7 replies to this topic

[rkd80]

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.

[ogm]

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.

[kaiser soze]

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.

[rkd80]

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.

[ogm]

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

[rkd80]

hehe 99.9 works. i went short on ES with a super tight spot and now I am out on 5 point profits. I was thinking it could go straight to 1465 and it did, but did not have the cojones to wait it out. oh well...looking to go long at EOD unless something changes.

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

[rkd80]

well SOB, another last hour frenzy on the market. Obviously missed the bulk of the upsurge, now I am wondering if there is any sense what so ever in going long over night like I intended.

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

[kaiser soze]

You are right about the volatility. Best to play it with short-dated options IMHO. Tomorrow is going to be the third day of blistering rally. Did not get a one sided day as far as the internals are concerned. Tomorrow I expect a spike followed by a reversal may probably mark the beginning of a new downleg in stocks.