27 replies to this topic

[eminimee]

Man .....am I ever good. lol

[NAV]

100% long with ETFs near SPX 1520 area. Taking a risk of about 1.5%. Stop - daily close below SPX 1505. This is a swing position, not a VST trading position.

Will buy leveraged longs once the 30-min turns up. We are not there yet.

If you use a tight stop and get stopped out...take it as a gift ,..and wait till next week to try !

Mr Dev,

In my morning post i mentioned the SPX 1505-1510 as a target for this A-B-C correction. What surprised me though is that it all happened in a day. Whew !. Now if we take out SPX 1505, that will have me worried. Then a full blown retest of 10/24 lows or perhaps a slightly lower low will be in order. If the correction is done at today's low, we should start rallying from the get-go tommorow and never look back. We'll see....

[rkd80]

Nav, So if tomorrow in early trading we are below 1500 are you worried - or does it need to close below those levels. I cant make much sense of what is going on here, because it certainly does not FEEL like a bull market - this kind of volatility does not belong in a real bull.

[Mr Dev]

100% long with ETFs near SPX 1520 area. Taking a risk of about 1.5%. Stop - daily close below SPX 1505. This is a swing position, not a VST trading position.

Will buy leveraged longs once the 30-min turns up. We are not there yet.

If you use a tight stop and get stopped out...take it as a gift ,..and wait till next week to try !

Mr Dev,

In my morning post i mentioned the SPX 1505-1510 as a target for this A-B-C correction. What surprised me though is that it all happened in a day. Whew !. Now if we take out SPX 1505, that will have me worried. Then a full blown retest of 10/24 lows or perhaps a slightly lower low will be in order. If the correction is done at today's low, we should start rallying from the get-go tommorow and never look back. We'll see....

NAV,..

well not sure about that rally from the get go lasting,...I plan to go long but not this week and not Monday

and probably not Tuesday ,...but maybe Wednesday or Thursday.

I don't think the talking heads are going to be able to spin todays action as only a citibank fault.

I think this will take a few days...not to mention,...my indicators for the RUT look like we made some

sort of TOP.
Since that's all I'm playing that's my focus for now....but the S&P and the DOW don't look good.

Although they don't have the same topping signal,...they are rolling over with a big FAT Divergence that could be a big problem

going forward.

best

Edited by Mr Dev, 01 November 2007 - 03:30 PM.

[NAV]

Nav,

So if tomorrow in early trading we are below 1500 are you worried - or does it need to close below those levels.

I cant make much sense of what is going on here, because it certainly does not FEEL like a bull market - this kind of volatility does not belong in a real bull.

Even a hourly close below 1505 tommorow, i will be gone or if the bounce appears weak, i will be gone too. What bothers me here is not the price action. But the internals were downright horrible. At this point i am not sure if it was capitulation or a kick-off. TWT.

[rkd80]

Well keep us posted on what you feel tomorrow, I am interested in setting up a swing position long, but my indicators suggest that more red is in vst future.

[pdx5]

I think there is absolutely no reason for the market to go up. Earnings estimates coming down, economy is questionable. Sentiment iffy.

Finanacials imploded after the rate cut. Next rate cut isn't for a while, unless all hells break loose.

What is there for the market to look forward to ? Why would anyone rush in to buy stocks right now ?


But thats all meaningless stuff of course. However momentum did turn down and internals are horrible.

But all of above has been sort of obvious for atleast 3 months. I think you are on the
correct side now after being a steadfast bull for so long. As for me, I am flat & happy
and will start adding small long positionsw on further pullbacks.

[beta]

If there is a "C" wave down on the way, I doubt we get it tomorrow (Friday).

More likely next week. Final target could be SPX 1500, following "B" = 1535.

my count the b of C was done at yesterday top....this is a scarey C wave down ...where C=A at 1466

http://stockcharts.com/c-sc/sc?s=$NYAD&p=D&yr=0&mn=9&dy=3&i=p88250582328&a=113409410&r=6642.png

OK, that felt impulsive AND scary --- I see your point, T.

If there is a "C" wave down on the way, I doubt we get it tomorrow (Friday).

More likely next week. Final target could be SPX 1500, following "B" = 1535.

my count the b of C was done at yesterday top....this is a scarey C wave down ...where C=A at 1466

http://stockcharts.com/c-sc/sc?s=$NYAD&p=D&yr=0&mn=9&dy=3&i=p88250582328&a=113409410&r=6642.png

OK, that felt impulsive AND scary --- I see your point, T.

... and why is MSFT still green ??!!

Edited by beta, 01 November 2007 - 06:32 PM.