My apologies, emergency, thought will get out of it faster?!
N QQQQ 49.23 - 49.89
N QID 41.07 - 41.98
N SPX 1452 - 1461
13:09 ET, It is obvious that from our limits today the lower ones have served as "real limits" upside looked open today.
14:39 ET, COuld this have been it for YEN decline? careful, market could have diffuculites if so.
16:05 ET, Just around 39.36 QID stopped dead. If this level is not violated, or , at least 39.10 is not, we could have had a one day wonder.
25 comments:
Boris,
as usual, thanx, no apologies ever necessary, narrow range
let me be patient here.
old john
Dear JOhn,
Thanks, Yes, looks like inside job ( sorry, day)...
GOod Trading
All;
Predictions on when it heads down again. Yellow brick road says it will but when>?
old john
My thoughts John; don't be long going into Monday.
Dear John,
Needless to say, nothing goes down non stop.
So, the rally was predictable, considering the BUY pressures.
Watch the YEN and limits, I do not think market will turn down today.
So, let us watch the Gages YEN and see what devlops. As you said long may have worked today. For a short term trader that is all that is to know.
Resumption of down move will com, but need to correct the extremely oversold condition.
Good Trading
sqroot, boris,
thanx
conventional wisdom would say that todays gap up has to be filled.
old john
Hi Boris,
Thank-you for keeping me out of trouble.
Dear Hopper,
I am not sure how do deserve that, but the credit must go to you too. Cause you were able to listen and see a good thing and make a good judgement.
Congrats!
GOod Trading
Remember-15:00 Pending Home Sales
Expecting -2.5%
Yen at a pinch point here also
John,
The NDX also left a gap on Friday that needs to be filled at 2100. So, we are probably stuck between two gaps until one gets taken out.
blaine,
thanx
old john
All,
The top of this rally may show up as a touch of an exponential trendline on Friday or Monday, I suspect we might see roughly a 50% retracement of the indexes from where they were on 11/7/07..but we'll see...
Good Luck,
Mark Lytle
Lots of fighting between the bulls and bears on the q's between 50.02 and 50.20 or distrubtion. Just my 2 cents worth. watch to see if spx can close above 1464. That is an elliot wave support by caldaro. Waldo
Mark,
A 50% retrace on the NDX is just above 2100. That would also fill the Friday gap down. Looks like a good target to me...
The $ndx is up against its 20 ema on the 60 minute chart.see if that stops the rally. waldo.
Bought a little QLD for a short term bounce @ 100.8
Looks like they want to ring up 300 on the DOW?
Trin is way down--If another day of this it will be near 4 for the 5 day avg which is a sell
All,
Since we're in an A_B_C_pattern ("B" wave) here on the $NDX, expect it to get overbought quickly, and then decline some, and then strengthen into the end of the week, watch for two thrusts in other words..
Mark L.
Boris, do you think that is it for the yen. waldo
Dear Waldo, it is not for the YEN,
But remember our articke about carry-trade.
Can you use money at 0 rates?
It would make nice subprime ha? Except it is the banks that can raise this money at that rate not you. Well, you can , but you need bankinf raleationship, hopefully oversees.
Yen makes difference. SOmetimes it is hard to tell the horese from the cart, but that is the case in every selffeeding process.
Good Trading
All.
The S and P bounced off 1490 numerous times on its way down. I assume that will probe some stubborn resistance. Remember, just a novice.
old john
For what it's worth, the bullish percentage index fell again today even with this strong rally. The only bullish percentage that was up by 2 percentage point was the financials, but not enough to show a reversal of a longer term uptrend. waldo.
Today's SPX surge brought it back 2/3 of the distance it had sunk under its 65-day MA. A similar bounce in the middle of the August swoon lasted 3 days and brought the index to within 10 points of the MA. Currently, 10 points below the MA is the magic 1490 level.
lagscrew,
thanx, i just remember it bouncing off there a few times before it fell through
old john
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