I am not buying it
Started by
hedgehawk
, Aug 08 2007 12:14 AM
3 replies to this topic
#1
hedgehawk
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Posted 08 August 2007 - 12:14 AM
Todays market action was not convincing in my opinion. 524 new lows vs 63 new highs on NYSE out of 3354 listed issues so about 15% of the NYSE made new lows today. In addition there was a lot of selling into the close on the 60 min spy chart. I believe that the next move is lower but would not be surprised if "they" support the market here. I thought the FED statement had a bearish slant and should weigh on the market going forward. Took a short position on the spy at the close for a trade. The volatility after the anouncement was a joke, how they took it down before they took it up.........that play is getting old.
#2
arbman
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Posted 08 August 2007 - 02:11 AM
The exhange reports 304 and 256 new lows. Less than yesterday's...
http://dynamic.nasda...x?exchange=NYSE
http://dynamic.nasda...exchange=NASDAQ
http://dynamic.nasda...x?exchange=NYSE
http://dynamic.nasda...exchange=NASDAQ
#3
ogm
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Posted 08 August 2007 - 06:24 AM
If I'm not mistaken, the buy signal is usualy considered when new lows drop under 100 after spike up like we had.
But I think its some historical signal. And with the number of issues trading on the exchange growing its probably proportionately a little bigger.
Edited by ogm, 08 August 2007 - 06:25 AM.
#4
hedgehawk
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Posted 08 August 2007 - 11:36 PM
Stopped out flat.
