Zimi: when I paraphrase back to you

I use the same technique...

Regards,
LG

To All: I would like to take this opportunity to thank everyone that dropped in. For those of you that are new to posting on my threads, please take the time to look over the thread header.

I will be starting a vacation tomorrow. I will not be DayTrading but will have positions in the market so I am taking a laptop with me. I will be popping in from time to time during my vacation, but will not be posting regularly and may not be able to respond in a timely manner or respond to every post.

Good trading and the best of "good buys"...<g>

Regards,
LG

James: I am not currently following the BKX Index and don't have time to prepare a chart for you tonight. This is a new thread, but hopefully someone else will step up to discuss it with you.

Regards,
LG

Intraday Charts INDU...

My QCharts "Intraday" INDU (Dow 30 Industrials) 65-Minute Semi-Log Chart

Zimi, symmetrical triangles often suggest a continuation of the trend from which they form. This symmetrical triangle originated from a downtrend on 7/11 and at the last pivot at the support line of the falling wedge. Note the intraday technicals as the price action approached the support line of the pattern, they were legging into oversold.. This suggested (not a given) that the break would only be a breach. While the retrace came close to 100% due to my intraday tenchnicals I was expecting a reversal back into the triangle. My intraday technicals suggest the price action will test the 5/22 falling resistance line. If the price action breaks above it, the next move up will likely move above the resistance line of the sym triangle and extend the rally.

My QCharts can be viewed at the link below. Click on Chart 3
http://LGsCharts.homestead.com/

As far as shorting the Dow, I would use the Diamonds and it would take a break below the 7/11 low to get my attention at this time.

Regards,
LG

Disclaimer: The above is my opinion only and I reserve the right to be wrong. An overall market expectation is just that and should not be used in exclusion of the evaluation of individual equities or other investment instruments. Do not base any investment decision solely on any one person's views or analysis. Do your own research and take responsibility for your investment decisions.

Intraday Charts COMPX and NTAP...

I received an email about the price action for both the NTAP and COMPX on August 2. I think the best way to explain the price action is just to show a couple of charts.

My QCharts "Intraday" 65-Minute Semi-Log Charts

COMPX (NASDAQ Comp) Click on CHART 1
The price action after the 7/24 pivot low did a retest the next day 7/25. From that low the index staged a rally that took the form of a sharp rising wedge topping on 7/27. After a short retrace the price action continued up morphing into a larger rising wedge. As the price action approached the resistance line of the 5/22 falling wedge my intraday technicals began to leg into the oversold range. The momentum of the rally managed a penetration of the 5/22 resistance line, but the location of apex of the shorter-term rising wedge couple with the resistance of the 5/22 falling wedge and the oversold condition suggested a pullback that would facilitate a move back inside the 5/22 falling wedge and subsequent drop. I am not a big head and shoulders fan and I rarely point them out, but this time I think the following “possible” formation is worth keeping an eye on. Note the price action on the 9th and 10th. My shorter-term intraday technicals suggest that a pullback could occur Monday, before resuming an up move off the Friday low. If this happens it could provide a second shoulder. Something to keep an eye on…

NTAP (Network Appliance) Click on CHART 2
This issue has been in a decline since it began to top out in Sept and October of last year. It has gone through many patterns during the decline. The falling wedge originating from a downtrend which began in June suggested at least a retrace of the formation with a break to the norm and a possible reversal of trend. At least a short-term reversal has taken place, as was the case from the January falling trading channel. The difference so far is, the reversal generated by the Jan FTC developed into a rising wedge. That suggest at least a partial retrace with the likely hood of a trend continuation. NTAP continued the trend, which was down. The reversal out of the 6/21 Falling Wedge has resulted in a pole with a falling wedge developing from the top. Some technicians refer to these as pennants, but I “only” refer to them as pennants if they are sym triangles. The fly in the soup is the gap-up in the pole. This may draw the price action down breaching the support line of the intraday wedge, providing a head fake, but I doubt it will negate the pattern. My intraday technicals at this time look to be supporting a test of the 7/31-8/1 gap-up followed by a continuation of the rally.

Note: As always I could be wrong so I suggest as usual keeping an out for negating breaks.

My QCharts can be viewed at the link below. Click on Charts indicated above.
http://LGsCharts.homestead.com/


Regards,
LG

Disclaimer: The above is my opinion only and I reserve the right to be wrong. An overall market expectation is just that and should not be used in exclusion of the evaluation of individual equities or other investment instruments. Do not base any investment decision solely on any one person's views or analysis. Do your own research and take responsibility for your investment decisions.

To All: I will respond to an email I received a day or so ago regarding NTAP and to the posts on this thread later this evening. I have been enjoying my weekend so far and making plans for my time off. In addition, I have spent some time struggling with my web sites on Homestead.Com as the web pages and the uploaded charts are corrupting on occasion when folks try to view them.

I am sorry if any of you are experiencing these problems, but Homestead's customer support works at the lightening speed of a snail with a broke leg...<g>

At this time, I don't know if Homestead is going to fix the problems. I may be forced to move my web sites to a more professional service after all.

I trust everyone is enjoying the weekend...

Regards,
LG

To All: By the way...registration On IHub is free. For those of you that have never spent found it necessary to spend the money to post on SI here is your chance to join in the discussion.

I will not be leaving for my vacation until Monday. So I will be checking in from time to time over the weekend...

Good trading and the best of "good buys"...

Regards,
LG

To All: I will be taking some time off over the next couple of weeks or so. I will be checking in from time to time but will not be tracking the market each trading day. I decided to post a few of my charts before I head off to my first destination, the river casinos in Louisiana.

The market is sending mixed signals. As most of you know, I am expecting a significant rally if the COMPX 5/22 falling wedge breaks to the norm. However, there are major diverging signals and it is possible for the market to break either way. Next week should reveal if the market is going higher or lower.

In an effort to present both scenarios I have posted a few charts on my Market Pulse web page this weekend. I will not be adding commentary, but will leave the interpretation to the viewer.

You should note that my propriety oscillators are near the zero line on some of the major indexes, just one more thing that adds some uncertainty.

I hope you find these charts worth your time...

My Charts can be viewed at the link below.
http://LGsCharts.homestead.com/

Regards,
LG

PS: I have grown tired and frustrated with the special treatment of some posters on SI and the “in your face” bias of SI Administration. From this date forward, I will be posting my comments and expectations on IHub rather than SI. Once I return permanently from my vacation I will be looking to appoint two DIRECTORS to assist in the monitoring of this thread. If you are interested in participating on this thread please take the time to register on IHub and sign up for the ChairMail Email System.

Matt: I think the attacks you have endured have been for the most part unfair. I think this site will succeed if you follow just a few basics:

IHub Admin needs to work diligently at keeping all posts within the IHub Terms of Use. And, MUST NEVER show favoritism towards those members that are liked or malice towards those members not liked. Unbiased fairness must be the goal at all times. (Something SI Admin has lacked for some time.)

On topic discussion pro and con on any thread stock related or personal is a MUST to ensure integrity. That should be in the IHub Terms of Use.

COBs of stock threads and personal threads must be allowed to enforce their thread’s guidelines. However, those guidelines and the actions of the COB must allow reasoned discussion both pro and con of topics or subjects being discussed. Of course, this does not preclude the COBs from requiring posts/discussions to be a on topic, reasoned, cordial, respectful and free from insults, ridicule, personal attacks, harassment, spam or posts intended to disrupt.

The IHub membership should NOT be allowed to engage in ridiculing and insulting harassment campaigns against other members directly or indirectly. This means by direct confrontation or from the safety of a personal thread. Threads should not be allowed that are used as a save haven to target other members of IHub for ridicule, insult or personal attack.

Follow the above and you’ll find your board will attract those that are tired of the SI Administration’s biased and unfair enforcement of the Terms of Use. In addition, you will attract those tired of the various clicks on Silicon Investor and elsewhere that have made it their primary contributions to insult, ridicule and harass other members. The message board troublemakers and thugs can only persist if the board administration allows it.

Regards,
LG

Jenna: I thought you might find the following chart interesting.

My End of Day – Daily Performance Chart (NYSE Comp, NASDAQ Comp, S&P 500)
The NASDAQ Composite started trading on 2/5/71 with a mean of 100.00. I inserted the mean as the close for 2/4/71 and began to track the performance of the three indices from 2/4/71 going forward using the daily closing numbers for comparison. The chart reveals the percentage increase or decrease of each index from 2/4/71 forward.
http://marketdirectionanalysis.homestead.com/files/Performance710205.gif

Regards,
LG

PS: If my schedule allows and if it is ok you and your group, I’ll post some COMPX (NASDAQ Comp) and NYA (NYSE Comp) charts later today with my take.

jenna: I wish you the very best of success with your decision to leave Silicon Investor. Hopefully, Matt has established a set of rules that when enforced in a fair, unbiased evenhanded manner (something SI Admin has never done) will insure a worthwhile cordial and respectful forum.

Regards,
LG

Any picks for the month of March?

Regards,
LG

Think Like A Criminal