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Anyone see the descending triangle forming on the COMPX.. If 1200 doesn't hold, 1000 is on the horizon. I'd like to post the chart but puter illiterate. Perhaps a techy can show me how to post Stockcharts.. Please ? TIA
Syl. <To hell with the American people.>
You forgot to add ... and their rights.
They're getting desperate. The cookie jar is out of cookies and closed. They're looking for crumbs from the shorts now.
More like so they could dump when the markets ramped on the prediction.. Such criminals.
QLGC has a gap at 28 it wants to fill...
I'm sure he meant to say "ruthless".
Hey... they don't want to be bagholders. Thats j6p's job.
I heard 40% of the Social Security Fund was used to pay for our "WAR" and homeland security.. Wait until the real "WAR" begins, your SS benefit may be trimmed even more... <NG>
Patrick..
QLGC reported 2 wks ago and no they did not warn. That doesn't mean they won't before next earnings. I just think MCDT and ELX 's warnings are red signals for the sector. Especially for QLGC since it has been the strongest of all. BWTHDIK.
BTW, there are two unfilled gaps for QLGC at 28ish and 17ish. I'm betting the 28 will fill soon.
Best
I concur. The storage sector had held up well due to lack of warnings. But MCDT was a forewarn a few months ago. Now its ELX and QLGC turn. My ST target for QLGC is 27/28..
Tony... The COMP did close above the down TL from May, but keep in mind the NDX, and the SOX did not... No confirmations of breakouts IMO.
FWIW, CSCO max pain is 13...
Not sure about Carpino but Bradley has 8/8 as a high...
Uh..... thats tomorrow.
This one's for you pardner! <G>
http://clearstation.etrade.com/cgi-bin/bbs?post_id=3510747
I tried to paste it onto here but puter illiterate...
Tony,
You don't have to short in a bear market to make money.. Try hedging your longs with writing calls or, buying puts. Another alternative is to trade bear/bull fund when technicals say buy/sell. One big benefit of the latter strategy is, it will eliminate being caught in any specific stock such as NVDA, GNSS, ect.. But the ultimate strategy is.... knowledge, knowledge, knowledge.. In a bull market, braincells are not a requirement to benefit the ride. To survive a bear market, you must have some understanding of the macro economic scenarios, technical analysis and discipline.
<<When one stock does poorly and all of it's competitors have to suffer. I think that's stupid.
Actually, thats not stupid at all. If your competitor is hurting, it says at least two things. Either the sector's growth is limited and will affect your company also, or you are taking customers from your competitors. The market takes the overall economic view and apply the appropriate guess as to which of the two scenario is more likely until it is proven wrong..
<<This is not 1970, so why do the markets and stocks have to go down to those levels? I just picked 1970 at random
That statement tells me you've much reading to do still...Again, I can't stress enough of the power of knowledge.. And youre right, this is not 1970. The stock/credit bubble then, is nowhere the level it is currently. As a matter of fact, the bubble we witnessed in the late 90s is unprecedent by any historical standard, even exceeding the 1929 level. And we know how that ended.
Doesn't that tell you anything?
BTW, I would prefer for this bear to end right now too. But unfortunately, the writings on the wall does not say so.. JMHO because WTHDIK.
Best
Tony...
I sense you're a LTBH investor who's had much pain during the last year/s of bear. And you're trying to grasp whatever flimpsy hope is out there that the economy will recover. Unfortunately, it is but hope and not reality. Without going into detail of why this bear market will remain for many years to come. I highly reccomend you do much reading on past historical bubbles and the aftermath.
I personally found these two books eye openers to anyone who thinks the market can only go up.. Must read IMO
Devil Takes the Hindmost by Edward Chancellor
Manias, Panics and Crashed by Charles Kindleberger
Best
Augie..<but not one of the seven closed at or above the 50% retrace of the pivot high.
Fascinating discovery. I noticed that on a couple of stocks but did not attempt to see if any other 3 crows formations closed above the 50% retracement. As it stands the crows are still in play.
One caveat, all chartchasers are looking and seeing the same thing. Can the big boys can manage to close the indexes above the 50% level and kill more shorts? or let the crows fly to pick at the already thin and emaciated longs and calls holders? Tomorrow's close will tell.
FWIW, QQQ, INTC, CSCO all hit their max pain after hours. and Nasdag futures are up 18 as I type.
The sideways movement on the COMPX since 11:00 looks like a bear flag IMO.. I think lower at EOD.
<<I am glad we have experienced businessmen in the cabinet >>
And we all know what those experienced businessmen know how to do best. Cook books, expend options to themselves for nothing then sell for millions at investors expense.
Having said that, some lawmakers are scum themselves, but they're lesser of the two evils. I choose the attorneys and lawmakers. But JMHO
The fact that we did not drop precipitously from the revised GDP indicate to me that the window dresser's hands were involved today.. but WTHDIK, just MHO.
Maybe.. But the move from the lows of 7500 is very wedgie. FWIW, it fell thru the wedge today but have retraced to the lower line of wedge at the close. Tomorrow will tell since the consolidation for the last 3 days could be related to end of month tape painting. But WTHDIK
3 black crows on the 30 min SOX. Don't know if that is as accurate as the longer time frame.
edit.. the 30 min stick is not finished yet though
MOMO= momentum
DIP= a drop
Uhh... Do you have anything to support this view? TA, FA?
Per Briefing.com
11:25 ET Network Appliance weak on various rumors (NTAP) 8.25 -1.14: As mentioned earlier, NTAP is conspicuously weak today (-12.5%) in an otherwise strong mkt; we are hearing that the weakness is being attributed to trading floor rumors speculating the co will preannounce, restate earnings, layoff workers, etc; in addition, we've heard a rumor that the co has cancelled an appearance scheduled tomorrow at the Soundview storage conference, however Soundview tells us that NTAP did not in fact cancel, but the co will not do one-on-one's because they are in their quiet period.
14:30 ET JP Morgan Chase hit on derivatives, Fed rumors (JPM) 20.48 -4.04: Stock is getting mauled today on a report in the Journal that JPM was involved in numerous Enron-like deals (7:01); however, we are also hearing rumors among traders that if JPM's stock falls or closes below a certain price (we're hearing $20 or $22), the co may be forced to unwind a number of derivative positions; in addition, we're hearing rumors that the Fed may hold an emergency meeting tonight to discuss such banking issues; of course, a degree of skepticism is warranted here (especially with the latter rumor), but chatter such as this is undeniably weighing on JPM and the bank group in general.
FEDS are panicking...Trying to cool down the melting crisis..
GOLD being slammed, dollar ramping, JPM popped like a rocket to go above 21..
Michalel... ..
The problem I find with your analogy is that it is the little guy's funds that stimulate a bull market.. To scare them out is to kill the goose that lay the golden eggs at this point. And if Greenspan lowers interest rates to 1%, it would add to the fear thats running rampant in the market right now.. Having said that, I do see a rally looming from the massive shorts position. To what extend the rally can go? I'm certain that it won't see the peak highs any time in the next 10 yrs. JMHO.
A wedge on what chart? COMPX? I see a descending triangle on the NDX hourlies. 850 is the measurement if it follows thru, which coincides with the 1250 target on the COMPX someone else mentioned earlier If I'm eyeing it correctly.
Realist...
FWIW, following Zeev is fine and dandy, but I highly recommend studying TA/FA and history of the stock market yourself. A knowledgeable investor is helpful, but a knowledgeable trader is a must. And I concur with LG. Start with paper trades or with a small number of stocks until you're more familiar with the movements and tricks of the market. Keep in mind even the best of traders can be whipsawed.
In a bear market, it helps to know a little economics as well to see how long the DOWN trend is and what signs to look for in a REAL turn around.
Hope I'm not overstepping my boundaries.. Just passing on what I've learned...for me.
Best,
Larry... You've made some wonderful calls in the past and so had Zeev. For that Kudos to you both.. However, expecting 100% accuracy in one's calls is unrealistic.... So what was the cause of your throwing the first stone to start this rediculous battle of egos?
Pat
you wrote
why do you think Zeev's call for a two day rally "interesting"?
answer:
It is looking more and more like Sep 2001, where Zeev had his
BULL suit on before Hal gave a buy signal.
Larry Dudash
PS: Did Zeev say 2 days ???
edit:
Correction : ZEEV had his BULL SUIT ON !!!
HEAR HEAR on your proposal..
Nice new home here.