Dear Readers, today's limits.
N QQQQ 46.16 - 46.34
N GLD 66.07 - 66.53
N USO 48.15 - 48.83
N ECA 55.37 - 57.89
N SPX 1486.05 - 1506.55
N TSX 13790.67 - 13974.54 ( 14010, 14071)
We are at the top range 1 st resistance TSX if no big push in 3-4 minutes we may hit an exhaustion bar and start heading lower.
It seems to be going for 14010. Good Call Dear Danno. 10:58 EDT.
Looks like this rally has legs into early Monday.
This is by the same source , that alerted us to 1:42 bottom yesterday. No guarantees for such perfection.
Do you have a headache from all of these head fakes. Market goes up, market goes down. Everybody is feeling like being in the boat and just about to vomit. This is the markets job to get investors to an exhaustion where they are unable to act, frozen like Volga in winter.
Good Trading
Jim Taylor, JD said...
S&P Closed yesterday at support 1491.89
now rejected by 1501.56
NAZ will test support at 2550.25 (+16.51)
DOW will test 13282.56 (+67.43)
Looking for TREND CHANGE BY 0:9:45 PDT
5/11/2007 9:16 AM
QQQQ took out the 5th resistance today 46.58. Rare,very Rare event, came with an exhaustion bar, fake low volatility open turned into highly volatile move. You know I still have the yearly target 48.25. Does not have to reach it, but if $ is going lower next week or so, that would be the perfect time for stocks to make new UN-REAL record highs, to get the last minute BOZOS in for the trip nowhere, but lower, at least in real terms.
As Georgian Proverb Says "what does thief need? a dark night"
TSX is also showing the trend exhaustion for now.
Jim Taylor, JD said...
MINI CLUSTER AT:
NDX 100 1892.25
R2K 826.56
5/11/2007 9:52 AM
Jim Taylor, JD said...
DOW is the weakest index.
Looking for test of 13282.56 at 12:15 PDT
Indexes in Distribution Mode until 11:22:30 PDT.
5/11/2007 10:57 AM
8 comments:
Hi Boris,
S&P Closed yesterday at support 1491.89
now rejected by 1501.56
NAZ will test support at 2550.25 (+16.51)
DOW will test 13282.56 (+67.43)
Looking for TREND CHANGE BY 0:9:45 PDT
JIM
Dear Jim, thanks as allways.
Good Trading
Yes Boris. You summed it up nicely this morning. Are these sucker rallys? -- Jim's trend change time is very helpful. Thanks as well.
Danno
Dear Dnno/Jim, the same source that allowed us to say yesterday.
"We approach a support for Stocks and possible turnaround point right now 1:42 EDT, This means either taking partial profits if you have any or do not short here.
" ( turned out precisely correct )
is suggesting that while we may turn down here, for technical reasons. There is a good chance for this rally to continue into Monday Morning 11:20AM
Good Trading
And Yes, JIM is doing fantastic work and we all enjoy his generous fruits.
MINI CLUSTER AT:
NDX 100 1892.25
R2K 826.56
JIM
DOW is the weakest index.
Looking for test of 13282.56 at 12:15 PDT
Indexes in Distribution Mode until 11:22:30 PDT.
Jim
Okay Boris.
If what you say with QQQQ transpires over next 2-3 weeks then I wonder if TSX could possibly reach 14400 inflection point.
hmmmmm.
Danno
Dear Danno, fter TSX ate the 1st Yearly Resistance at 13749, the 2nd attraction point that stands at 14148, which is if I can still calculate in my head 1% above here and QQQQ is also about 2% above here. 2-2.5% would make the TSX go up to 14300-14400 area indeed.
Good Trading Danno
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