N QQQQ 49.85 (49.71, 49.50)- 50.51
N QID 29.75 - 40.84
N SPX 1444 - 1451
Very Anemic Market, Slow Boring Foreign Currency Market even as YEN made one point higher since last Friday. Volume None(almost)
Regarding GOLD the real strong support lies at 770 cash
11:00 ET, Q first limit just hit so is the YEN limit.
11:22 ET, YES we supported on second 49.71 , with exhaustion bar, se the limits up there
11:29 ET. this is not a good time to purchase, just got the exahaustion on the sell side.
13:38 ET, IF this dive does not stop at 49.50, we go 49.12
14:27 ET, 49.50 held with a minor penetration. Bottom?
14:54 ET, Unless Market springs back up, getting the washout?
25 comments:
Boris, shouldn't have heavy volume this week because of holiday thursday, if we get high volume it should be to the down side. This is the week that they can move the market any place they want. waldo
Dear Waldo,
Agree the holiday makes it a volatile and somewhat fake market with a low volume...
Long live Holiday.
Good Trading
Things (banks) are ready to crack here
This dont look good at all when moast indicators are on the buy.
Picked up a bunch of QID just in case this morning
CRASH?????
Boris
Instead of washout bottom, could the market just slowly grind lower until the turn on the yellow brick road?
old john
Dear John, Could be,
Could very well be...
Good Trading
Dear Lag,
GOod Luck,
We just hit the first limits, could be it for the downside. Careful here
Good Trading
Blew threw that one--do you have any more
tradeable bottom?
old john
Dear John,
If onw was to catch exact bottom would be nice, but we missed and I frankly would not like ys getting back there...
Good Trading
Thank you Boris
boris, thanx
too risky considering we have a few days left with yellow brick road projection .
Thanks Lag,
And thanks John,
I agree , it is too risky right here.
GOod Trading
Boris, I have 91.47 stiff resistance on fxy. Is that what you have and do you think we break thru? Thank you, waldo.
All, a few comments:
I'm watching C today. Looks like a short-term buy at $32. You have some bullish developments in volume and RSI. It could rally back to its 50 DMA at $42. There is also a gap needing filled up to $41.90.
I'm bearish with everyone else on this board, but this trade looks like a good risk/reward if you are patient.
Finally, the put/call ratios are getting into bottom forming territory. Boris' gauges say buy on the SPX. I don't think we have much more downside here in the near-term.
The markets are also holding today's lows --- so far. If we washout near the close, then all bets are off.
Good trading
I am just a novice but I like the yellow brick road. In fact, I should have just bought some QID a few weeks ago and just sat on it until the brick road does its thing. Brick road has been accurate and then you add Mark L and the rest of the chartists, sometime between now and next friday they almost all agree on.
old john
Dear Waldo,
FXI resistance points for today
175.56 176.58 178.24 181 184
Good Trading
Boris
stupid question--when you get a real high or bad tick like we just did in SPY does that knock out the put positions and if it does which side of the market benifits (direction)
I dont do options
LAG
Dear Lag,
Nothing happens to options, unless somebody reacts to those ticks. If so, obviously the person who reacted lost as he/she was reacting to ( perhaps) bad info?
Good Trading
I thought maybe it would trip their stops
Dear Lag,
That is an action is not it?
SOmebody placed the stop.
Does not matter when.
That is what I mean by action.
It could also meand that the stop is mental and somebody watcing the event "pushes the button"
Good Trading
Boris--THX
Mark,
I spent some time going over the $NASI summation chart. It seems a very useful indicator for medium term bottoms but you stated that it is not a good indicator for tops. Is there some other indicator to use.
thanx
Old John
Between the yellow brick road and this, my retirement fund has not suffered.
Hi Boris/all,
Just watching the action today. Assuming the November 2 high was a failed fifth wave and the end of the last up trend, I now see five waves down in this downtrend. If so, an upside correction should be comming soon. There may be one more low tomorrow morning at the open before the rally. The banks put in a double bottom today and the relative strength of the NDX has me optimistic for a shortable bounce later in the week. I will be looking for the usual fib retracemets on the SPX as my targets for a bounce.
Mark P
Dear Mark,
Everything you say fits perfectly inot the YELLOW BRICK ROAD outlook and it seems to me the washout of today satisfies the need of GAGES as well...
Good Trading
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