4 replies to this topic

[hiker]

looks like sellers hitting R hard here 1441 spx cash needs to hold, or this attempt to move from weakening pattern on daily to neutral is likely failing. sellers are going to keep hitting R until it no longer works..SPX 1451 minimum risk if shorting, so why not could be the approach for sellers here try to break it down...shake out the weak hands I am flat again for now...waiting. stops and limit orders in place....

Edited by hiker, 06 August 2007 - 11:09 AM.

[ogm]

I posted XLF MCO and summation yesterday. With today's action, if the banks hold up like this into the close, we'll start the turn. The XLF MCO is already making 2 positive divergences. 1 with February low, and one recent. Technicaly financials are extremely oversold, and CNBC just won't shut up how people keep selling them short. Once financials turn up, the rest of the market should start catching up. So far today advancers are mostly in large caps.. safe plays. 23 DOW stocks are green for example. DOW holding up like that also a good sign. People want in, they are just afraid to buy anything else for now.

Edited by ogm, 06 August 2007 - 11:32 AM.

[hiker]

1447 SPX cash major horizontal from long-term daily is now dead ahead...it was sold on last try in last hour..will it be overcome this time..and become support by the EOD?

[beta]

Bot more calls on $XBD -- GS 190's and LEH 60's. Im looking for next R @ SPX 1452.

Edited by beta, 06 August 2007 - 11:45 AM.

[beta]

Broke > 152, next R = SPX 1465, GS 189