Totally agree, Red. I think the neckline break will be a fake and we will rally to 1070 or so.
If you look over old charts, there are a lot of times that H&S patterns don't play out. I think this one will after we have a mini-rally.
I covered a bit today, want to study charts to decide whether to load up on next intraday bounce (to cover at a better price tomorrow) or to stay part cash for a two day rally.
That is right!!! You are getting much better at this game, if my opinion is worth anything. Just because we are down X days in a row does not make it more or less likely that we will not be down x+1.
I used to follow Jim Rodgers before he became famous, in the days when he made Soros a $$$. He used PandF charts coupled with a firm understanding of the fundamentals.
Well, I got the sell off right, but I did get them out of order. I thought we would sell off first and rally into the close, but we rallied first, and then sold off.
We are at that point now, that we need a positive closing day to reset the oversold multiple days down issue. One big short squeeze, then more selling. It could be coming very soon now… maybe tomorrow or Friday?
CVX, option market was closing out puts and switching to calls today.
Totally agree, Red. I think the neckline break will be a fake and we will rally to 1070 or so.
If you look over old charts, there are a lot of times that H&S patterns don't play out. I think this one will after we have a mini-rally.
I covered a bit today, want to study charts to decide whether to load up on next intraday bounce (to cover at a better price tomorrow) or to stay part cash for a two day rally.
Friday
That is right!!! You are getting much better at this game, if my opinion is worth anything. Just because we are down X days in a row does not make it more or less likely that we will not be down x+1.
I used to follow Jim Rodgers before he became famous, in the days when he made Soros a $$$. He used PandF charts coupled with a firm understanding of the fundamentals.
You mean Friday, tomorrow is Thursday. We still trade on this Friday, so thats' the end of the week.
Well, I got the sell off right, but I did get them out of order. I thought we would sell off first and rally into the close, but we rallied first, and then sold off.
Ol' well… at least we sold off.
We are at that point now, that we need a positive closing day to reset the oversold multiple days down issue. One big short squeeze, then more selling. It could be coming very soon now… maybe tomorrow or Friday?
See, like i told you….you are just as good as anyone else; reference this mornings prediction of a rally. Nobody knows the future.
I will say it again, if you are right 30% of the time, you are a Hall of Famer!
P.S. Red you nailed it, so we were oversold. Now we are more oversold!!
Death cross is nearby for S&P 500
http://niftychartsandpatterns.blogspot.com/2010…
So where has the PPT been during this drop. Are they out of money or juicing up the printing presses?