tought spot
#1
Posted 07 August 2007 - 12:50 PM
#2
Posted 07 August 2007 - 12:52 PM
we are quite a bit OB now, approaching horizontal resistance and fed in 25 minutes.
Could this ramp up be just to sell it? I am bullish on the fact that we may be getting a bottom, but cannot justify a long entry. I am thinking shorting here makes more sense.
OB ?
Watch the A/D improving.
Also look at positive divergence on daily MCO.
This thing is gathering steam, IMO.
Speculative stuff starting to heat up. Solars are flying again. Everything else looks bottomy. Even BX and FIG.
Financials rocketing on good volume second day in a row.
Of course the market may sell off after the Fed, but I think it will improve again in day or less.
Edited by ogm, 07 August 2007 - 12:54 PM.
#3
Posted 07 August 2007 - 12:54 PM
#4
Posted 07 August 2007 - 12:59 PM
I agree with ogm. It looks like shorts aren't even being given the courtesy of waiting until the Fed meeting.
If the market likes what the fed has to stay, this can easily become an 80% upside day.
Those are all valid points, but conventional indicators on the 120min chart like RSI, CCI, etc are showing overbought conditions. Given my settings the only time the market powered ahead on those OB readings was July 12th. But with yesterday's .4 trin expecting another triple digit day seems like wishful thinking.
#5
Posted 07 August 2007 - 01:12 PM
I agree with ogm. It looks like shorts aren't even being given the courtesy of waiting until the Fed meeting.
If the market likes what the fed has to stay, this can easily become an 80% upside day.
Those are all valid points, but conventional indicators on the 120min chart like RSI, CCI, etc are showing overbought conditions. Given my settings the only time the market powered ahead on those OB readings was July 12th. But with yesterday's .4 trin expecting another triple digit day seems like wishful thinking.
Oscillators can just get into trending mode. Internals > oscillators.
Besides, who said anything about tripple digits ? Double digits will do How about up 99.9
#6
Posted 07 August 2007 - 01:29 PM
I agree with ogm. It looks like shorts aren't even being given the courtesy of waiting until the Fed meeting.
If the market likes what the fed has to stay, this can easily become an 80% upside day.
Those are all valid points, but conventional indicators on the 120min chart like RSI, CCI, etc are showing overbought conditions. Given my settings the only time the market powered ahead on those OB readings was July 12th. But with yesterday's .4 trin expecting another triple digit day seems like wishful thinking.
Oscillators can just get into trending mode. Internals > oscillators.
Besides, who said anything about tripple digits ? Double digits will do How about up 99.9
#7
Posted 07 August 2007 - 02:37 PM
So for much triple digit not being possible, the volatility is too insane to deal with.
I agree with ogm. It looks like shorts aren't even being given the courtesy of waiting until the Fed meeting.
If the market likes what the fed has to stay, this can easily become an 80% upside day.
Those are all valid points, but conventional indicators on the 120min chart like RSI, CCI, etc are showing overbought conditions. Given my settings the only time the market powered ahead on those OB readings was July 12th. But with yesterday's .4 trin expecting another triple digit day seems like wishful thinking.
Oscillators can just get into trending mode. Internals > oscillators.
Besides, who said anything about tripple digits ? Double digits will do How about up 99.9
#8
Posted 07 August 2007 - 04:53 PM