AI
Thursday, March 16, 2006 1:29:18 AM
Hey guys, just popped home to feed the cats. (I almost forgot about them - hehe)
Anyway, I have to tip my hat to Poker for catching that possible backtest. I didn't catch that until I saw your chart. Very observant. It's so funny how when you're totally seeing things from one side, you catch all the patterns like that that prove your case. And of course, vice versa. The downtrend line on both the weekly and daily Q's and NDX chart was the exact stopping point today. Then add that uptrend support line that Poker showed also being the same area and you have what I believe is known as the 'kiss of death' trade. That of course is only a temporary pattern as it might suggest another run down to the lows going into next week. But that's all you're going to get I think on the downside. March 28th is the fed meeting and by every indication, that meeting they should mention what their goals are and they should be about done raising. That's why the market and particularly the financial stocks are moving so well. It's all about the fed. Not the technicals. Good eye, Poker. But I still think you're all wrong on your count!
Anyway, I think that since every technician out there sees this the same way, there's going to be a ton of bets against this move. Any 'push' higher is gonna create one helluva short squeeze... I'll even bet that if the Q's close in the next 3 days (especially tomorrow) over $42, they'll most likely gun straight to $44 and blow right by that $43.32 high. And if that happens, that creates a multi year breakout that then confirms a new leg higher. It could get very interesting here in the next week!
BTW- my YM trades are not only Woodies. I can't help but stick to old habits. So, I probably make more trades than I should. But I just know what I see many times and can't help but get in early and average into trades. So, most trades I make usually end up with about 3 to 5 contracts as I average into them 1 at a time as I see things develope. But using Woodies layout, that then confirms the trades, or even gets me into them ahead of time as I average into them on those signals.
Anyway, I have to tip my hat to Poker for catching that possible backtest. I didn't catch that until I saw your chart. Very observant. It's so funny how when you're totally seeing things from one side, you catch all the patterns like that that prove your case. And of course, vice versa. The downtrend line on both the weekly and daily Q's and NDX chart was the exact stopping point today. Then add that uptrend support line that Poker showed also being the same area and you have what I believe is known as the 'kiss of death' trade. That of course is only a temporary pattern as it might suggest another run down to the lows going into next week. But that's all you're going to get I think on the downside. March 28th is the fed meeting and by every indication, that meeting they should mention what their goals are and they should be about done raising. That's why the market and particularly the financial stocks are moving so well. It's all about the fed. Not the technicals. Good eye, Poker. But I still think you're all wrong on your count!
Anyway, I think that since every technician out there sees this the same way, there's going to be a ton of bets against this move. Any 'push' higher is gonna create one helluva short squeeze... I'll even bet that if the Q's close in the next 3 days (especially tomorrow) over $42, they'll most likely gun straight to $44 and blow right by that $43.32 high. And if that happens, that creates a multi year breakout that then confirms a new leg higher. It could get very interesting here in the next week!
BTW- my YM trades are not only Woodies. I can't help but stick to old habits. So, I probably make more trades than I should. But I just know what I see many times and can't help but get in early and average into trades. So, most trades I make usually end up with about 3 to 5 contracts as I average into them 1 at a time as I see things develope. But using Woodies layout, that then confirms the trades, or even gets me into them ahead of time as I average into them on those signals.
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