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I've been watching that pattern form and I too think it will break up. We'll know soon enough as it's running out of room.
I'm inclined to start building shorts at the gap fill below the consolidation that broke down. But will probably still be net long
To make a long story short... I people marked you and started reading the unread posts... well the one I was commenting on was from July... thus the delete.
I'm gonna leave this topic alone. It's too politically hot and everyone has their own feelings and ideas about it.
Back to the markets and making money. BTW congrats on your patience and avoiding this downturn. I avoided the beginning but bought the consolidation above the gap.
Went short the 30 year Fri. It's had one helluva bull market but the yield is in the area of prior lows.
I guess everybody has problems w/SS, but raising the retirement age is unworkable. For someone sitting on their ass all day it's fine but many blue collar workers do hard physical labor that cannot be accomplished by 70 year olds.
delete
What can you say on the bond market. Closed at 2004 high on the 30yr weekly.
I reallocated to take advantage of the tax loss <ngng>.
Bought some Juno (inverse bond), Titan (SPX 200%), Japan (125%), inverse small cap 1X.
On the daily we have a confirmed bullish harami candlestick.
http://www.litwick.com/indicators/1116.html
&r=5129>
If we can grow the weekly candle a bit... it will morph into a bullish morning doji star. http://www.litwick.com/indicators/1129.html
&r=8824>
QQQQ closed After Hours at 38.45 Friday up .02 after dipping down .05 most of the session. My Wag is the low for Jan. is in.
The chart is setup for a big white stick...if they choose.
I suspect next week will be good. SS privatization is due to get some big press. That could be the event that leads to a blowoff top.
You wrote somewhere that without the next rally we lack info on how this thing may play out. I agree with that.
There's not enough to go on untill the Bulls get their chance.
It would be nice to close above this line today.
Yep. My entry was at 1568. Hasn't been green since I entered last Wed. morning. I think it was Wed. anyhow. Feels like a month.
Me too. Certainly had the opportunity to lighten up today. Gee, I must really believe this pig is undervalued here <ggg>.
Small guy selling. Probably bullish.
http://www.amgdata.com/
For fun. NDX with inverted MACD. Same as regular chart looks extended and in need of a pullback.
http://stockcharts.com/def/servlet/SC.web?c=$NDX,uu[h,a]dacbyyay[pb50!b200][vc60][iLa12,8,3]&pre...
Ndx trendline...This has to hold or hello Niagra.
RSI 5 @ 12.6.
Let's hope this oversold POS get's going. It's a pig but it should have one last hurrah left in it before everyone realizes it's all been smoke and mirrors.
I would think it would make the dollar rise and gold drop. USD wants rising rates.
I didn't say 1580 because it looked too optimistic <ggg>
Mediocre report could be seen as best for equities. It's about interest rates and bond market now.
Falling wedge breaks up. Maybe a 1570 close.
A thought has been nagging me today....
Could the Nassacre have already begun?
Just got home. I put in a trade before leaving for work 200% NDX. Executed at 1568. 10:45 AM
Really not sure I want it now. The RSI 5 influenced me more than anything else.
Market didn't show any respect for 1588/90. The bull case is doomed IMO.
I'm thinking we test this TL. Maybe we bounce first though.
Wonder how many billions of shares are overhead praying to get out even? Some really ugly sticks out there....dare I say the C word?
AJ here's a site of historical charts.
http://www.chartsrus.com/
The drawdowns on leveraged funds are a bitch. Personally, I need better entry's and less stubborness when I'm wrong.
I will. If enough posters engage I'll consolidate the #'s in a post for EOY review.
Put up a chart on another board which echos that sentiment, anyway here it is.
An exercise in futility. NDX 1300 Dec 31 2005. Anyone care to chime in for the record?
Nice year Steve. I went from 30%+...then down to finish at 9.4% on the year. I think we dip early in the week worst case 1590.