14 replies to this topic

[dcengr]

There's definately something really odd here... Market is very oversold internally, indices aren't too oversold.. but sentiment by many means, is not even close to bear territory.. In fact, as Rasmussen polls, p/c ratios, and other polls seem to indicate, every small bounce is getting people more and more bullish. I'm inclined to think some major move is on the way.. likely very soon.

[ogm]

There's definately something really odd here...

Market is very oversold internally, indices aren't too oversold.. but sentiment by many means, is not even close to bear territory..

In fact, as Rasmussen polls, p/c ratios, and other polls seem to indicate, every small bounce is getting people more and more bullish.

I'm inclined to think some major move is on the way.. likely very soon.

Thats why I think we'll bounce, confuse the crap out of everyone, and then start another leg down. Don't get me wrong, I'm not bullish at all. But internals are very ST oversold.

Edited by ogm, 25 July 2007 - 08:46 PM.

[ogm]

The other side of the story.....

Look at that breakdown in bullish% and momentum. ITBM/ITVM look the same way.

[rkd80]

There are many reasons for why we should go down and many for why we should bounce. The pattern that I am seeing is like Feb 27th with out the crazy collapse. Pretend yesterday was 27th, today we had a little bounce just like the 28th.

Well, tomorrow I think we will have a 29th. A decent move from the get-go to something like spx cash 1496 and then recover most of it. This would make sense given how choppy everything feels. Whether we sell off Friday or not is relevant, but my guess is that we will form a big hanging man with a neutral close.

There's definately something really odd here...

Market is very oversold internally, indices aren't too oversold.. but sentiment by many means, is not even close to bear territory..

In fact, as Rasmussen polls, p/c ratios, and other polls seem to indicate, every small bounce is getting people more and more bullish.

I'm inclined to think some major move is on the way.. likely very soon.

Thats why I think we'll bounce, confuse the crap out of everyone, and then start another leg down. Don't get me wrong, I'm not bullish at all. But internals are very ST oversold.

[Sentient Being]

I've got mixed views from everything except Oil which is overbought and a long way from the oversold situations from which my system gets buys. I've seen a good number of buys in other industries. Several more today. And a number more lining up. But as I said, Oil is so oversold, my little system wont be showing any buys there for some time, until it can manage more of a correction to the downside.