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Up big....or down big from 672 oex

Started by eminimee , Jul 28 2007 11:42 AM

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3 replies to this topic

#1 eminimee

I don't care who's fur is flying...

TT Member
14,307 posts

Posted 28 July 2007 - 11:42 AM

got a ton of charts.....but just too many to post...and quite frankly...quite a few are representative of my own odd ball work that most wouldn't care about. Bottom line....if I haven't mentioned this before..... :lol:

........if OEX 672 holds the downside....we could run...not walk to 747 in a hurry...I figure 1600/1610 minimum on SPX
...also need NDX to hold 1900/10 for a run to 2300. If both those numbers break on a daily close..........then we are going much lower. That's it in a nutshell. I do have a chart for the bears though...but imvho........the big caps and tech....especially big cap tech....haven't had there turn to contribute to this bull market...and are about to.
Now ...here's the bear chart...which I've posted before....and yes ladies and gents....I stand before you staring disaster in the face....and say I'm bullish... :wink: ...but again ...only if OeX 672, Ndx 1900 and one more....I'd like to see UTIL hold 468...but that's not as critical. Posted Image

Click Here to see Full Sized Image

If I have time a bit later...I'll post a few of the charts that I like for the bullish case.... The main reason is because I think OEX topped a B wave of an expanded flat and we bottom wave C at 672....but have some other stuff too. . . CSCO is just one reason...if cup with handle....I don't want to see it break the 28 area.

http://stockcharts.c...8831&r=8436.png

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#2 Spectacular Bid

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Traders-Talk User
853 posts

Posted 28 July 2007 - 12:46 PM

Tea Great charts as usual. I think you're almost going to get both. By both I mean I think you do get a heck of a good rally from anywhere near your levels as there is still enough stocks in decent shape to lead the market back up, but with over 1200 new lows on the Wilshire 5000 and 800 new lows on the NYSE, I believe a final low won't arrive till October. Those numbers are certainly low enough to represent a capitulation bottom, and if we had been grinding lower for a couple of months first I'd think that was likely but seeing we were at new all time highs just two weeks ago, too much damage has occured IMHO for that to be the most likely scenario and the option clearing corp opening buys for small traders had the lowest and most optimistic back to back readings in over a year just last week. Too soon for a final and lasting low. Assuming we don't melt down right here, I think we rally for 3 to 6 weeks and then sell off again, before resuming the bull. I'd be suprised if we didn't get back to the March lows, but not till after a rally and a good one at that. One good enough so that many thinks the final low is in.