Breathless Update!
#1
Posted 05 September 2007 - 08:49 AM
"Dow industrials fall nearly 100 points in opening trades Wednesday " from MarketWatch.
Whenever I get these breathless updates, my radar goes off. This would be an outright Buy had the decline been a bit more trivial. As it is, it bolsters the case for a bounce today. I'm watching for my spot.
Bear in mind, I'm thinking about shorting whatever rally shows, for a quick day or swing trade, too.
Big picture, I'm Bullish.
Mark S Young
Wall Street Sentiment
Get a free trial here:
http://wallstreetsen...t.com/trial.htm
You can now follow me on twitter
#2
Posted 05 September 2007 - 09:02 AM
#3
Posted 05 September 2007 - 09:06 AM
Richard Wyckoff - "Whenever you find hope or fear warping judgment, close out your position"
Volume is the only vote that matters... the ultimate sentiment poll.
http://twitter.com/VolumeDynamics http://parler.com/Volumedynamics
#4
Posted 05 September 2007 - 09:07 AM
I was planning to short this market today. But with this huge gap-down and go, my risk management parameters says stay flat. Call me a deer caught in headlights for now.
Short YM @13,375
#5
Posted 05 September 2007 - 09:09 AM
Richard Wyckoff - "Whenever you find hope or fear warping judgment, close out your position"
Volume is the only vote that matters... the ultimate sentiment poll.
http://twitter.com/VolumeDynamics http://parler.com/Volumedynamics
#6
Posted 05 September 2007 - 09:28 AM
if not read below.
http://www.bloomberg...6...&refer=home
#7
Posted 05 September 2007 - 09:28 AM
http://stockcharts.com/c-sc/sc?s=$OEX&p=60&yr=0&mn=3&dy=10&i=p00960300623&a=79663062&r=914.png
#8
Posted 05 September 2007 - 09:29 AM
#9
Posted 05 September 2007 - 09:37 AM
I still think you can watch GS, JPM and C daily and intraday charts and get a great tell. The charts are getting close to a sold out look on an IT time frame.
As far as today is concerned I think we can wait until 1100-1200 and check the breadth. If it's down here at 5-1 negative or say 3-1 negative or lower I think the odds of a big rally are very low. I've posted on this before WRT both market directions. It would take 'heavy sponsorship' to turn something like that around. I don't think the first third to half of the session is played out yet, though.
For this indicator I usuall wait until noon ET or so. Heavily decisive breadth at that time frame typically means a very directional market for the day.
Doubt we'll get a big rally today. We'll probably meander around for a couple days.
Digest the big move.
Let the bears regain some confidence and pile on shorts for "the big decline".
Then the grind upwards can resume into the Fed rate cut.
#10
Posted 05 September 2007 - 09:39 AM
-12% that says it all. Do you know what I am talking about?
if not read below.
http://www.bloomberg...6...&refer=home
Yeah, but that was in July, before Countrywide croaked... surely business will have improved in August?
My work says a drop in prices will eventually spark volume. Now... when? since R.E. is a long cycle sale, seasonal factors, overall uncertainty as prices plummet about overpaying... I'd say we'll see that uptick in volume starting in the very early spring (March)
Richard Wyckoff - "Whenever you find hope or fear warping judgment, close out your position"
Volume is the only vote that matters... the ultimate sentiment poll.
http://twitter.com/VolumeDynamics http://parler.com/Volumedynamics