Hi Boris, The trendline charts are boring today, little interaction between price and the trendlines as the market still hammers out a temporary bottom. Of interest is the chart of Nasdaq new highs ($NAHGH) which in my experience when it hits either it's Bollinger bands or declines to the level of "15", usually produces bounces..so I would expect a bounce to materialize sometime on Monday, since both conditions are now met. I personally plan to reshort the market after the bounce is over...Regards,Mark Lytle
Dear Readers, The National SOPITALIST Casino is closed for today. We did not trade today and advised not to play with the long side and if yes only for a quick profit, which was possible. On the intermediate outlook we must trust YELLOW BRICK ROAD and it is not disappointing so far. It looks like YEN decided to send Investors of the world with sadness into the weekend and staged an impressive rally, just when it looked that Stock Markets may, just may, recover in the sessions end. Such are the Bear Traps, they are always staged strategically...
11 comments:
Boris,
Made a few dollars, not much , but a little. You have to hand it to them, shake out the longs, shake out the short and then shake out the longs in one day. Very impressive.
old john
Dear John, Enjoy
Good Trading
Dear Boris.....
Do you include the Icelandic Krona in your list of commodity currencies that should start declining against the USD in the Feb/Mar timeframe you often mention?
What does your crystal ball say in general about this currency?
Have a great weekend!
Dear Xerxes,
I know people follow this currency.
I do not...
I can not follow thinly traded currencies. I just refuse to...
Good Trading
Mark,
thank you for the chart
old john
Sorry guys use this one
http://stockcharts.com/h-sc/ui?s=$NYHL&p=W&yr=3&mn=0&dy=0&id=p39346379897
Mark,
would you play the bounce or wait to short it ( or both)? thanx
old john
In my humble opinion, I think there is still some lower to come before a bounce. I've been using GS as a proxy for the market and it closed just below resistance after the late day selloff. Many of the stocks I watch broke down to a new level as well.
I'm guessing that it might be obvious from the start based on Asian and European action monday morning. If the market gaps gown on the open below friday's low, I think SPX is going to 1409 before bounce.
Mark P
Mark,
thank you
old john
Mark,
I am with you. Any bounce we see on Monday, if there even is one, will be short lived but think the SPX will see major price support at 1370 area which was the low in the March and August corrections.
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