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Correction: #2
Ah, but lower overall volume (currently, will increase by EOD) compared to Mar 23 and May 17. Also the ADX red -DI will (IMHO) peak at the low. And the QQQ will get it's Positive Divergence after all.
The left side of the QQQ ED (daily chart) drawn from the Jun 8th close of 37.10 down to the last few daily closes has been a good trend line. I'm just guessing that tomorrow's low could be 33.30 ish.
i think i wait a bit more towards the close with a long/call
buy, the trin/trinq and especially the vix/vxo are looking really
bullish the last hour now...
extreme sell vol, it may have CAPITULATED.
ndx prints new low for year. spx and indu breaking thru 200ema again today...looking for them to join nas in printing a new low in coming week.
however, if breadth closes at current ratio, an st bounce play may be in the cards. also watching trin and trinq going into close...
Stick a fork in me I'm done! (for the day) see ya'll tomorrow.
Greg
one hour to go now, could be a bit more ugly, and I will
prepare one call option (1/2) and split that up...we are making
a new lower low (ndx/qqq)
Block money flow has been improving over the past hour (QQQ) and crossing above neutral. while retail money flow has been flat the past 2 hours after falling most of the day.
Still holding my long...if todays low holds I'll stay with it.
My #1 rule protect your capitol, and use/honor your stops, you can't trade with out capitol.
A link to more of the Bits.
http://www.investorshub.com/boards/read_msg.asp?message_id=3644329
Still waiting for the last bits and that's why the list is short.
Well said XE2dy, I lined up all my SHORT TERM indicators , and pull the trigger, every time, it went up only 10 to 15 cents.not enough, normally, it is good for a quarter or more, lately, due to Low Vol summer month, it's tough ot earn a Quarter for every trade.
I have to wait for another day.
closed and wait for another day,
Some thoughts.
BIT #12 "The best way to minimize risk is to not trade. This is especially true during the low-volume “chop and slop” found during the afternoon trading session. If your stocks are not acting right, then don't trade them. Just sit and watch them and try to learn something. By doing this you are being pro-active in reducing your risk and protecting your capital."
Bit #14 "Refuse to damage your capital. This means sticking to your stops and sometimes staying out of the market."
Bit #34 "Professional traders focus on limiting risk and protecting capital. Amateur traders focus on how much money they can make on each trade. Professionals always take money away from amateurs."
I missed my chance earlier and now I'm flat.
Waiting for one more wave down NDX to complete 5 of 5 from last friday high. Still thinking we hit the bottom of that channel around 1325 to 1335, depending on how quickly we drop.
all I want is a Quarter, it seems very hard to earn $$$in this WHIPSAW market
Long 1000 shares qqq
W/ tight mental stop loss.
I wish you were here jwg. 'Looks like a bottom is in...
Selling is drying up as evidenced by an improvement in the tick (higher low) and a jump in the vix. The major oils have definitely reversed and they are the market leaders.
Thursday is often an important reversal day!
Rally time!
For today?s Mid-Day Minute, Mike writes: The QQQs have plunged from
this morning?s higher opening at 34.35 to 33.88, as they sliced
marginally below the 7/26 support line at 34. Thus far, the inability of the
QQQs to plunge towards a test of last week?s lows at 33.80/.70 indicates
to us that we should give the benefit of the doubt to the 33.90 level
as the next minor support coordinate of the enclosed hourly chart
pattern. At least into tomorrow?s Employment Report. As the afternoon hours
unfold, we will have to reevaluate the pattern to determine if we MUST
have a short position heading into tomorrow morning?s data. For now,
we will stand aside, profits in hand.
You can view the annotated chart at http://www.mptrader.com/markets.php
Great posts as always JWG.
PPO and ADX coming together nicely. NAMO approaching -50 again. We should get a strong bounce in next few days. Tomorrows unemployment number could be the spark we need.
Only thing that bothers me is the 7 bounces in the 1360 area.
By Michael Flaherty
NEW YORK, Aug 5 (Reuters) - U.S. stocks tumbled on Thursday after oil prices hit record highs for the fifth consecutive trading session, jumping above $44 a barrel amid renewed supply concerns.
The oil price jump came after July sales from U.S. retailers largely met modest expectations but failed to excite most investors. Shares of Wal-Mart fell, dragging down the Dow, as the world's largest retailer said July sales were not fueled by its namesake discount stores.
jwg, thanks for stopping by and bringing the can of 'RAID'! LOL!
No position today. Had a short order in at 34.30 and then got greedy by moving my order up as price got nearer.
Bit #24 "If you are hesitating to take a position, that indicates a lack of confidence that is not necessary. Just get into the position and place a stop. Traders lose money in positions everyday. Keep them small. The confidence you need is not in whether or not you are right, the confidence you need is in knowing you will stick to your stop no matter what. Therefore you can actually alleviate this hesitancy to “pull the trigger” by
continually sticking to your stops and reinforcing this behavior."
o.k. folks , just wanted to say hello, am busy today downtown,
so good trading to all of you for the rest of the day today...
jwg
frank : thx, and by the way good call y-day for this downleg
today..you were right on target...
the qqq/vxn ratio i said previously should have a ratio reading
of approx 1.20 / 1.25...well, we're coming closer :
http://stockcharts.com/def/servlet/SharpChartv05.ServletDriver?chart=qqq,uu[w,a]daclynay[dc][pc5!d20...
the ndx/vxn ratio should go to approx 50....we're closing in
here...
http://stockcharts.com/def/servlet/SharpChartv05.ServletDriver?chart=$ndx:$vxn,uu[w,a]dallynay[dc][p...
U r right Jwg. I did catch a falling knife. that's why your Board is very helpful. I was wrong today.
some charts re NDX / QQQ....
courtesy public charts :
http://stockcharts.com/def/servlet/SharpChartv05.ServletDriver?chart=QQQ,uu[p,a]daclyyay[dc][pc200!c...
http://stockcharts.com/def/servlet/SharpChartv05.ServletDriver?chart=QQQ,uu[r,a]faclyyay[pb10!b20!b5...
http://stockcharts.com/def/servlet/SharpChartv05.ServletDriver?chart=$NDX,uu[g,a]daclynay[dc][pd20,2...
http://stockcharts.com/def/servlet/SharpChartv05.ServletDriver?chart=%24NDX%2Cuu%5Bw%2Ca%5Ddaclyyay%...
http://stockcharts.com/def/servlet/SharpChartv05.ServletDriver?chart=$NDX,uu[e,a]ehclynay[d20][pc8!c...
Thanks jwg...thought maybe I had a faulty data feed.
for the record I trade the QQQ, but use the NDX as referance since many here follow it.
GL, Greg
i have advised this board several times now, that the final low
is not in yet (ndx/qqq)...and i said the ndx is living
" on borrowed time"
anybody watching daily the market internals will agree and
know this, the ones who are only watching the 'prices' will
mostly not be aware of this coming...
i said we'll make a tripple bottom :
http://stockcharts.com/def/servlet/SharpChartv05.ServletDriver?chart=QQQ,uu[h,a]eblannay[d126][p]...
there is a saying....don't try to catch a falling knive, most
traders know this....some don't....
good morning, I want to make it perfectly clear, not everybody
is welcomed on 'my board'...appropriate action has been taken...
here a view of the NQ futures....plus also a 5-min chart
http://www.futuresource.com/quotes/quotes.jsp?s=NQ
http://www.futuresource.com/charts/charts.jsp?s=ENU04&o=&a=V%3A5&z=610x300&d=medium&...
for your info :
I have a 1-min realtime-push chart of the NQ futures right in
front of my screen...in numbers and in graph....
there should not be any problem to read the numbers right when
you post your trades....
jwg
count is less clear on sox, dji and spx. very confusing
in wave 5. impulsive and very bearish.
damn...I step out for a few minutes and everything goes to shit...lol
long 500 smh
Test water is done, good for short
If there's enough buying interests, the market will take off AFTER...lunch....otherwise, get your shoes on and run for cover.
sold 1373.5 will wait and see if i can get in lower.
OK zig...I'll join ya, long nq 1371
test water Long 300 SMH
I think u r right, however, without the big Sell programs, I doubt that it will go down further. Big Instituitions can influence the market by Buying/selling large amount of shares.
I haven't seen much of actions yet. watch out for WHIPSAW, it will erode your $$$$$.
update: #6 LOL!
Just broke support, putting my running shoes on! LOL!
Moved short order to 34.20. Last support would now be resistance.
Thanks, be. I will watch for WHIPSAW and set a tight stop just in case.
Looks like qqq will test y-day's low 34.01
Ok 'dead cat' bounce to 34.20 now.
Chuck, thanks for the 'update' idea!
NDX...intraday R = 1383, S = 1375, thought we had a bullish ascending triangle in the making but that last dip nullified that. testing intraday support now.
update:
LOL, be! I was stopped out of y-day's long with a 2 cent gain after com! At least I'm getting better at discipline and capital preservation! LOL! Now I have a short QQQ order in at 34.45. I have a 'gut' feeling that tomorrow's jobs figure will disapoint and oil is still a concern. GL
Looks like I should have shorted at 34.30. I'm not going to chase it. Now I moved the short order to 34.35. I guess I will 'chase' it , just a little bit! LOL!
http://stockcharts.com/def/servlet/Favorites.CServlet?obj=1345274,6&cmd=show&disp=H
there appears some life in semis
hello, hello anybody home?????????????????
Well, I think I 'll take a dime and get out.
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