Replies to post #30042 on ETF SWING & DAY TRADING

[Walkingshadow]

My views?

I guess you mean on the indices?


Well, I have been long DJIA since 4/13, that is going well. For the year I am up over 20% in DJIA with no losers, as opposed to about 6% for the index, so I am reasonably satisfied. DJIA is headed for a test of its all-time high IMHO (a bit over 11,700). We could very well see a blue sky breakout before all is said and done there.

Long QQQQ, underwater on that but I think QQQQ will break soon. The techs and especially the SOX have been asleep, but when they wake up, QQQQ will move of course. Long the SOX also, up on that a bit, but it has basically gone nowhere.

Short the RUT as of a few days ago, but that's starting to move against me now, and buy signals look like they are about to be confirmed. Have to reassess things there, might flip that to long.

Long oil and gas, that has done very well this year of course. Oil is headed for a retest of the all-time highs very soon IMHO. Overnight oil is trading between about $74.50 and $75, and the all-time high a few weeks ago is just above $76.

Covered dollar short today and now long; might have gotten into that too early, the dollar has more downside in the intermediate term, but is very oversold in the short term and looks ready for a relief rally. I am not looking for a lot from a long position here because as I say, the dollar IMHO is headed down over the intermediate term, and will likely test support levels in the low 80s.

Watching gold/silver and the 10 year note, hoping for a short entry in both soon. Gold/silver remains insanely bullish, but that can't last. I'd like to see deterioration suggesting an intermediate term (rather than simply short term) correction, but so far neither has occurred. Not gonna chase the long. The 10 year is breaking down now, should pull back soon.

Will probably take a long position in the Nikkei tomorrow, am reviewing that now. Quick glance shows new buy signals after a pullback to support at the 40 sma.

So: I am bullish on the major stock indices, oil/gas, the NIKK, cautiously and temporarily bullish on the dollar. I am bearish on the 10 year note, but not yet short, pending further evidence supporting of technical deterioration. Gold has no hint yet of a breakdown, but watching that closely for a possible short of a pullback/correction.


T