8 replies to this topic

[U.F.O.]

A day late...but every dollar short. Watch your top knot here. Being short may just be the pay day for the short term/intermediate term. (3 charts)
U.F.O.



Fresh short on DE/AD Q's


Major support test on the way. Ichimoku breakdown.

[SemiBizz]

I hear ya... One thing to note though, the way I read the daily QQQQ, it is much stronger than the Nasdaq Comp. I suspect there is some strength in semiconductors. Basically, the QQQQ is on a bullish spring and AAPL one of the components I track is as well. So unless we have VOLUME follow through to the downside in the morning...(obviously, this is well within the realm of tonite's outlook for possibilities)... we should expect a bounce, even though it may come on lighter volume. I suspect the support you are looking to be tested may come next week if we don't get it on the open. Now looking at my trend lines for the QQQQ, it appears to me that support may be quite a bit lower... if the QQQQ continues the death dive we saw at the close and dives back into it's doomsday channel....

[U.F.O.]

On QQQQ's major trendline support is about 1/2 a point away. (1 chart)

U.F.O.

[SemiBizz]

Long term trendline support is fine for smoothly trending markets... that isn't happening here...you have to think out of the box. Everything on Nasdaq changed on 1/3/01. You need to reference that to understand it.. it's not about the yearly trend line, there's a deep impression formed by the action of that day, the day the Feds Lowered the Interest Rates by 1%... I suggest you give that a lot of thought, because we are exactly in that same mindset... and that is at the crux of the extreme volatility. The range that day was 2251-2619.

Edited by SemiBizz, 09 August 2007 - 10:00 PM.

[U.F.O.]

??? I understand it well enough to recognize a LT trend line and make money off the position if it breaks. What exactly are you trying to say about my market commentary? U.F.O.

[SemiBizz]

I'm saying that on a normal day in a normal day your observations are perfect. I am trying to open your mind to a possibility that another vibration/wave may be operative... end comment.

[U.F.O.]

I'm bearish on the market here ST/MT. If you'll read down a few posts (Maineman's) you'll see that you support the exact same position. Why are you jerkin my gerkin on this thread?

U.F.O.

http://www.traders-t...mp;#entry306496

Edited by U.F.O., 09 August 2007 - 10:08 PM.

[SemiBizz]

Excuse me, I was just trying to present a case that support might be quite a bit lower... falling on deaf ears. G'nite... If you think today was normal, then go for it. and in the future, I will read-only, g'nite.

Edited by SemiBizz, 09 August 2007 - 10:20 PM.

[U.F.O.]

Dude...there are numerous degrees of support. I only presented the case for most immediate, closest major support. I swing trade. I don't wait until there's blood in the streets to put on a short position. You're correct. There are lower support levels that would be VERY meaningful, we're not close yet, however. As we approach, I'll talk about those too. I'm not trying to argue with you, I just think we're not on the same page yet on the topic of my thread. Best. U.F.O.