Replies to post #13533 on Market Sense and Sentiment (MKTSS)

[RCKS]

Hi Bernard it looks like you are betting long medium term. Do you have targets price rise?
The key is, IMO, the pivot area of 8550-8600 right here on the DOW. If it can clear this area I think we could reach 9000 before we start a bigger summer correction.
I was looking at the $BPCOMPX, $NASI and $NYSI. These indicators are at levels where we get corrections. I am still betting down but I am not staying short to 9000.
I screwed up yesterday in that I had Calls off the lows but when it was slow mid-day to move up I sold them for small profits. Mistakenly I just haven't respected that the market could move up as much as it has without more of a correction.
Even today I was trying for Calls and I missed by a nickel but I was being cheap, again not enough respect for how much we could move up.
I need to listen to your medium term view more carefully.
If you have time I would love to hear your medium term targets if you have them.
TIA, Bernard
steve

[Bernard Ng]

IndexPulse TrendWatch for Monday

Overall Market:
Long Term: Short
Medium Term: Long
Short Term: Flat

Time Frame and Trading Signals: as stated in iBox

Futures are green. FTSE is close for the day. TNX gapped up and consolidating at high. The market looks bullish at the moment. The testing signal suggests that we should fade the gap, and hold on to it till 8500. If the gap running runs through 8600, the refuelled-bull could crush the bear. If we did get the sell off, and hold up at 8500, we could then go thru the roof tomorrow. Again, I don't like to call this market, it can go either way BIG!

10:00 will come out at 10:00am during the trading day. It could affect us for 5 min.

INDU's 5 day MACD support at -45, resistance at +45. A short at +45 is here to stay for a while if we are going to fade the gap, but when it turns up again, we should really close the short position.

INDU should have a trading range between 8500 and 8625.
NDX should have a trading range between 1120 and 1150.
SPX should have a trading range between 920 and 935.
the range doesn't include the breakout scenario JMHO.