Replies to post #205 on Short Term Trading (NDX / NQ / SMH)

[pegwatcher]

Buzz, on your chart if you draw a line starting at the March low and parallel to your line connecting the highs, we would touch it around 1330 - 1335 tomorrow.

that is my buy target. Expect we follow through in the morning with some more selling. jmho, may not be worth much, lol

[xe2dy]

Nice chart. The ADX red -DI should peak soon and that's one of the things I will look for. So I think we see a bounce first followed by more downside. Again, the rising price of oil, slower retail sales, the prospect of another increase by the Fed next Tuesday, the election, the terrorist threat and the jobs question tomorrow (did I leave anything out? LOL!) should prevent any sustained rally.

Also in regard to 'panic selling' that may be an 'old' indicator to some degree.

The IT revolution has empowered a greater number of retail traders, like myself, that would or could have taken short positions today with out actually selling any long positions out of fear. More of a greed issue.

Like pegwatcher, JMHO

[pegwatcher]

BuzzOnDaBeach - maybe your Sept 03 low target is correct. Getting closer and closer...