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yep agreed
2bit
be careful folks, oil is down in th dump...there is no rally without oil...in addition, history will not repeat itself...not like yesterday rebound...if anything else one should be looking for reshort
2bit
depends on economic data..if I have to guess, more like 1030 and bounce on Friday??
2bit
NM,
you've got yourself wrapped in a basket...with personal spending and ISM data tomorrow...the prognosis does not look good...
2bit
that is smart...just too many economic data tomorrow morning to leave positions overnight
2bit
Hey Blasher, I know you are a morning guy...but do you trade in the afternoon,,,sometimes it is quite profitable too..
2bit
Oman, I agree home run is sweet but....greed is dangerous...
2bit
You, Prophet Issiah...your propheted ideas came true...doubled up on calls this morning and out even, out to watch.....I won't short unless it is below 485....technicals gave in to fundamentals...
2bit
All indication points to a big up day tomorrow
2bit
Fox, so in your opinion..did anybody win today??bulls or bears
2bit
You, I am feeling dizzy, sure Alka-Seltzer would help...
I have a feeling that it would close at around 490 and it did. The up trend is not dead yet but it has to break above 492. It now depends on tomorrow's ADP, GDP and crude inventories nos. Ya, it could chop around a bit.
2bit
Fox,
What do you think about this guy oddlot back at clearstation...he is the cycle guy like you....it is all above my head...
2bit
http://clearstation.etrade.com/cgi-bin/bbs?post_id=9160694
wow! You must be prophet Issiah...
2bit
My line in the sand is OEX 490,,, if nothing else I see this as consolidating at the high and continuation of up trend...
2bit
the jury is still out, it may be another blow out earning season for all we know...
2bit
CASE-SHILLER SURVEY SHOWS U.S. HOME PRICES UP 1.6% IN JULY FROM JUNE
2bit
Volume is not a good indicator, but if you insist, take a look at Cobra's comments last night, at least you do a % comparison...
2bit
http://cobrasmarketview.blogspot.com/
Fox,
Doesn't EMA 377 say it all?
2bit
Technically speaking if it closes above 490 there should be a run to 500 again..
2bit
r1/r2 area exit your longs and buy back later
2bit
yep
2bit
I am thinking more of 485 as support if it does not break it today then it is good to go, up that is....
2bit
going back up as expected...
2bit
You,
Thanks, I noticed MCO is on decreasing strength but right now is OS...
2bit
Fox,
very interesting explaination on 130/76 thanks. I rely heavily on numbers. The night before, I have all the numbers in my head and what to do when that number is reached. Likewise, I project my OEX option premium ahead, no if or but, if I leave money on the table, so be it. No stops though.
Since I am a short cycle trader, I do not look too far ahead. But many are talking about mid-Oct down turn, you could be right on. TTheory is also talking about mid-Oct turn. But he is wishy-wash on Ts and I do not think he has a handle on it yet.
My gut feel is if it bounces on Monday, the down draft may be too short. It could very well reach 490ish then falls to 475ish before it rises again.?? Will see..
2bit
Fox,
OEX 492 is the key it will have to break above that else it will bounce back down...
2bit
Fox,
Very nice charts....
Just my 2bits on the
(1) 3 day chart first..
Yes, a bounce is coming, look at the blue DMI line level which is now at the same level as Sept 3. In addition, it is close to 0.38 Fib retrace from Sept 3rd and that is as far as a bullish market should dip. Also if you believe in a two day big down day rule, Monday is a buy day.
(2) the cycle chart...
Don't know anything about cycles, I normally count the up/down day say 5/7 max. Oct22 could well be the low in your cycle but I don't think it will be lower than your white EMA line as the market is rising unless there is going to be a big correction but then there will be plenty of signs leading to it.
Just out of curiousity why use 130min and 76EMA? are those Fib nos. too? why not 120min and 69EMA?
2bit
You,
That was a long video, I didn't finish it, but it sounded so familiar with that Astro guy who predicted the brankruptcy of the Fed back in May and now hiding in the mountains.
One thing stands out is that we have the Bank of Canada which is the Fed's equivalent but with more transparency. A system that can be audited. One thing that the BOC will never do is to print money to buy up bad assets. This kind of activities do sound irresponsible. It is scary that while there is talk about regulating the American banking system, not even the Fed is regulated.
Michael Moore has a point about capitalism which is kind of twisted. Even the Fed wants to make a buck hoping the bad assets eventually turn good. Is there ethical democracy any more? Printing money to suck up the bad assets does sound like risky activity which could put America in great peril.
2bit
Fish,
Does this guy make any sense...not about his comments but about his position..he is short USD while preaching inflation and market crash???
2bit
The first OEX target has been reached 480ish..there is the possibility of a rebound next Monday...GOLD/OIL/Finance on support.VXO using OMAN's term is out of BB..
2bit
anybody picking up some rimm for long term hold??
2bit
Good Mich sentiment, not so good new home sales...how this for confusing the day traders
2bit
yep, only good home sales can it break it..
2bit
Well, we still have to see the new home sales figure at 10am. Bernanke and Paulson threw billions to save the banks, and as you can see there is very little effect on manufacturing and jobs. The credit situation is still tight. However, they are hailed as heros by W Buffet. The stimulus programs are just that. Pretty soon America has to borrow just to pay the interests on loans.
2bit
when it rains it pours durable goods down 2.4% vs expectation of up 0.4%
2bit
I have just finished my analysis...down trend (short term) confirmed..short with confidence...prelim expectation 480/470..approx 2/3 more days...then if 470 is not broken...another mother of a buying opps....
2bit
Lucky me, I had RIMM until 2 days ago. My rule of thumb is if I think the index will be down, I don't hold no fr..king stocks. In any hoo, RIMM is not a market mover, I am more concern about durable goods tomorrow, if bad, here I short again....as NM say Woo Hoo...
2bit
This is not a buying opps...the fundamentals do not support it...I will short again if it goes back up to 490...that is if it can climb that far...LOL
2bit
Hey, Rab,
as long as you are not loosing you are ahead...patience...
2bit
Two,
like I say I always leave some on the table...the reason I closed shorts is because it is in the s1, s2 zone...but I would not go long just yet....there may be more to come..
2bit