17 replies to this topic

[arbman]

I think there is some excess bullish views and positions around... Today, being the last day of the week, month and quarter, is an important day for the market to show us whether it is or was willing to push through the long term resistence zones. Today is the day where the big brokers are or were supposed to support the market. But I saw nothing but selling into strength for 2 weeks. Combined with the speculation, I am not happy with this market at the moment. - kisa

[eminimee]

No [bleeeep]. lol

last chance to hold here and make that slight new high...otherwise it ain't goin' to do it

http://stockcharts.com/c-sc/sc?s=$OEX&p=15&yr=0&mn=3&dy=5&i=p46143158212&a=89308538&r=8492.png

[arbman]

The R1, R2, S1, S2 levels were all compressed to the price, you would usually go whichever way it breaks and the index just ripped both S1 and S2 downward. Normally, a retest of these and a trend day (lower) would be my expectation. It is quite negative.

[eminimee]

What I was waiting for OEX to do....INDU probably did it....top for this move is probably in.

http://stockcharts.com/c-sc/sc?s=$INDU&p=15&yr=0&mn=2&dy=27&i=p80122826923&a=108606210&r=3561.png

[NAV]

Froth ? - LOL, not even close to bullish. I see only board posts on short, adding to shorts, planning to short etc. Sentiment is useful only at extremes. We neither have bullish or bearish extremes here. Technically speaking, above the SPX 1515 pivot, it's all bullish. Below that, we could probe SPX 1490. I am long and strong until 1515 is breached. Today bears have an excellent opportunity to take the market below that pivot. If they fail, then look out above.

[arbman]

Long term trend is up, but I doubt this is an one way trend. I think this market is too bullish for short term. The Equity P/C went lower on declining exchange volume yesterday, I see this as a very negative sign. Now we are nicely oversold intraday and it should rally well, right? I bet it will stop as soon as it approaches 715 on OEX (cash).

Edited by kisacik, 28 September 2007 - 09:55 AM.

[eminimee]

Froth ? - LOL, not even close to bullish. I see only board posts on short, adding to shorts, planning to short etc. Sentiment is useful only at extremes. We neither have bullish or bearish extremes here.

Technically speaking, above the SPX 1515 pivot, it's all bullish. Below that, we could probe SPX 1490. I am long and strong until 1515 is breached. Today bears have an excellent opportunity to take the market below that pivot. If they fail, then look out above.

I don't think your pivot of 1515 gets taken out today...next week though. The powers at work may want the quarter to end 1520/1530 but I wouldn't be on it. I just want 50 spx points and 80/100 ndx points from here. ..then see what's up Still hedged until that damned oex makes that high or takes out todays low.

[arbman]

I am still long, but I find myself hedging every time another daily or weekly high is made. There is just no upside momentum to make me comfortable with this market. Honestly, I am getting sick of it...

[NAV]

I am still long, but I find myself hedging every time another daily or weekly high is made. There is just no upside momentum to make me comfortable with this market. Honestly, I am getting sick of it...

Kisa,

All i can say is, patience, if you are swing trading. But whenever i have uttered the "Patience" word in public, the market has gone against me spectacularly in the past . So i am taking a bit of risk by saying that

The powers at work may want the quarter to end 1520/1530 but I wouldn't be on it

Tea,

I am much more bullish than that. I am expecting ATH on SPX. Again, all subject to SPX 1515 holding on a hourly closing basis.

[eminimee]

I'm bullish too...again....we can't get confused with time frames. IT @ LT bullish...short term bearish. I don't want to post another spx chart showing my thoughts....I think I've worn it out. lol PS: I just dropped my ES hedge at 1540.25. Haven't gone short yet though. Mental top on nq short at 2125. ...My hedge and the few scalps I made yesterday and today would make me just about even if stopped out there.

Edited by Teaparty, 28 September 2007 - 10:32 AM.