8 replies to this topic

[ogm]

None of these silly bounces change anything. The market is in a brutal downtrend. Volatility will only increase. What you need to know for today is that internals got worse and we are making a lower closing low. SPX, RUT, NYSE, DOW are trading under 55 EMA, and keep making lower closes. Yes, it may feel like we had some kind of a rally for 2 days in a row.. But if you look at the chart we are closing at the lowest point since the Fed. and RUT is even worse. There are no signs of a turn in the market. Just volatility.

[eminimee]

At the Oct 11 high..



http://www.traders-t...?...ic=77280=





http://www.traders-t...?...ic=77376=







http://www.traders-t...?...ic=77330=

[Mr Dev]

Well it did change one thing.........the short term oversold conditions. That could be dangerous .... as my Daily Weekly and Quarterly oscillators are now turning down... from over bought conditions. As I've mentioned my RUT oscillator is now on a Long term SELL. That same osc has been on a buy for more than 4 years ..since 2003.

[ogm]

At the Oct 11 high..

http://www.traders-t...?...ic=77280=


http://www.traders-t...?...ic=77376=


http://www.traders-t...?...ic=77330=

Ok, TP

You're making me do this.

I was sitting on that vertical uptrend since August for 2+ month of nothing but vertical up action. I warned that I'll miss the very top And you caught it. After trying to catch that illusive top for the 2 month I got carried away.

Now I'm sitting on a strong downtrend and you're catching bottoms. Good luck.

I'm patient, I can sit and sit and sit. My TA says we are going down with about the same force we were going up. I have absolutely no desire to catch moves on 5 minute chart. I'm sitting on a money making trend.

[SemiBizz]

All in the eye of the bagholder...



http://bigcharts.mar...&mocktick=1.gif



Today we pulled back for the 3rd consecutive day on progressively lighter volume, even getting under the high volume low of 10/26 of 2773 on lighter volume. The 2773 test was rejected and a bullish spring ensued... good to go higher, probably MUCH higher.

Edited by SemiBizz, 05 November 2007 - 04:17 PM.

[eminimee]

I'm just saying you are making comments now that are exactly opposite of what you were saying at the top....don't get carried away, things can turn on a dime..........I can see another low possible....but if 1466/75 holds if we test it....it could be a buy there for 300 spx points...

Sorry...one more...





Oct 6 2007, 11:03 AM

Post #5

Member


Group: Traders-Talk User
Posts: 5230
Joined: 9-June 05
Member No.: 3742



Rate cuts are irrelevant. Everyone knows there will be no more rate cuts.
Bonds selling = money moving into stocks.

Credit crisis is over. No recession. Global economy wins.

[ogm]

I'm just saying you are making comments now that are exactly opposite of what you were saying at the top....don't get carried away, things can turn on a dime..........I can see another low possible....but if 1466/75 holds if we test it....it could be a buy there for 300 spx points...

Sorry...one more...





Oct 6 2007, 11:03 AM

Post #5

Member


Group: Traders-Talk User
Posts: 5230
Joined: 9-June 05
Member No.: 3742



Rate cuts are irrelevant. Everyone knows there will be no more rate cuts.
Bonds selling = money moving into stocks.

Credit crisis is over. No recession. Global economy wins.

TP,

I'm making comments according to the market action

Market action is completely the oppostie

I'm trading the technicals. And I've posted just about every piece of technical info why I think the market is going down. Just as I backed up my BS with technicals why the market was going up.

I can talk about Credit crunch and the end of the world or the Miracle of global economy that will save us

But we are in a real downtrend with no sign of a bottom. At all. And I stand by what I said... take this market decline seriously. This is real. This isn't something that will be over tomorrow on some silly bounce.

[SemiBizz]

http://bigcharts.mar...&mocktick=1.gif

The market is in a brutal downtrend

Nasdaq didn't get the memo...

[Pabst]

I've never been involved in a dispute on this forum. Great bunch of people here. OGM was the only bull here for weeks as the market was ramping to new highs. He correctly identified sectors in play and took advantage of negative sentiment. When his internals (and he appears to montitor a lot of stocks, lol) started to turn he also turned. On a dime. That being said I'm short and for the moment happy but the level of bearish sentiment is quite increased after today's action. I can really live without another shakeout rally into the 1530's. This is like a scenario Taleb uses. 70% chance these low's hold for a modest rally (jeez if someone had bought each puncture below 1500 the past 2 weeks he'd be rich) but the 30% chance of support breaking will perhaps signal a macro trend change. Stocks are finally looking forward and the market doesn't like what it see's.