Bulls, does the market have your attention ?
#1
Posted 03 August 2007 - 04:43 PM
According to Lowry's, thats not a washout. Its a trending decline. The trend is down. I think the only bonafide signal of a trend change would be the appearance of a 90% upside day or two 80% upside days in quick sucession.
Amazing day. Trading too feverishly to make any real-time posts.
BTW, those OEX weeklies rock (if you get the direction right on a wide-ranging day).
#2
Posted 03 August 2007 - 04:51 PM
Edited by hiker, 03 August 2007 - 04:53 PM.
#3
Posted 03 August 2007 - 04:55 PM
Three ninety percent downside days, two other 80% downside days in the space of ten trading days.
According to Lowry's, thats not a washout. Its a trending decline. The trend is down. I think the only bonafide signal of a trend change would be the appearance of a 90% upside day or two 80% upside days in quick sucession.
Amazing day. Trading too feverishly to make any real-time posts.
BTW, those OEX weeklies rock (if you get the direction right on a wide-ranging day).
According to Lowry's, that the indication that a bottom of a selling climax may be coming - what would signal it?
"5. The 90% Upside Day, which signals the completion of the selling climax, usually occurs
within twelve days or less of the last 90% Downside Day. There are, however, a few
notable exceptions, such as Jan. 27, 1975."
No good without this!
#4
Posted 03 August 2007 - 04:55 PM
Indeed.The trend is down.
#5
Posted 03 August 2007 - 05:11 PM
#6
Posted 03 August 2007 - 05:12 PM
kaiser...have just finished scanning the sectors, and the equities within
commodity related sectors have few green, if any..with exception of gold and silver stocks, and uranium
rails and related had one green..PWX
tech 12 green out of many symbols
exchanges 3 of 7 green
healthcare, biotech & pharma 17 of 60+ green
many other sectors have about 1 of 10 green
banks, brokers, insurers - 3 green
see some X avg volume in some sectors
USB is attracted to this $29 area...keep an eye on it...have no idea where the bottom may be, but will respect the 60min or shorter buy signal when it comes..there may be better names in the sector.
Thanks for the info, Hiker.
I have also been noticing that defensive sectors are doing better on a relative basis than other sectors. Have not checked today's data but yesterday: Utilities, Medical Devices, Consumer Staples, Healthcare, Biotech & Pharma had the highest MCOs of the various sector MCOs.
USB has been seeing unusual put option volume. The put buyers were proven right atleast today. Bad news about to come out ? My long term targets are 119 for Goldman Sachs and pennystock heaven for Blackstone. But I am not going out and aggressively shorting these. I plan to build a substantial LEAPS put position on bounces.
#7
Posted 03 August 2007 - 06:01 PM
Three ninety percent downside days, two other 80% downside days in the space of ten trading days.
According to Lowry's, thats not a washout. Its a trending decline. The trend is down. I think the only bonafide signal of a trend change would be the appearance of a 90% upside day or two 80% upside days in quick sucession.
Amazing day. Trading too feverishly to make any real-time posts.
BTW, those OEX weeklies rock (if you get the direction right on a wide-ranging day).
Couldnt agree with you more. The trend has indeed turned down since 2700+. Da Bullz are still in disbelief that this could be anything more than a norma pullback. However, it'll be interesting to see how they perceive this "dip" when the next countertrend rally fails and we head to fresh downtrend lows.
Our 15-20% IT "Correction" remains intact with the first major support target near 2362.
#8
Posted 03 August 2007 - 07:48 PM
Three ninety percent downside days, two other 80% downside days in the space of ten trading days.
According to Lowry's, thats not a washout. Its a trending decline. The trend is down. I think the only bonafide signal of a trend change would be the appearance of a 90% upside day or two 80% upside days in quick sucession.
Amazing day. Trading too feverishly to make any real-time posts.
BTW, those OEX weeklies rock (if you get the direction right on a wide-ranging day).
Couldnt agree with you more. The trend has indeed turned down since 2700+. Da Bullz are still in disbelief that this could be anything more than a norma pullback. However, it'll be interesting to see how they perceive this "dip" when the next countertrend rally fails and we head to fresh downtrend lows.
Our 15-20% IT "Correction" remains intact with the first major support target near 2362.
Think about this... Just 11 days ago the SPX was 1553. Kinda puts it all in perspective huh?
Reality is finally starting to set in. SPX 1375... here we come.
#9
Posted 03 August 2007 - 08:28 PM
~ Johann Wolfgang Von Goethe ~