Stopped out at 35.36 for +.05

SOX stochastics touched 99 on the 15-minute at two o'clock and crossed down. Apparent double top intraday around 434. Stalling finally after nine days of near parabolic? Slow stochastics on the daily turning over at 90 and touching to cross.

Short at 35.41. In edit, volume increased during rise from 35 between one and two o'clock, caution indicated. Recent days have seen late session strength, but that will change one day, and it will be well to be aboard when it does.

Stopped out at 35.35 for +.04

Short at 35.39. 15-minute stochastics turned over from 90 and crossed. Daily (intraday now) sticks for the NDX, COMP, and SPX showing doji, possible reversal south coming. Ninth or tenth day of advance, long in the tooth. Need to be aboard if significant decline develops. Meanwhile take positions and tiny losses if necessary, stop on this trade now at 35.35. In edit, also near intraday double top near 35.50.

Stopped out at 35.18

Short at 35.15. In edit: 15-min stochs turned down from 80 and crossed. Increased volume bars on the eleven o'clock to 11:30 fade, and declining volume on the noon ramp.

Mlsoft -- KLIC, do you see a top anywhere along in here?

I am also a RT subscriber and logged in and could not see it.

My opinion likewise, not that it is worth much. Anyway, guessing ahead with you, if the COMP and NDX daily sticks close looking like they do now, they'll print doji stars, moderately reliable reversal candles. The SPX and INDU are showing dark clouds, probably even more likely to predict a turn of some sort, nothing to measure though.

I have it at 1284-5 on log. I also see resistance at 1299, the high of the one day reversal on July 31. Several days along in there trading near 1283-5 might be a bit of a barrier.

NDX dark cloud daily stick on the horizon if it gets a bit more pullback. COMP, SPX and INDU likewise.

Everybody wormed out? Bad deal.

Why? Because one can learn much from the tactics of a hugely successful longs-only-cash-only trader. If one marries that with a competent short trading plan -----. I am better off contemplating Zeev's moves (and explanations along the way from time to time), even when he errs. Dare you chart all his real-time trades reporting for a few days? It can be a laborious task, to be sure, but the consistent pattern that emerges can be useful to one so-inclined, which, of course is not everyone. To each his own, with no offense,

If we get a bit of an August rally along in here, one could imagine a June-July-August H + S. Fits McClellan. That would also be a failed back-test of the recently broken bottom of channel uptrend line. WalMart doing well, Oracle upgrade, Zeev carrying low cash, etc., I am looking long for day trades more attractive than shorts.

Zeev, CCMP s/b 61.05 ?

What's it mean? Your interpretation?

Likewise

Finger it is.

I'm taking my shorts home tonight, rare move for me.

Pretty nasty looking reversal stick shaping up on the NDX.

Absent other considerations it would look like a failure to successfully challenge the mid-July high.

"lowest ADX --

What's it mean?

Also, although still early in the day, we may be setting up for a reversal candle, right now if printed would be a doji star, abandoned baby, gravestone, or whatever, all fitting in with the idea of a pull away from the recent uptrend.

Also working EXTR and PMCS on the short side. KOPN and PMCS giving ground more easily than KLIC and EXTR, looks like at the moment.

Cup and Handle, of O'Neil insistence, to which I subscribe only lightly, more often with skepticism.

I'm now thinking intraday failure on the present rally attempt ca 9.08 and have partaken a modest serving, for a possible scalp. More, if serious southbound develops.

KLIC: I'll be Mr Butinsky even though you addressed Mlsoft.

Bull flag? Where, on the daily? I don't spy such, unless one wants to see last week's decline that way. That might also be seen as the H of a C + H, I suppose. What I do see (maybe) is an ascending wedge from early June. The 9.20 HOD (so far) nicely stopped as the third touch on the top of the wedge.

Question is, do the tech desks at the hedge offices see it that way as well, or as a bull flag or C + H?

Exactly.

Now looking at the reddest candle of the day on the 5-minute. Was 9.20 "IT"?

Not disregarding the hedges because yes, they can run the dickens out of a thin one like KLIC. But they also like to cash their chips at the same window as the rest of us. Eventually { as I see a 9.20 print }. Curious as to where Mlsoft had his stop set. Me patiently waiting ---, but short it is, somewhere.

KLIC --"doesn't seem to respond at all to arguments re fundamentals"

Aint it so. Must be layers of shorts piling on and then covering. Somewhere it will halt, but maybe not until a long tailed reversal candle appears, signaling the gleeful longs to pocket their change.

Right on.

Paul, another good one, thanks.

Pstuartb, Gottfried

Me too. MANY thanks.

Roy

VIX daily appears to be forming a bear flag?

Please elaborate and while at it, the argument that the current congestion would not likely be a bottoming formation.

Do you take into consideration other sentiment indicators such as the $BP series?

TIA

Thanks. I hopped on it for a southbound ride at 6.31 yestereday when the reversal candle on the 15-minute appeared about 3:30. Pretty thin to trade, but yesterday's volume was plenty. Looking for around 5 at the bottom of the recent range, or more optimistically the March low at 4.5 if the market catches SARS along in here. I guess an advance leak was responsible for the upside move on Tuesday. Nothing new there.

Any interest in shorting KLIC after the spike response to the 140 bonder deal with China announced last week (Thursday)?

See late 3Q 2000

You are helping us. Thanks.

Not much bounce to be expected with the Stochastics high and still pointed down. If a hiccup appears, it would be well to be suspected to be an intraday bear flag.

So to summarize, are you long equities?

Aw pshaw Augie, just move th' thick lower line down some at the right hand end. The only difference is that now a couple of dips in the middle don't touch. So what, you already don't have a couple of touches to the top line in the middle of the formation. The pschological implications sure aren't destroyed, except to maybe your or my idea of necessary beauty and perfection of a chart pattern.

Your rejoinder might be that it stinks of fudging and outright dishonesty (or sacking museums) to engage in such.

Back to you with the observation that most originally pretty formations morph into something else (or nothing)which then disguises the original thing (unless you left the original lines on the chart).

But I sure as heck go with the "Hound" notion as a generality. I think too few folks grasp the concept that it can be significant when the dog don't bark. I've had Elder on my shelf for years and forgot if I ever read it there. For that matter, I have the complete works of A. Conan ---- {G}

Institutional cash is on the moderate to low side.