11 replies to this topic

[NAV]

Most dangerous activity in these kind of markets is carrying overnight positions. Ain't i glad i went flat yesterday close. That A/D line really sucked yesterday. Again, i am seeing some crash calls today - of course no TA to back it up, other than their own emotions. If you recall my e-wave post yesterday, my first scenario target was met today on SPX cash (1495) with this gap-down. With this kind of nasty gap-downs, there will be very few buy and holders anymore. If we get a strong bounce out of this gap-down, then most likely we have seen an important low. When i get an hourly buy, i will post it here. Stay tuned.....we are approaching an important low !

[arbman]

Same feelings, all of us are bullish here though!

[esther231]

I'm completely amazed. I really am. That was a huge change from after hours to pre market. I am flat since Tuesday. Good thing cause otherwise I'd be in the hospital with a heart attack no matter which side I was trading.

[eminimee]

http://stockcharts.com/c-sc/sc?s=$OEX&p=60&yr=0&mn=5&dy=16&i=p53407421805&a=107003689&r=2944.png



OR..............



Watching for other clues.....cracking to a new low and taking out 695 oex puts the B wave top as top count.



http://stockcharts.com/c-sc/sc?s=$OEX&p=30&yr=0&mn=2&dy=5&i=p10548461879&a=112399825&r=6153.png

[arbman]

BTW, opening equity P/C is 0.88 and OEX P/C 3.0, I would say real fear is slowly showing up in the markets, but probably not on this board, we are the true contrarians here!

[BigBadBear]

things are a bi too bullish..so im only 1/2loaded

Edited by BigBadBear, 26 July 2007 - 09:08 AM.

[CAzzaro]

What do you mean by important low? You mean a rally measured in weeks? 100 points in the S&P? Or? Thanks. CA

Edited by CAzzaro, 26 July 2007 - 09:09 AM.

[OEXCHAOS]

Yesterday, I told my folks soon after you went long that I was looking long with the volume, but we never got a set up. Then late, the volume came in on the downside which given the sentiment is an uh-oh moment. Today would be neat to see a low, but I just didn't see much fear anywhere. The Rydex amateurs (non-Dynamic traders) didn't reverse their big dip buying spree on Tuesday. The P/C's are all pretty neutral by my read. AAII moved more Bullish as did II. I know there's a bounce in the offing (statistically), but it's hard to make a case for a low, as yet. I'm thinking that they're training us. We'll get another buy set up and then have it fail, then the NEXT buy set up, we'll wait on and it'll gap up 2%. Mark And if I'm wrong, the volume will come in on the upside. ARMS is low, so maybe...maybe. I'm way agnostic and flexible for now. Mark

[NAV]

I picked up some Aug 80 IWM calls around IWM 79.5 level, based on a 30-min buy. I will start buying the futures once i get a hourly buy, which could come by 11:00 Est. Boy, this market is too fast. By the time i typre something, the market rockets higher. Hiker, remember the IWM target i mentioned yesterday 79, which was nicely tagged yesterday. SPX also tested it's channel support at 1595. Caazzaro, Yes, a rally measured in weeks. 100+ points. But i need confirmation, which i don't have yet. It all begins with a hourly buy....

Edited by NAV, 26 July 2007 - 09:17 AM.

[rkd80]

This looks like a very controlled down-move in the futures market, almost picture perfect how its respecting the channel. Too orderly?

Nothing dramatic in the P/C ratios, what you would expect on a -100 down point open.

Today and tomorrow also mark Airedale's July lows.

Tomorrow's GDP might cause a lot of morning volatility so it will be hard to stay over-night, but I am looking to go long.

Yesterday, I told my folks soon after you went long that I was looking long with the volume, but we never got a set up. Then late, the volume came in on the downside which given the sentiment is an uh-oh moment.

Today would be neat to see a low, but I just didn't see much fear anywhere. The Rydex amateurs (non-Dynamic traders) didn't reverse their big dip buying spree on Tuesday. The P/C's are all pretty neutral by my read. AAII moved more Bullish as did II.

I know there's a bounce in the offing (statistically), but it's hard to make a case for a low, as yet.

I'm thinking that they're training us. We'll get another buy set up and then have it fail, then the NEXT buy set up, we'll wait on and it'll gap up 2%.

Mark

And if I'm wrong, the volume will come in on the upside. ARMS is low, so maybe...maybe.

I'm way agnostic and flexible for now.

Mark