Dear Readers, today's limits.
Attantion O - OLD, N - NEW.
N QQQQ 46.30 - 46.63 ( 46.68, 46.77)
Appologies for typos here.
Thanks Dear Greenie
Apparetnly was reading a wrong security
N GLD 65.00 - 65.45
N USO 49.41 - 50.74
N ECA 61.10 - 63.42
N SPX 1509.15 - 1522.65
N TSX 14042.45 - 14141.21
Does anybody remember 14140 is also a 2nd yearly resistance!? and if that breaks on towards 14814...
Careful now 11:00 +-15Min AM shaping up as turnaround and exhaustion point for QQQQ watch levels at that time 10:27 EDT-BORIS
Q's are showing signs of disorientation
Dear Readers, I must leave you for couple hours. Have fun and keep making good contributions. Really appreciate everybodies participation.See you in a couple...
Ok Q's came out of the decline and went higher. being away from my "home station", I am not sure exactly where we are, in terms of stthe bar counts and exhaustion, but it seems to me that we are approaching the 3rd resistance for today. TSX is also approaching the resistance area. ECA is plotting along in the parablolic fashion. This is where most of the money is made. In the mania.
Looking at XBN7 Gasoline Futures and reversal of today. Without having exact calculations of the Yearly limits, I estimate that at today's high of 234.19 we have hit and rejected the 3rd Level Resistance of for this commodity. Being the strongest component of OIL complex... are we nearly done/caput with ENERGY? if not we could look for filler up at $4 and higher! Let us hope not... We could be looking at the same situation in XOI. My Record in XOI is incredible. anybody can look it up. So, let the bulls hope that I do not say SELL, which I just may do...
That is all she wrote...
Have a nice weekend everybody and thanks for your participation
15 comments:
hmmm...your downside for QQQQ is very low. Are you seeing potential for a big down today?
Also note that some of the sectors not followed as popular indices have started to plunge (IYR for example).
Thx, G.
Dear Greenie, I could say, I told you so... but who cares. I warned about REIT collapse right before Sam ZELL sold EOP for elephant price... Well such is the suckers market. There is lot of them in ENERGY right now...
Thanks again for being alert Dear Greenie
Looks like the HUGE rally will start next Tuesday, after Monday dump. Rally should last into end of month where perhaps we see QQQQ 48, SPX 1550.....we remain in lockstep with 2003 70 day cycle pattern. IF the market proves most people wrong most of the time, then we are NOWHERE close to top, as 15 day ISEE senteiment index has (in last 5 years) never given sell signal without being much MUCH more bullish than now.....in fact, Joe Q remains steadfastly bearish.
"... Well such is the suckers market. There is lot of them in ENERGY right now..."
lol!
Our Canadian Bay street shills are telling everyone to buy Energy...don't worry be happy...no correction this spring because everyone is expecting it...market healthy...lot's of liquidity...yadayadayada...
Danno
Dear RK, such an interesting name. Every time I read it, inadvertently I see the R2K index and it seems to have rolled over(: :) just a little somthing to lighten up our day. But, I can not see anything impossible in your scenario. It certainly may prove a lot of people wrong, not us though. You know we are ready for anyting here. Good Trding Dear R K.
Joe Q doesn't have an opinion. They given their money over to the Banks to do as they please.
Dear Danno, This/anyother markets are trading vehicles. If something is going up and you are lucky to be in it, just keep your trailing stop and let it rip. Things end when they end and only GOLD may know when that is. We can/should just be careful and trade accroding to the prevalend winds, but anecdotal evidence you bring has considerable wait for sure.
Good Trading
Dear Readers Danno's point is well taken. P/C ratio is the real money in play. Survey is what people say and P/C is what they do. P/C is now condusive to possible dive. Still R K, scenario has merit as well.
GOod Trading
You're right Boris. What do I care which way markets go and for how long. Whatever direction they decide, may they travel far. Well get the turns, that is most important. My Encana is doing what I expected it to do...and yes I'm trailing.
happy trading to all.
Danno
Honestly, I have traded for 20 years and NEVER seen such gappy crappy charts across the board, BUT we have liquidity PARTY going on and interst rate cycles do suggest it continues at least until Oct / Nov of this year. As a matter of fact, the man who does the interest rate cycle work suggests SPX blow-off to around 1800 by above time frame. I ask to you sir Boris, can this happen within the context of your work without DOLLAR diving 20% or more from here ?
Dear R K. We love haveing you here and we love your questions. I did see the work of the man you suggest Landrey his name I think. Why not Dear R. K. all it takes $ index at 78 or there abouts for SPX to be at 1800 and actually stay where it is now!... wow, what did I just say. Of course, it is possible. We are too much of a child of Quantum Physics and Heisenberg Uncertainty Principles to reject anything and scenario you describe is not that outlandish to us.
Thanks Dear R K. and Good Trading
Boris,
If I don't say it later, I'm saying it now...have a great weekend and thanks for your help this week. TSX is closed on Monday but I'll trade the U.S. if I have to. You think they'll start a party without the Canadians?
Danno
http://ca.news.yahoo.com/s/18052007/3/canada-pump-prices-remain-high-gas-tax-break-table.html
1 + 1 = 2
Very auspicious.
Danno
Dear Dano, I guarantee next week will be interesting. So, rest up and get ready for battles. Something tells me next week maybe memorable.
Good Trading
Amen Boris.
Bringing smelling salts just in case.
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