And for DA BEARS..
#1
Posted 22 July 2007 - 07:02 PM
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#2
Posted 22 July 2007 - 07:20 PM
Edited by borland, 22 July 2007 - 07:22 PM.
#3
Posted 22 July 2007 - 09:04 PM
#4
Posted 22 July 2007 - 09:23 PM
#5
Posted 22 July 2007 - 09:24 PM
#6
Posted 22 July 2007 - 10:21 PM
#7
Posted 23 July 2007 - 01:29 AM
Did not follow this market that close but shocked to find out the the $NYMO is at -36 when the indexe was days away from a multi-year high.....So this market was runing on fumes....Doesn't preclude another high but divergence is miserable....I've boxed a similar area on both...(this is the 34ema of nymo and namo respectively)
#8
Posted 23 July 2007 - 02:32 AM
My work has shown caution for the next week or so, then the probablility of a real wipe out.
If you compare the current setup in A/D and new highs vs new lows, the market is quite strong despite its current weakness compared to the 1996 or 1998 events. There were months of A/D divergences and much fewer companies were leading the prices to the stratosphere. The current market is stretched, but not that much, the internals are not that bad. The financials have given enough discount and got accumulated with the heavy volume for now, these lows should be retest over the next 2-3 wks and bounce one more time into August. I would think that a melt-down scenario can play later in fall, if nothing improves during the summer. This might not be all that likely, especially if nasdaq continues to lead. I was thinking that the nasdaq stocks would be eventually pulled in the direction of the nyse stocks, but then maybe not, or not yet. So, I think it is too early to get too bearish...
#9
Posted 23 July 2007 - 06:10 AM