Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
WB, you are still bearish... for several weeks now. Well, you know the breakout target for SMH. It is 39, but will see.
You were saying the similar readings on 4/23 pointing at hammer/doji.
btw, have you seen my new board? I was thinking that I will write out my positive thinking - OT - and do a discussion with others like what I had with Van Gogh and ahimsa, but I realized that it is a premium board to have other topic board if it is not stock market related. I have access only to iBox. Funny that I can't post after I made the board. I just have think positive things for now. Well, I will sign up for it later since I am handling a few paid sites such as stockcharts, my trading website, backup site, and other extra sites. So, I will wait. It is interesting to see, posters like to think "POSITIVE"... It seems like Tina Marie is taking the board in charge... for now. I don't know who she is, but she is doing well. Hopefully, she will inspire herself and others with positive thinking.
http://www.investorshub.com/boards/board.asp?board_id=9167
My internet connection is slower than the speed which I had even though this is the fastest speed that I can get in this area, so it takes more time to do the same tasks.
Good trading
Discussed The RST - Megaphone formation on major markets during March 5 bottom and "double bottom" call.
The bearish call based on the RST formation is already noted before.
We are already aware of the pattern and the formation is bullish, not bearish at this point unless proven otherwise.
NOTE that DOW has broken above the RST upper TL resistance. I will comment on it as well as think about market performance later.
Good trading
Market is trading at SPX 1500 resistance at the moment and breaking above will likely trade to SPX 1550 without 3-5% pull back.
So, will need to see after close.
For housing markets, the condition of the housing market is depending on the location. I do not think that the housing market is recovered yet.
For housing stocks, we need to see individual stocks for trading. It seems that you are keeping your eyes on the housing stocks so you seem to be well aware of housing stock movements.
Good luck with your plan to buy a land in Trinity County. I hope that you will find a good piece of land at where you will be happy with.
$DOT internet sector Weekly is about to turn MACD positive and is trading at breakout resistance, $DOT 265.
http://stockcharts.com/charts/candleglance.php?$BKX,$XAU,$SOX,$OSX,$DRG,$GSPMS,$DOT,$BTK,$XBD,$HGX|D....
AMZN price action is quite powerful as we can see that it is trading above 60 resistance, and now it is consolidating.
EBAY is breaking above intraday downtrend resistance which can be seen on 60m chart at the moment as it is trading near at 34.50 resistance.
GOOG is positive today, trading under 200ma resistance on 60m.
YHOO is trading in a range for over two weeks consolidating the recent sell-off after the earning report. Need to see breaking above 29 resistance to obtain up momentum.
AMZN is leading big internet stocks.
AMZN price action is quite powerful as we can see that it is trading above 60 resistance, and now it is consolidating.
EBAY is breaking above intraday downtrend resistance which can be seen on 60m chart at the moment as it is trading near at 34.50 resistance.
GOOG is positive today, trading under 200ma resistance on 60m.
YHOO is trading in a range for over two weeks consolidating the recent sell-off after the earning report. Need to see breaking above 29 resistance to obtain up momentum.
AMZN is leading big internet stocks.
SPX 1502.91 TL resistance... trading above SPX 1500 resistance as noted earlier that it will test SPX 1500 today. With the good economic news, market is continuing to head higher.
Even though SPX is trading at the TL resistance as shown on the daily chart with the HOD SPX 1502.91 at the moment, I think that it will head higher before it forms ST/IT top. SPX 1550 was the target which was set during Jun-Jul 2006 bottom.
Will need to reassess market condition at that time.
Thank you, JT We try to be beneficial to all of us. Right now, my connection is very slow even though this is the fastest speed which I can get at this location, so I hope that others will provide valuable market insight for all of us.
Your wisdom certainly is valuable as well.
We can let our frustration out on this board which I made today.
http://www.investorshub.com/boards/board.asp?board_id=9167
The discussion which I had with VG last night prompted me to make another board - "Positive Thinking" - where we can let our frustration out and recharge ourselves with positive thought. When we write out positive thoughts, I believe that we can regain the spiritual or psychological strength.
Best wishes, my friend.
Interesting that large and commercials were betting DOW to upside while small speculators were conservative - mixed to mildly positive sentiment. While NQ shows the opposite sentiment.
Good morning, ALL
JT, Futures certainly spiked after eco number. We have ISM service number at 10am. OT -With regard to the comments which I made below. Your last name spoke to me more than your words in emails. It is not what you said, but what your last name said to me. Well, the last name, "Graves", when we die, we all go to "Graves", but we can't take anything with us, but, for me, I will be accountable for what I did.... so, your last name provided me a different perspective. btw, I didn't think that you would mind about mentioning your last name since your email states that and you seem that you didn't care about it when I mentioned it.
http://www.investorshub.com/boards/read_msg.asp?message_id=19323267
MA, James is not Jamestown's first name, just in case if you think that it is Jamestown's.
Happy trading
Oil is trading at support and CRB is back-testing the TL break.
AMD needs to resurrect from its grave.
Volumes were not as strong as those were on Tuesday.
SPX seems like it will test 1500 today.
AMD, AMD, AMD... would it have seen a light at the end of a tunnel? It has a good news today. Everyone is shorting AMD.
Let's see whether it can be changed.
Good tradings
~~~
SUNNYVALE, Calif., May 03, 2007 (BUSINESS WIRE) -- NVIDIA and Broadcom joined AMD (AMD, Trade) to showcase the 3D graphics, wireless, battery life, and compute performance advantages of next-generation AMD mobile platforms at an event held in San Francisco today. Based on superior technologies from the AMD Better by Design program -- including next-generation 65nm AMD Turion 64 X2 dual-core mobile technology, chipsets from AMD and NVIDIA, and leading wireless networking solutions from Broadcom -- these mobile platforms deliver a superior Windows(TM) Vista experience for end-users.
AMD's award-winning 65nm Silicon-on-Insulator technology provides increased transistor performance, scalability and power efficiency. AMD Turion 64 X2 dual-core mobile technology based on the 65nm process, now shipping, represents an important milestone as AMD continues its rapid conversion of Fab36.
Notebook PCs based on the new AMD Turion 64 X2 dual-core mobile technology will be available later this quarter in designs from leading computer manufacturers.
AMD Mobile Platforms: Better by Design
AMD's leading-edge Better by Design ecosystem includes ATI Radeon and NVIDIA GeForce Go graphics and wireless solutions from Atheros, Broadcom, Marvell Qualcomm and RealTek.
"Our next generation mobile processors, combined with superior graphics and wireless technologies demonstrate our commitment to an open platform strategy, which enables our OEM customers to design the ultimate mobile platforms," said Chris Cloran, vice president, AMD Mobile Division. "PC users today expect more from their computers and the Better by Design program features the superior technologies and leading-edge performance buyers seek to meet the demands of their ever-expanding digital lifestyle."
The Better by Design program exemplifies a unique partnership in the industry. AMD has developed an open platform strategy to drive collaboration and competition among the leading technology companies around the world. Open and fair competition results in superior technologies, real choices for PC manufacturers and outstanding experiences for PC users - all for a great value. This program realizes the efforts of companies that compete and, now, collaborate in order to bring greater innovation to PC buyers.
3D Graphics & Video Playback: The Vista Era
Together with AMD Turion(TM) 64 X2 dual-core mobile technology, the recently-launched AMD M690 platform with integrated ATI Radeon X1200 series graphics further advances the mobile computing experience. With Microsoft Windows Vista(TM), the world demands a new level in its computing experience with increased emphasis on performance, graphics, and mobility. Desktop and notebook PC users want high performance and a rich experience from their PCs. The Better by Design program will help ensure that PC consumers have an added level of information to make a smarter choice.
This next-generation mobile platform is another step in the advancement of the Better by Design program, an initiative driven by AMD and leading graphics and wireless technology partners designed to help OEM customers highlight AMD-based solutions, which offer better performance with superior technologies. Utilizing the new mobile processors, AMD offers the ultimate Vista experience by delivering platform-level innovation with increased performance and long battery life for notebook PC users.
NVIDIA, in turn, today explained the advantages of having a graphics processor in Better by Design mobile platforms.
"We are delighted to work closely with AMD to offer users an excellent mobile experience featuring NVIDIA graphics processors," said Ned Finkle, vice president of strategic marketing at NVIDIA. "AMD-based systems with NVIDIA graphics deliver an outstanding Windows Vista experience and powerful digital media capabilities."
Superior Wireless Range & Throughput
At today's event, Broadcom demonstrated its WLAN performance advantages delivered with the Better by Design program, including its latest 802.11n (draft) technology. #27072
"Broadcom's strategy is to provide superior integrated wireless solutions that allow consumers to stay connected in more places and in more ways than ever before," said Dr. Edward Frank, vice president of research and development, Broadcom Corporation. "We work with AMD to offer high-performance technologies that improve the PC experience by giving consumers more ways to share content wirelessly."
Enhanced Battery Life
To extend battery life, AMD-based platforms with AMD M690 incorporate innovative memory technology known as display cache, designed to allow the CPU to operate in low-power mode without accessing system memory. This platform-level innovation coupled with the new 65nm process design of AMD Turion 64 X2 dual-core mobile technology extends battery life to five hours.
Chris, I saw awesome chart drawing sent to me, I will forward it to you sometime. My internet connection is slow, so I can do only so much. I am sorry that I haven't replied to your posts and emails as I like to because I am floating around in space right now until I settle down.
It is a good idea to include technical analysis and market comments other than "OT" since some might be turned off by "OT" only posts. Since we are communicating well and are understood each other to a degree, it is all right to go off on to tangent on our discussion, but let's try to discuss markets as well.
On you post on "P/C" ratio, $CPC charts which you posted on your previous post, "THANKS", but I think that it will also benefit your market analysis as well.
Do you see that the average of $CPC is still higher than that of Feb 2007 low, i.e. before the sell-off? Your 10ma on $CPC is the same as the 10ma which I have shown on my $CPC chart.
Certainly low P/C ratio can be a warning signal.
http://www.investorshub.com/boards/read_msg.asp?message_id=19072482
Good comment on weekly GOOG sym triangle which you pointed out on your previous post. On daily, it traded below the recent uptrend line as shown GOOG daily chart.
Peace
For the OT comments which you made, I might be able address those tomorrow. However, it is simple when you can do the same as Bill Gates did to give billions away, then, you are doing well regardless how you made billions. Mr Gates is doing a good deed for others while many are looking to take away others. He didn't have to give away his earned money using his brain. He is proud of being billionaire and can use his money anyway he wants to. That's how I see it.
For the pain and hurt that you are feeling, like most of us in different degrees, we need to find a way to refresh our mind/soul to create positive energy within to live brighter life and to hope for tomorrow. After all, when we die, we can't take any thing with us, and depending on your belief, we will be accountable of what we did, or we can be painless, if you are unbeliever, so we do not excessively worry about anything. It is hard to do, but we can remove bitterness.
A couple of people helped me to remove bitterness, One person is Jamestown. He told me to just forget about the cyber attacks. I thought, well, when I am dead, I will be accountable to God, so revenge is not a solution, so I decided to move on. The other person who helped me is an old friend's friend who work as investigator over 30 years took me to a chapel, I thought about revenge, but it will cause me a lot of trouble to get the revenge, so, why bother, I thought, let's see if I just move on, God will lead me better way. So, well, it didn't bother me as much as it will be forgotten. I said that I could write a book, but it would not be because I am bitter, but to write facts to help others. I can illustrate all the fiasco that I went through to make points, so that others will not go through the same trouble that I went through, like you went through ... and others.
Let's stay on the market discussion on this board. ahimsa and I were discussing a few things on other boards, so I posted "OT" with him, but I think that I will make another board, so we can post other topics to refresh our inner strength.
Bill Gates is certainly a modern saint who we can look up to. What I have experienced during the last few years is that a few are good in nature, some are evil toward others.
Some can do good for others while most of people are greedy and self-centered, especially when they think that they do not live consequences of their deeds. Loving others is hard to do for many certainly I experience abusive behaviors through cyber space and the V.Tech incident is reflecting an outcome of an action committed by mentally unstable young person. I am sure there are many who are abused in different degrees and types who need emotional and mental healing and guidances. Certainly we need many more of Bill Gates who can help others. Cyber civility is something that I was preaching for a while now. Maybe I will be writing a book with a help from others on my writing. Of course, there are editors who can rewrite imperfect English writings. I asked one of my nieces who graduated from Yale with English to write a book, she said that she does not time right now. Maybe she will someday and I can give her many real cyber incidences.
Speaking of market, MSFT performed well lately. I commented on MSFT when it broke above Sym Triangle resistance.
http://www.investorshub.com/boards/read_msg.asp?message_id=18497503
Good idea since higher market trades, higher risk to downside as well even though breakout retest is a strong TA signal as we are seeing on $SOX retest of the breakout which is the similar TA reading as the one which I commented on during Mar 2007 double bottom of "Breakout Retest" scenario.
$SOX closed below 500, but the retest of the breakout on $SOX chart can be clearly seen even though SMH price action is stronger than $SOX; so, the backtest is not as clear on SMH as on $SOX.
SPX closed with new high 1495.92, the previous high was 1495.42 close on 4/25. DOW closed with a fresh new all time high at 13211.88 as well as $OEX closing with new 686.42 higher/high.
Nasdaq also closed with a new high at 2557.84 than 2557.21 on 4/27.
Market internals going into close were positive.
Market Internals
Issues NYSE Nasdaq
Advancing 2,478 2,132
Declining 822 949
Unchanged 121 103
Total 3,421 3,184
Ratio
Advancers
to Decliners 3.01 2.25
Market seems to be heading to SPX 1550 as we can see that it tested near it with HOD 1499.10 while DOW is breaking out of upper resistance as shown on the daily chart. I commented that breaking above the SPX 1500 will be a continuation of the March rally into summer with which you agreed with.
Good trading.
PS I noted that the current internet speed is the fastest speed which I can get at this location, but still it is much slower than the one I am used to so I don't get much work done on internet. It takes longer time to accomplish the same as what I was doing so I just need to slow it down which it requires me a lot of patience.
$SOX is showing "Breakout" of 7mo trading range price action confirmation as it is bounced off from the breakout support with the low 490 yesterday which was the breakout point.
This is the perfect breakout price action confirmation action. Today, $SOX is trading at 500 which was the round number resistance; however, the price formation, so far, confirms the $SOX breakout from 7mo trading range.
I commented that TXN was showing positive price action yesterday and INTC price action today is helping the $SOX price action.
So far, the theme is, "Don't fight the Fed" and I warned about market reversal since March 2007 double bottom.
The Fed, so far, has a big stick to move markets along with big banks. I clearly commented that the 2/27 sell-off was a gift to bears. I changed my tune to bullish side since then, because I saw what market intended to do which it was also reflected on the technical readings as well.
Notice that you just changed your tune from technical readings to fundamental readings which we are often trying to justify our bias and position.
As noted earlier, it is better to trade on technical readings for ST purpose unless the fundamentals which you see bother you so much that you need to point those out. That will cost your energy since trading based on fundamentals can take time to be priced in.
On 4/30, I commented that I didn't see a LT top and now market is continuing to make new highs.
My high speed internet connection is slow compared to the one I had before, so I need to be very patient at the moment.
Hope that you will be on the right side.
The recent P/C ratio is low as shown on the chart shown on the link, but I was also referring to IT bears who might not have covered shorts waiting for a pull back.
The shorters who shorted market during Feb 2007 might still look for a major IT/LT top.
Also others are looking for a IT/LT major market top.
While the recent P/C ratio is low, average is still higher than other times as shown on the $CPC chart.
Market volumes were high during the morning session until 1pm, however, volumes are low now.
http://www.investorshub.com/boards/read_msg.asp?message_id=19072482
Commented on the similar points which you have addressed on this post.
Particularly, the following point is a rational observation.
We are behind the solar energy development compared to that of Euro. Maybe it has to do with oil driller power, not sure about the real reason that we are not developing solar energy.
SPX and DOW are making new highs as anticipated. The market action looks to be short-squeeze again. Even though I warn about the shorting the market at this time, I am still seeing the same behavior which I saw during Jun-Jul 2006 and Mar 2007 double bottom calls.
Premature shorts will only power the market up.
I see that FDG shows good price action, any other stocks than big cap stocks are volatile, so need to be careful.
Solar, wind and hydro power are the key imo unless they can bottle lightning some day and that of course is all about the capacity for storage.
Internet companies have high growth potential and since we have strong AMZN price performance I did comparative analysis of AMZN, YHOO, and EBAY. The 5-yr growth forecasts 15-20% for the three giant internets are similar but the recent price performances are not.
Recently, AMZN has superior price performances than peer big internet companies such as EBAY and YHOO. GOOG price performance is not compared because it has good price performance.
AMZN priced in 5yr growth rate, but Ebay and YHOO are not priced in, it seems.
EBAY
Earnings Estimates # of Ests. Mean Est. High Est. Low Est. EPS Growth
Quarter Ending 06/2007 17 0.28 0.33 0.26 41.47%
Quarter Ending 09/2007 17 0.28 0.32 0.24 28.34%
Year Ending 12/2007 18 1.20 1.35 1.09 29.09%
Year Ending 12/2008 18 1.44 1.55 1.33 20.13%
5 Year Growth Rate Est. (%) 8 23.10% 45.00% 16.00%
Earnings Estimates History May 02, 2007 4 Weeks Ago 3 Months Ago
Quarter Ending 06/2007 0.28 0.27 0.26
Quarter Ending 09/2007 0.28 0.27 0.27
Year Ending 12/2007 1.20 1.12 1.12
Year Ending 12/2008 1.44 1.36 1.35
Fundamental Data
P/E Ratio 38.37 Beta 1.38
Float (mil) 1,137.10 Shares Outstanding (mil) 1,363.84
Earnings Per Share (MRQ) 0.27 Market Capitalization (mil) $46,602.36
Price/Book Value (MRQ) 4.15 Book Value (mil) 8.23
Dividend Rate 0.00 Yield % NA
Last Split Date 02/17/2005 Last Split Factor 2.00
AMZN
Earnings Estimates # of Ests. Mean Est. High Est. Low Est. EPS Growth
Quarter Ending 06/2007 16 0.15 0.20 0.07 206.25%
Quarter Ending 09/2007 15 0.16 0.27 0.08 213.33%
Year Ending 12/2007 16 0.97 1.14 0.64 115.83%
Year Ending 12/2008 15 1.24 1.54 0.79 27.74%
5 Year Growth Rate Est. (%) 6 25.07% 34.00% 20.00%
Earnings Estimates History May 02, 2007 4 Weeks Ago 3 Months Ago
Quarter Ending 06/2007 0.15 0.10 0.11
Quarter Ending 09/2007 0.16 0.11 0.11
Year Ending 12/2007 0.97 0.70 0.73
Year Ending 12/2008 1.24 0.94 0.95
Fundamental Data
P/E Ratio 105.57 Beta 2.05
Float (mil) 307.50 Shares Outstanding (mil) 409.70
Earnings Per Share (MRQ) 0.26 Market Capitalization (mil) $25,647.52
Price/Book Value (MRQ) 72.54 Book Value (mil) 0.86
Dividend Rate 0.00 Yield % NA
Last Split Date 09/02/1999 Last Split Factor 2.00
YHOO
Earnings Estimates # of Ests. Mean Est. High Est. Low Est. EPS Growth
Quarter Ending 06/2007 25 0.11 0.15 0.08 3.27%
Quarter Ending 09/2007 24 0.13 0.17 0.11 20.83%
Year Ending 12/2007 25 0.52 0.66 0.45 6.37%
Year Ending 12/2008 24 0.69 0.95 0.58 31.75%
5 Year Growth Rate Est. (%) 11 21.56% 32.00% 15.00%
Earnings Estimates History May 02, 2007 4 Weeks Ago 3 Months Ago
Quarter Ending 06/2007 0.11 0.13 0.13
Quarter Ending 09/2007 0.13 0.14 0.14
Year Ending 12/2007 0.52 0.55 0.55
Year Ending 12/2008 0.69 0.72 0.70
Fundamental Data
P/E Ratio 55.88 Beta 1.50
Float (mil) 1,223.50 Shares Outstanding (mil) 1,356.54
Earnings Per Share (MRQ) 0.10 Market Capitalization (mil) $38,448.40
Price/Book Value (MRQ) 4.35 Book Value (mil) 6.51
Dividend Rate 0.00 Yield % NA
Last Split Date 05/12/2004 Last Split Factor 2.00
Commented on AMZN that it has a growth potential in a couple of years, but it has 105 PE at the moment, the highest PE than other internet company.
We know that the forward PE is a speculation, and the outstanding price performance is certainly in suspect since other compatible internet company price performance is not as strong. It seems that the superior price performance has more to do with momo chasing.
WB, yes, but need to watch 46.26 which is a resistance. DOW is making a new high.
Also, 1best ihub is an impostor of my alias, so never use the alias.
Thanks
Hi WB, interesting that markets closed with hammers and doji with higher volume. Also DOW closed with a new closing high.
I hope that you had good trading days
Very good on solar stocks which we would be benefited by the development. I noted that solar power is the best alternative source of energy since it is all natural.
Good tradings
Very interesting that major markets closed with hammers/doji on high volumes yesterday.
Since I am not getting internet speed which I am used to, the work I do is much slower, so need to think a way to calm the frustration, but at the same time I can understand that there are many who could be in the similar situation which I am dealing with.
OTHER TOPIC:
As for the need of higher standards of civilization, we can eventually adjust to the change since we are human who strives to survive and to become stronger.
Not sure since a few options are available now including changing my time to work in churches since the first college which I attended is a religious college before I moved on to study the second major in finance/accounting. Need to think about it since it was always in my thoughts. Not sure whether you have a faith in God (any religious belief), but it seems that He chases those whom he loves. He sends me signs to follow, so I need to seriously think about continuing full-time trading, working in a church, or doing other.
Have a good day and good trading.
SPX LOD was 1476.70 which is May 2000 high and lower up trendline shown on daily chart. The SPX hammer close right above the up trendline is interesting.
For Qs, Trading above 46.20 +/- R on 60m would suggest market will attempt to break above the current resistances which I noted on 4/30, e.g. SPX 1500.
Qs is trading at 46.10-46.20 in premarket which is the resistance which I noted above.
The three down-day which you were referring to on other post is making sense based on the EW 5wave structure, depending on impulsive-5 or corrective-3 waves.
Thanks for your comments and good trading
Final trading into close above 46.04 is a positive sign. Need to see more strength going into final close. So far, market is selling into strength at the resistance. Nasdaq volume is fairly good, over 2m.
We can see intra double bottom formation - fractal of Jun-Jul 2006 and Mar 2007 bottoms on 1 min chart.
Close above 46 which is above the breakout level is a good sign.
Wonderful that you covered your short at the intra double-bottom
today. Nice trade
The intraday double bottom on 5min chart is a fractal formation of March bottom.
TXN is showing strength today.
Good trades and Best wishes
One more attempt to bounce off. As of now, market made higher/low intraday actions.
Market internals are weak as were since Mar 2007 reversal even though breadth was improving.
The selling at the resistances is confirmed on individual stocks reflecting bearish sentiment.
Short sellings are active at this point -- selling and going to beach... Sell in May and go away. We need to see strong close today; otherwise, the sell at the resistances stands.
Market Internals
Issues NYSE Nasdaq
Advancing 1,355 1,174
Declining 1,735 1,772
Unchanged 151 124
Total 3,241 3,070
Ratio
Advancers
to Decliners 0.78 0.66
Summer Rally - breaking above the resistances which noted yesterday will be a confirmation for Summer Rally.
Markets bounced off from intraday support, e.g. Qs bounced off from breakout which noted as LOD 45.67 which we can see on the 60m chart.
Summer Rally... sentiment will be reflected on May 1st trading, so, in order to gain any confidence for summer rally, we would need to see a good trading, May 1st day.
China $SSEC is making new highs showing much strength as the market is heading to 4000 level after breaking above the 15yr resistances as noted. It closed at 3841.
Market condition is dynamic and evolving; therefore, there is no simple rule to determine a market top for a 15% correction. I have commented on market breadth analysis, such as what you have shown:
http://www.investorshub.com/boards/read_msg.asp?message_id=19207118,
as a part of market timing tool; however, I did not post all my market analysis for the market calls such as Mar 2007 bottom; however, I posted some of reasons for calling the bottom which you can review on my previous posts.
The ability to call market turning point is based on years of market analysis, so, again, there is no simple rule. Also, it is based on proprietary tools.
If you spend enough time on market analysis, you will be able to find ways to develop market intuition. Each traders/investors have different level of understanding markets and different style of market analysis.
I don't see a top of 15% correction at this point even though markets are at resistances which noted on my comment, and will think about how I can make a simple rule to pick market tops and bottoms even though I think that there is no simple rules.
It seems that you have nice market analysis approach, so I think that you will do fine.
Happy trading and best wishes
Thanks GB, you have a nice chart illustrating your points.
Am wondering what you consider as a major pull back?
Markets are at resistances as shown on the charts. With a Stop breakout above the current resistances, it is a safe bet in short side. But I think that market will trade to SPX 1550, at least, during 2007.
For VST trading, you know that charts speak 1000s words and you have seen those long enough so you are smart to get the market action, I think. Will send you email soon.
Trinity county in calif? I haven't heard of the name, but will be looking into GOOG earth.
Thanks and have a nice evening in calif.
~~~
Markets traded to resistances, then sold of going into close with an excuses of slowing consumer spending. As shown on the SPX chart, it traded to the SPX 1500 resistance and up TL resistance.
Qs traded to upper trend line resistance as shown on the weekly chart, HOD46.70 before profit taking going into close. DOW traded to 13162 and Nasdaq to 2563 which are the trend line resistances.
It is expected a profit taking at the resistances such as SPX 1500. Markets rallied significant points since March double bottom, e.g. Qs rallied over 10%. I noted that Qs target is 50 and SPX target 1550 in 2007. Those are conservative targets for the year, therefore, I do not think that market formed LT top. Technically, markets have traded to 50% of breakout targets, e.g. SPX 1550. SPX 1550 is only 3-4% away from SPX 1500; therefore, it is a reasonable expectation to see SPX 1550 during 2007.
SPX closed at the recent up trend channel as we can see on the SPX daily chart. SPX 1460 is the breakout support. I am anticipating fib fan degree will be lowered, in ST, as shown on the SPX chart that price action momentum has lowered in LT timeframe as the trend lines are flatter to horizontal supports.
I am traveling so I will post market comments when I can.
Good tradings
Good channels, VG, which you drew on DOW. I think that you are showing off your technical and artful drawing capabilities. I am aware of Gann channels and fans as well as Fib fan trading techniques, but I don't use them all.
Getting relevant and useful information is the most important as far as I am concerned, instead of getting vast information. As shown on my DOW daily and weekly charts, the price actions show simple S/R points. However, for ST trading, your trend lines will be helpful since those trendlines will be used as S/R.
~~~
Your comment on AMGN, it traded above 50ma before rallied three days. The doji close above 50ma would have been a good entry. Breaking above the current double top formation would be playing the break out, if successful breakout, it will be heading to the next targets of 66/68 with weekly showing a buy signal. Depending on your entry, I expect a mild profit taking at the current resistance as a consolidation period; then attempt to trade higher.
You seem to be closely following BTK and Biotech sectors than I am, as I saw you accurately called MRK rally before it happened.
Both sectors are broken above resistances.
Good luck with your trades
Posted by: Van Gogh
In reply to: None
Date:4/30/2007 5:15:37 PM
Post #of 637
1B, Are you still watching AMGN? At what point would you add? I am thinking of adding to my position above 65 on strength but would sell if it broke back down much below it. Seems this( above 65) would overtake the large resistance it is currently at. Sure seems it is trying. 2x's normal volume today.
I believe you mentioned "double top" on this but can't remember. Would you consider that invalidated above 65. I may wait for a breakthru and backtest.
http://www.imagewoof.com/view_image/4f8431646/Noname.jp
Exactly, right on your comment on different timeframe. You took words out of mouth.
We just don't need to deal with posters who are wasting others' time by focusing on what other posters do and make personal attacks of various kinds and methods. We don't need to waste our valuable time for those who do not contribute or who are negatively impacting others' time.
We want to focus on market analysis instead of creating negative energy, "KUDO", is fine, but we are not going to deal with repeated destructive energy.
SPEAKING OF MARKETS, market traded to resistances as we can see on my major market charts and we do have a pull back today starting at 2pm today. I will try to do market analysis today with detailed numbers but visually market actions are fairly simple that markets have traded to resistances and have pulled back today.
Good comments and keep the excellent work coming
Market perfectly followed the bullish bias until yesterday.
One day profit taking is not the end of the world.
Unbelievable that one-day sell off make all bears screaming.
What's wrong with this picture.
I see that yesterday 46.70, the high of the day.
You were wrongly bearish for weeks so this mild profit taking is normal.
Double bottom scenario, my perfect market call, played out perfectly.... also, it is all right for profit taking.
Don't be too bearish and waste others time, even though you can post your market thoughts without personal attacks calling others ' market calls - referring to your posting pattern. Focus on market instead of other posters.
We don't want personal attacks on this board. Market analysis with charts are welcomed but wasting other posters time is not.
Again, FOCUS on market anaysis.
QID is one of his main ETF tradings, so he knows about QID and other favorite ETFs such as USO.
QID had high volume trading yesterday.
The month end action is profit-taking instead of dressing up today.
QQQQ & SSO Long 2x
DOW & MID Cap LONG 2x
SP500 & Russell 200 Long
QQQQ & SP500 Short 1x
DOW & Mid Cap Short 1x
QQQQ & SP500 Short 2x
DOW & Mid Cap Short 2x
SP500 & Russell2000 Short
Did I trigger "Sell-Signal"? Market is selling off when I returned. Market is selling off on "slow consumer spending"? I said that my internet connection slow... then I hear that the market is selling off with an excuse of slow consumer spending.
I haven't done market analysis yet and like to get back on the market.
No, I didn't see emails except my main account. Which address did you send to?
Glad to hear that you did well with your short on NVR.
Not sure where I want to settle down yet. Hope that your kittens are doing well.
Good trades and hope that you catch up with sleep.
PnF chart is confirming as shown below the comment which I made $SOX breakout on 4/25.
Market did very well... trading and consolidating with slow grinding mode during the last few trading days.
Enjoy and good trading
http://www.investorshub.com/boards/read_msg.asp?message_id=19092324
Glass half-full young trader with positive thinking, Good morning
Market traded beautifully during the last few days since I was off line. Still traveling so will be getting back to market sometime.
Looks like you are doing very good. AMZN price action was marvelous - superior performance which we haven't seen a big cap power up for a while.
Good luck and best wishes