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A little dip below the Double Bottom neckline but I consider the Double Bottom still is valid, targeting 1657 or 1664.75.
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Trading DAX has been a rollercoaster this week. When Americans (or Israelis?) fired some test missiles/Patriots in the early morning (5:00 a.m. EST) DAX lost 90 points in about 90 seconds... Nerve wracking because I get the info 5 minutes later than traders who have real-time hook-ups with thomson-reuters or bloomberg. So I have to buy the dip blind which isn't much fun
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My summation index signal is neutral. It could turn up this week, perhaps tomorrow.
My composite trend signal is down. Today may be the first day in awhile it shows some improvement.
This rally could travel quite a ways without upsetting the current down trend.
Then again, it could also be the start of a change in trend.
Thus, it looks like it may satisfy the "no easy for bears" principle,
which means the move will be a turn or it will look like a turn even if it isn't.
Fun stuff.
I guess it is possible that the rally could fizzle and flop. I imagine that would be quite bearish.
My stop is still a ways off.
I still have capacity to add short at higher prices.
I need to see how trade moves my signals over the course of the week to figure out next steps.
Current position could be a loser.
I posted some charts in weekend forum with possible targets and stuff.
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BachNut, you sure have guts to short here. On the very short term the SPX-W looks bullish, and the two SPX gaps higher up look bullish too. Of course, the internals are lousy, but I'd like to see a strong countermove/a few more days of upside before I consider the short side
Mr. BachNut wrote:Short. No change.
My summation index signal is neutral. It could turn up this week, perhaps tomorrow.
My composite trend signal is down. Today may be the first day in awhile it shows some improvement.
This rally could travel quite a ways without upsetting the current down trend.
Then again, it could also be the start of a change in trend.
Thus, it looks like it may satisfy the "no easy for bears" principle,
which means the move will be a turn or it will look like a turn even if it isn't.
Fun stuff.
I guess it is possible that the rally could fizzle and flop. I imagine that would be quite bearish.
My stop is still a ways off.
I still have capacity to add short at higher prices.
I need to see how trade moves my signals over the course of the week to figure out next steps.
Current position could be a loser.
I posted some charts in weekend forum with possible targets and stuff.
UUP (dollar etf) above its 50day MA, first time since mid July!
However, most of the strength today is coming from a yen collapse, esp. versus the dollar and the Aussie dollar, so it's not nec'ly a "risk off" signal. However, materials sectors denominated in dollars may suffer RS weakness today as a result.