bounces yes...
http://stockcharts.com/c-sc/sc?s=$OEX&p=5&yr=0&mn=0&dy=3&i=p76265727917&a=106624082&r=2195.png
Take Your Longs To The
Started by
U.F.O.
, Jul 26 2007 07:18 PM
12 replies to this topic
#11
eminimee
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- TT Member
- 14,307 posts
I don't care who's fur is flying...
Posted 26 July 2007 - 08:59 PM
#12
ogm
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Posted 26 July 2007 - 09:05 PM
800 new lows on NYSE today, btw. Sounds like a lot. LAst time we had 800 new lows day was in May 04. Coincidentaly, that was the day MCO got this oversold too. And looking at every occurance of the 600+ new lows days, they all coincide with MCO oversold, and with rallies. Same setup. Actually the only time we had it a couple days in a row, was guess when.. at the bottom of the 1998 dump. Then the lows even hit 1100 for a day. Never since. Maybe tomorrow 
I still have 50% to put to work.
I still have 50% to put to work.
Edited by ogm, 26 July 2007 - 09:11 PM.
#13
Jnavin
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- TT Member*
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Posted 26 July 2007 - 10:24 PM
UFO, I appreciate the excellence of your chartwork.
Right here, just above SPX 1460, is a bunch of support, so I don't think this is just about "buying oversold."
It's a support/resistance trade, near-term.
