel on the large caps.

[Frac_Man]

the QQQQs made a perfect bottom. I can assume the other indices have done so likewise .......

enjoy

The market is washed out internally without any damage to S&P. It is safe to buy now. Don't buy stocks. Buy indexes. This is 1998.

Denleo

[arbman]

Hard to get a reversal out of this today

I hope it doesn't reverse today so that it can gap up and run tomorrow...