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Manana-Raking leaves can be harardous to your health.The last trader I saw raking leaves fell out of the tree!Maybe a typing book to read under the tree would be less harardous. : )
John
People should let the stock tell them what to do>They are not controlling the stock.Millions of decisions are,and you'll never know all of those millions of decisions.
Jesse Barkasy
John
Signalwatch.com-Looking at the 60 minute chart,you see that the DOW has steadily traded lower within the channel boundaries for the last 10 trading sessions and looks oversold in the medium term.Since the index has traded down for such an extended period,we would expect a reversal off the lower channel boundary fairly soon.
John
May buy the QQQ 's the third day incog buys long on the way down
John
ProTimerMarket Report-XAU has moved to what we see as unsubstainable highs....
XAU has formed a bearish Fibonacci pattern called a "Gartley" pattern at about 76.00(strong resistance and should reverse)
A breakout above with a solid close above XAU 76,would tell us a new bull rally may be in the cards.
If resistance holds gold will trade lowerdown to XAU 45-50 level,offering us a chance to enter a long position.
John
PGRN files for bankruptcy-on tonites news channel 8
John
QQQ-symetrical triangle broke down last Thursday Under 21.30 keeps the downtrend intact.
John
The DIAMONDS TRUST and fancy technicals
16th straight week 34-week exponential moving average(EMA) falls
MACD below zero for the 17th straight week
Lowering target from 75.28 to 72.11
John
I look for an oversold bounce early in the week-but as always play the break.(Especially after inside days)
Signal watch.com
The Dow continued lower today within the channel boundaries and ended the day just above the lower trend of the channel,which you can clearly see in the 15 minute and 60 minute chartsLogically,we would expect the DOW to turn up.........
Harry Boxer:
Stepping back and reviewing the charts,today the triple bottom on the NASDAQ 100 around 876-880 zone going back nearly two months was pierced and we closed below that>So it's very possible that we'll get a test of the low of the year around the 856 level that was put in on August 5.
John
Manana-Was it a gold coin you were looking for?It says tank on both sides IMHO
John
I think I see a bottom-What's that Protein11?
An elephantss' bottom-watch out for chalupas Protein11
John
The Diamond put options,which are instruments that gain in valueas stock indexes decline,include ones that go out to next June and look for the DOW to be about 2000 points lower.One of them is the DAVRL contract,which trades right now for $2 apiece(DAV=RL: news).
source http://custom.marketwatch.com/custom/excite-com/news-story.asp?guid=(F2A21ECB-F588-
PS -I still see the DIAMONDS TRUST heading toward 75.28
John
Manana,Maybe you should follow your own advice and turn off the TV and study a chart or two.
John
Manana,I agree but have seen no time frame posted.Protein11 gets out a $20 bill from wallet to make a "killing " in the market.
John
Got mail today from Martin D. Weiss.His call is for DOW 5000 and NASDAQ 800.He feels that investors are going to removing lots more dollars out of equity funds.
"IN June and the first half of July,they yanked $30 billion out of stock mutual funds,and that alone was enough to help drive the DOW down 2007 points......In the next few weeks,I figure you're going to see panicky investors take another $300 billion out of equity funds That's ten times the withdrawls that hammered stocks in June and July."
John
DIAMONDS TRUST -The 34week exponential moving average(EMA)continues to fall for the fouteenth week in a row.MACD still below zero. Lower possible target around 75.28
John
Manana,
I would enjoy your viewpoint(as I am sure others would) on all of the situations you mentioned
Grasshopper says thank you!
Incog,
Any thoughts as to when you will be right?
Thanks
John
ananaM,
You can't get my hair up! It is ein LOL.What are your thoughts on cost averaging down on long positions?
Protein11
Nice post-The words ALERT Descending Triple Bottom breakdown at the bottom of the DOW chart caught my attention.Also noticed two other charts(a double and another triple breakdown).Thanks
John
Grasshopper thanks the maestro(Spanish word) for the kind words. Post#205 refers to a possible cover area I supect the DIAMONDS will reach in time.There are support areas on the way down at approx 85.06, 80.31, then 75.28 Each trader should make their own decisions.(Daytraders,scalpers,and swing traders have their own preferences.
Protein is spelled with the e before the i.
John wonders if two words got Mananas' hair up(fancy technicals). LOL Thanks for the welcome and stay curious.
John
I hope there are are some happy DIAMOND shorts
John
Post #101 and #103 suggested a bear market rally that might run out of steam.Sorry for the fancy technicals. Posssibe test of July lows in the cards IMHO.The 34 -week EMA continued to fall last week.
John
DIAMONDS TRUST-WEEKLY
If you know what is a 50% Andrew's pitchfork the lower parallel line is about 77
John
There are those that might consider shorting the DIAMONDS TRUST In my humble opinion it appears the rising wedge pattern is no longer rising(on the daily)The DOW MACD histogram has turned down-see post #103.I do NOT predict but would not be surprised if July lows are tested prior to March highs.The market will show and then traders can react.
John
Incog
Seems you may be in your own little world.Lol
John
Hits the nail on the head
The market goes up.The market goes down.Manana watches the sectors and pivot points.He then pulls the trigger and does well.I give him a GOLD star again today.
John
DOW- MACD remains below zero for the 13 th straight week. If the MACD histogram turns down some might see this as a short sign. FWIW
John
Bearish Picture DOW
The 34 week exponential moving average (EMA) has been falling for 14 weeks and it remains above the weekly high(not just the weekly (close) for the last 12 weeks.
John
MattMac
If you send me your e-mail address(to jeverett@san.rr.com) I will forward info
John
There are no changes in the Gold Timer strategy this week. We remain in cash (money market funds) awaiting an opportunity to enter the gold markets with a long position.
Longer term, the XAU broke through support at the Fibonacci 61.8% level (of the Nov.-May rally) and also broke the longer term Fibonacci 61.8% support level (for the entire Oct. 2000 - May 2002 rally) at XAU 60.
Last week, we forecasted that resistance at about XAU 69 would hold, and a new wave would commence to the downside. The XAU stopped at 67.49 (close enough) and is now quickly moving lower. The XAU has also broken out of a rising channel (see chart below) that adds to the bearish scenario. Last support is the July 26th low at XAU 54.67 which we expect will also be broken over the next week or two.
We feel that a 5 wave pattern is still the most likely scenario over the coming weeks with a Wave 5 low that could be quite dramatic. In the 41-46 area we see excellent support and after confirmation that the lows have been made, the possibility for a long entry into the market.
This strategy is unable to move to a bearish position, so we will stay in cash until conditions are met for another tradeable move higher in the gold markets.
If we have a midweek change, subscribers will be notified by email the day before.
Current Gold Timer Positions
Buy & sell signals are sent real-time to subscribers.
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Current
Signal Fund
Index Open
Closed
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CASH Rydex M Mkt Cash
CASH Fidelity Cash Reserves Cash
CASH Gold & Silver Index - XAU Cash
Gold and Silver Sector Index (XAU)
Daily Chart
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Copyright (c) 2002, StarTrade, Inc., All Rights Reserved.
FibTimer reports may not be redistributed without permission.
Disclaimer: The financial markets are risky. Investing is risky. Past performance does not guarantee future performance. The foregoing has been prepared solely for informational purposes and is not a solicitation, or an offer to buy or sell any security. Opinions are based on historical research and data believed reliable, but there is no guarantee that future results will be profitable.
From:ProTimerMarket Report Saturday 8/24/02
John
Might be worth a look:
http://stockcharts.com/def/servlet/Favorites.CServlet?obj=147612
John
Finch
I am just getting the free newsletter (I have not had the time to return to trading yet).Their interpetation of charts seems to be pretty darn good IMHO.They offer a two week free trial.I see the charts I sent did not post through to the list.
http://www.fibtimer.com
If you would like to see the charts just send me your e-mail address
John
The ProTimer Market Report is a free, twice monthly, report from FibTimer.com market timing services. For a free two week trial to our market timing strategies for mutual fund traders, including all "real-time" buy and sell signals, Click Here.
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SATURDAY - AUGUST 24, 2002
PRO TIMER STRATEGY - for Active Index Fund Traders:
When we tightened our stop last weekend, we expected the market to hit it and take us out early in the week. This did not happen of course as the market rallied and we enjoyed additional gains in our current long ProTimer position. Since the July 24th lows, the Nasdaq 100 Index - NDX has rallied + 23% and the S&P 500 Index - SPX has rallied 24% (at Thursday's highs). We are due for a correction.
Until Friday, it was starting to look like the rallies we were used to several years ago. But Friday's sharp sell off brought reality back into focus. The rally in the SPX, turned right at forecasted resistance (see last weeks SPX Chart) and this coincided with the NDX which hit the Fibonacci 38.2% resistance level (retracement of the May-July declines) and also turned lower (see NDX 60 minute chart below).
The charts say this is a predictable 3 wave corrective rally (rally in a bear market) of the January to July declines. We have the A & B waves in place, and are looking to complete the C wave (see the SPX charts below).
There are so many levels of resistance above us now that it is hard to see the market moving much higher without at least a strong correction. The SPX daily chart below shows a Fibonacci pattern that we use in trading. When the SPX reaches about 980, it will have completed a bearish "Gartley222" pattern that often leads to declines.
We also see a rising wedge pattern (see SPX 60 minute chart below) that, if broken, could lead quickly to declines. "And" if it is broken, it would be right at a minor 38.2% retracement level, and more importantly, would be breaking 50 day moving average lines (not on our charts) that many traders, including mutual fund traders, use to time the markets.
If any of these many resistance levels holds, then this rally will complete within 1.5% to 3.5% of current levels. That brings up the question, "what is the point in risking current gains, for what appears to be very minor upside potential?"
The risks are substantial. If the markets do get a head of steam to the downside here, and we approach or take out the July 24th lows, we could see total capitulation and panic selling as those investors who have held on through two years of losses, finally bail out as they give up hope. Our long term forecast still stands, calling for the July 24th lows in the SPX to eventually be broken, and a final low to be made that has the potential of reaching 658 on the SPX.
We would have no difficulty being wrong on this forecast, as the losses suffered by so many individuals and families would be devastating, but our goal in these reports is to make sure that "we" do not get caught up in such a decline. So we will continue to trade what we see in the charts, while remembering what can happen if July lows are breached.
We are raising our stop in the ProTimer active trading strategy. If the markets continue higher Monday, we may raise the stop during the week and will email all subscribers if we do.
Current Pro Timer Positions
Buy & sell signals are sent real-time to subscribers.
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LONG Rydex OTC Fund - RYOCX Open
Doji
And I thought I was the only one just reading!
John