Sell Setup?
#1
Posted 21 September 2007 - 12:20 PM
Mark S Young
Wall Street Sentiment
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#2
Posted 21 September 2007 - 12:35 PM
Edited by NAV, 21 September 2007 - 12:36 PM.
#3
Posted 21 September 2007 - 12:36 PM
Looks like the latest part of this rally is pretty thin on volume and the momentum appears to be curling over.
Maybe a day trade short is setting up.
We'll see.
Hmm.. I think charts are setup for a big up move next week, if we close around these levels.
Chart after chart I'm looking at are gaining momentum and pushing higher. Many new highs. Very strong market and very few sellers.
Even financials are gaining footing here once again.
Sentiment is still very sceptical.
I think next week we take out the highs.
Of course, I've been wrong before. But this just looks very strong to me.
Edited by ogm, 21 September 2007 - 12:37 PM.
#4
Posted 21 September 2007 - 01:03 PM
#5
Posted 21 September 2007 - 01:18 PM
Nav,
Are you holding over the weekend if the stops do not get hit?
Yes, unless they park the prices close to the 9/19 swing high.
#6
Posted 21 September 2007 - 01:20 PM
I don't think there is anything in this chart that points to any downside any time soon.
Internals momentum is also very strong, with solid A/D and expanding new highs.
Edited by ogm, 21 September 2007 - 01:25 PM.
#7
Posted 21 September 2007 - 01:33 PM
Don't forget.. next week is End of Quarter. I think majority of the market participants are still underinvested, and paralyzed.
I don't think there is anything in this chart that points to any downside any time soon.
When was the last time you saw the charts showing any downside action. During the last 3 or 4, 50+ points selloff on the SPX, did you see it ?
Well, there is always a reason not to go long or short.
Ok, here's what i heard today.
Semi is breaking out. Don't short.
When TT memebers are more than 30% short, there's no downside. Dont' short.
End of Quarter - Don't short
OPEX - Dont' short.
All valid points and i respect all your opinions. But i gotta do my stuff, right or wrong.
Edited by NAV, 21 September 2007 - 01:37 PM.
#8
Posted 21 September 2007 - 01:40 PM
#10
Posted 21 September 2007 - 02:57 PM