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this weekly bar looks like Oct 6 2008, but at least that one has a tail...Cobra wrote:no good, this could mean there's at least one more try on the downside today after a rebound if any. what is wrong with this market?
It may be that if 1175 falls, selling will pick up.STC wrote:Cobra, What is the exact target of the H&S pattern on SPY, you mentioned yearlier Nov 2010 low which is around 117.5 but it seems like the target is lower?
I guess institutions got way too huge profit in the past two years, now they are taking profit. So yesterday's huge sell off was done orderly, not panicCobra wrote:no good, this could mean there's at least one more try on the downside today after a rebound if any. what is wrong with this market?
Check my public chart list, the last chart begin with 4.x.x, TSX long-term trading signals (apply to SPX as well) use that to guide your long term investment (attention, I said "guide", it's not an investment advises). I'll explain the chart in details later but you can see it now. I thought to publicly announce this chart long time ago, just, forgot to do so, guess a little late now. It's for long-term, really really really long term as it's monthly chart.Ninja Trader wrote:Cobra,
what do you think of DOW theory, worthless for a day trader as it discounts minor trends, however, for intermediate time frame/401k money I believe there was a DT sell signal yesterday and it follows the DT sell rules rather than a basic non-confirmation
what do you think
sorry if this posts twice, still getting used to the forum
I hedged my position. This is nuts.Mr. BachNut wrote:Detcting some buying as well as some dumping (probably margin calls).
Bought some PFF. Down 3%+ and well below November lows. Yielding 7.2%.
If banking system collapses next week, it will be a bad idea.
Cobra, SPY just reached 116.87, do you think that the H&S pattern is completed now? Should we expect a decent bounce for the next week or 2?Cobra wrote:see tinted area. I know I cannot simply use tinted area to do the measure on log chart, but should be close enough. H&S Top has only 55% chances to reach the text book target, so normally, I won't expect it to reach the target, the Nov 2010 lows should be it.STC wrote:Cobra, What is the exact target of the H&S pattern on SPY, you mentioned yearlier Nov 2010 low which is around 117.5 but it seems like the target is lower?
same here but it's so hard to get short a market this OVERSOLD.... i bet the bears are also missing some of this move.newbie_77 wrote:oops i was too early... next stop 1148 ..... i wish i was short
Reach target doesn't mean the end of the selling.STC wrote:Cobra, SPY just reached 116.87, do you think that the H&S pattern is completed now? Should we expect a decent bounce for the next week or 2?Cobra wrote:see tinted area. I know I cannot simply use tinted area to do the measure on log chart, but should be close enough. H&S Top has only 55% chances to reach the text book target, so normally, I won't expect it to reach the target, the Nov 2010 lows should be it.STC wrote:Cobra, What is the exact target of the H&S pattern on SPY, you mentioned yearlier Nov 2010 low which is around 117.5 but it seems like the target is lower?