Don't know if the market will continue up from here, but looking at the wave structure, we had a higher wave yesterday (higher than the morning high of the 10th) so that could have been an ending wave. Now we could have started wave a or 1, and of course we have to have wave b or 2 wave up in order to get the c or 3rd wave down, so I will wait to see if we get further waves down....???
So far, we have had further waves down, so I will go with that until it doesn't make sense anymore...
dcurban1 wrote:So who gets the downgrades today in Europe? 3PM is the fun time!!!
I don't know but the S&P has been quiet lately while Fitch already released their updates. Today at close to get the news seems right. Markets need 3 days to digest anyway
dcurban1 wrote:So who gets the downgrades today in Europe? 3PM is the fun time!!!
I don't know but the S&P has been quiet lately while Fitch already released their updates. Today at close to get the news seems right. Markets need 3 days to digest anyway
I need a job at S&P to help my sucky sucky trading skills.
SB73 wrote:When it goes up you just have to get on board because it won't take a breather. When it goes down lots of stops are made to allow new entries.
when it goes down, you'll get whipsawed to death. you have all of about 2 minutes to make a decision to cover before the market marches up without looking back.
who cares about timing a buy...buy at any time and it'll go green in a bar or two.
Al_Dente wrote:“Any price spike that is too high, too fast, is short covering…”
“If it’s too violent and too vertical, it will usually exhaust” [Al Dente]
but the SPY can not be exhaust under 5dma, this looks like out of energy to continue, they need to pick a speed and trade above 5dma, because Da bears like what they are seeing, you don't have to go in detail on $NYHL to see that the trend is changing, remember my $NYHL neon light? just eyeball it you can see it clearly, we are now under 5dma a trend is down per my definition of short term trend.
Last edited by BullBear52x on Fri Jan 13, 2012 12:41 pm, edited 1 time in total.
My comments are for entertainment/educational purpose only. NOT a trade advice.
dcurban1 wrote:So who gets the downgrades today in Europe? 3PM is the fun time!!!
I don't know but the S&P has been quiet lately while Fitch already released their updates. Today at close to get the news seems right. Markets need 3 days to digest anyway
...I need a job at S&P to help my sucky sucky trading skills.
TDO:
Have patience young one (For me, Cobra is best teacher for patience)
Today is bad for you? Tomorrow (Tuesday) will be much better
You’ll get ‘em; you’ll get ‘em good...
PS: I got my face ripped off already today in ZSL…I’ll get ‘em tomorrow too…I'll get 'em good
Another data point for turn study. In addition to watching levels on McClellan Oscillator, I also watch trends for signs of reversal. Today we have a crossover down on a rising bottoms line. See bottom pane on chart. This is a bearish development. What is missing is that it is not coming from an overbought peak. So, I will look for confirmation (usually a jiggle up followed by a lower low) perhaps next week. You can see how prior trends were drawn on last year's cycles. I have found this type of study to be OK in terms of predictive value working well sometimes but not always buyer beware.