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I beg to differ about using blanket statements that home values are going down. FYI - I live in Seattle and this year is another record UP year for home appreciation. I saw an interesting article a few weeks ago that actually showed Seattle not having a single down year in the last 20 years. A couple of flat to small gains, but none down. And given our strength in Seattle on unemployment right now, I think Seattle sees another 10% hike next year. All that California money making its way up here for what they consider "cheap" land. (LOL)
Added SNDK short to short basket at $54.46. With consumer spending softening, these guys are gonna get murdered. Plus some timely BS analyst upgrades lately makes me feel even better about it since distribution is almost over...
Check the definition - no lower shadow. We had a lower shadow. That was in the morning.
As you know, the gravestone doji is when prices fall and come back at the same level. There is a bottom tail on that, therefore it is not a gravestone in my book.
I think it pulled back because it's gonna rocket up this time to $70. The low volume is actually good for that scenario to unfold. Gravestones typically go hand in hand with high volume.
Good luck to you with that. I have a good chance of a real dumperoo finally..
Our QID should see 70+ tomorrow! :)
Prodigy "Smack My Bitch" is the theme song for tomorrow.
And as for all the shorts, it's mostly here. I see bulls everywhere...
Not reversing course on my trade. Should be the fakeout overthrow to whipsaw. Still see red coming...
LOL! Looks like the pre 2:22 fakeout. Going down soon...
Wasn't it an Indian territory that was to become the state of Oklahoma?
OK 1:30pm. Time to pull the plug..
We will break that support today 4 sure.
Anyone get their $68.10 QID this morning? :)
Looks like they want to take the high dive tomorrow instead. Next 2 day should be ugly after a fakeout open. Maybe I can get some QID at $68.00-$68.10 tomorrow morning. :)))
Looks like we are setting up for a dive in the last 1/2 hour.
Might end up being false hope day after all. Supporting the index means tomorrow will get real ugly.
Still short CSCO. Will keep for 2 weeks...
A lot of sites I lurk at are buying this dip, expecting a wave 5 to new highs next. I don't think they will get it!
El tanko ;)
Poker - I was thinking too, that this is such as perfect setup for the QQQQ's to get back to the mid teens over the next 18 months -
1. Buy the dippers out there right now.
2. Once they get thier head handed to them this next month, it will be the 4 year cycle is bottoming just like we always thought, and everything is going to plan. Let's buy the dip in November, December, January, etc (I have seen projections that the cycle can end all the way in March 2007)!
3. Then by March/April it will be CRAP! This is not working! Sell everything (which at that time of course will be followed by a big bounce (which I will want to be long in), probably at the QQQQ area of 25-26 or so, taking the index back up 10%.
4. Then drip, drip, drip, depressed bulls during the weak spring and summer blues. Maybe some sideway action for a few months, but mostly headed ultimately to where we know it is going.
Several semi stock charts just look awful - KLAC, AMAT, etc.
And the $SOX finished up it's 50% retrace as well. It's gonna get real ugly real fast. Expect lots of volatility to trade with, but as you said, ugly DOWN, DOWN, DOWN.
Short CSCO at $20.95 eom
Short CSCO at $20.95 eom
Very well said. You obviously been around the market for a while. The buy and hold will eventually win again...so many people trained to trade now. lol
OT - I am assume that by your handle you like the game of Poker. I'm actually a tourney addict myself. Love the game, love the math, and especially love EZ money when available. lol
The only thing we have to watch out for now is what is called delta hedging, So many calls in the money, that additional calls have to be bought and brought in the money too. Happens every now and then, and I just wish this wasn't OPEX week. That could be the only curve here. And I really hope thats not the case, and that MAX PAIN was dealt with earlier this week somehow...
Here's his board. Couple savvy traders there identifying shorts. I've been on his board for years, and he has made some nice calls in the past. But I think this rise is making him forget that 4 year cycles are very choppy. I have the same trend belief as Poker...let's hope we're right.
Poker has the e-wave thing down good. Him, I'm not sure of. His is all about inverse head and shoulder targets, but I've seen many of those not pan out.
http://www.investorshub.com/boards/board.asp?board_id=1613
Just in case, what does it look like if we go up tomorrow. How does that change perspective/target?
Wow! AJ is now bullish and is thinking no dump. Everybody should be in the bull camp again next week (we will see how the sentiment indicators change in one week), so the masses cant be right.
Poker is right, we need to go down today to hit his target.
Just not my day today. Covered AUDC at $9.95 for a very slight loss between both entries. For the big down move we should not have gotten back to this level. I now think they ram it to $11 before giving it a sniper shot. Lines up well with your top Poker. RRRR
At least my AUDC short knows which direction to go.
We all know where the QQQQ is headed after this, so no pain umless you have to cover. I don't have to cover, so no problem on my side. I can cover when we are in D wave.
Yep. Things that make you go hmmm. Maybe I should have accounted for the lunch ramp as Joe 6Pack checks thier online account during the ramp and wants to be part of the action. Hehe. Let's see what happens..
I think we retrace now on the QQQQ. Made a slightly higher high on the retest. Should be down now.
Added another AUDC short position at $9.90 - 9.92 eom
FYI - AUDC set for a a big 3 day dumperoo to below $9. It has an accelerator candlestick and just broke support from yesterday. I'm short now at $9.97. All IMHO of course.
I'll keep my QQQQ short for a while.
Nice read Poker. I would assume this is the overthrow now, but your plan may actually come as mapped.
Then you better tell ORCL and MSFT that, cause thier going for new session lows...
GE and IBM also hitting resistance.
Not gonna happen, short QQQQ at $37.87 eom
I'm looking for one more QQQQ high here before noon and I'm going short. Good luck all.