Bquat's Account Talk

[RealMoneyIssues]

Wasn't such a small gain after the big move up in the closing hour of the day...

maybe we can finally start looking for a low?

I think that is what the big boys WANT you to think...

 

[Mcqlives]

Wasn't such a small gain after the big move up in the closing hour of the day...



I think that is what the big boys WANT you to think...

That is what I am wondering as well...what news I saw was is just the same ol' bs that has been going on over the past few months. I, for one, expected this low some time ago and am getting tired of the same news driving things up, then down, then up, etc...

As for what low I am looking for, I don't believe today was it. I am just saying that, hopefully, we are close timewise.

 

[Happy_Trails]

Maybe an automatic computer programmed buy switch was triggered at the end of the day?

 

[Birchtree]

The news is that EU bankers are working on another plan - they'll get it right one of these times.

 

[Bquat]

Maybe an automatic computer programmed buy switch was triggered at the end of the day?

It was computer programs, the Bears have over shorted the market and when the Bulls bought the news they had to cover, so you had double volume buying. Its just good news happening exactly when almost everyone was predicting the market to go down. Could this be enought to restart a new bull rally? I think not because this was a lower high and there is still, even though it may be small, resistance right above us. The wave did wake up all us frogs and there was a disterbance in the force. I'm still a little bearish but may be cohersed to jump with a higher high from here. 1130ish

 

[Birchtree]

Remember in August we had a 2100 point drop in the Dow and it happened in just a little over two weeks. So who knows how much power will show up as rocket fuel - no matter, I'm a buyer regardless.

 

[rcknfrewld]

Not being a smartass here, birch, but when would you stop being a buyer

 

[Bquat]

I appreciate all the technical analysis all of you have provided but I think we have to throw all of that out of the window when the next shoe drops (Greek default followed by a bank run on Italy and Spain, and/or possibly a Chinese bubble crash), all support and resistance levels will be vaporized. I don't know if it makes much sense to look at support and resistance levels when the market is ruled by so many external factors and trading bots.

Did you see where that guy came up with 1076 and I didn't know of it until I redrew for it and it turned out as the bounce area today. It turned out to be a major turning point as some turned bullish here.

I have to admit the news had a lot to do with the last hour buying but it did turn before that. I'm not in so I hope this was just buy the news and we go down again. I missed a 4% gain but I also missed the 4% loss the day before. Even steven?

 

[RealMoneyIssues]

I'm not in so I hope this was just buy the news and we go down again. I missed a 4% gain but I also missed the 4% loss the day before. Even steven?

This was a news (actually rumor) driven by the PPT... Nothing solid nor long term...

 

[Bquat]

Sorry guys real busy today. In the pond still pondering. Good luck

 

[Happy_Trails]

Did you see where that guy came up with 1076 and I didn't know of it until I redrew for it and it turned out as the bounce area today. It turned out to be a major turning point as some turned bullish here.

I have to admit the news had a lot to do with the last hour buying but it did turn before that. I'm not in so I hope this was just buy the news and we go down again. I missed a 4% gain but I also missed the 4% loss the day before. Even steven?

I would be curious to know what Tom Demark is saying now that we have hit 1076 and bounced. Has anyone heard anything from him since the bounce?

 

[Bquat]

Ok, got some more time. Here's a simple chart of the short term.If 1132 holds I'm going with this::worried:

Ok, comments, a guess maybe?

 

[Happy_Trails]

Ok, got some more time. Here's a simple chart of the short term.If 1132 holds I'm going with this::worried:

Ok, comments, a guess maybe?

Interesting chart - saw another swing trader on Traders Talk indicate a buy signal would be generated if we break 1135, right at the top of your channel if I'm reading your chart correctly.

 

[Bquat]

Interesting chart - saw another swing trader on Traders Talk indicate a buy signal would be generated if we break 1135, right at the top of your channel if I'm reading your chart correctly.

That would be a better entry point and it would have confirmed yesterdays action. Me I'm little bear.

 

[Birchtree]

So the youngsters are protesting our incompetent leadership - blame it on Obummer - afterall they voted for him and his inexperience. The young lack wisdom.

 

[malyla]

The young lack wisdom.

...and the old lack flexibility

 

[RealMoneyIssues]

The young lack wisdom.

...and the old lack flexibility

I'll take wisdom over flexibility any day of the week

 

[Happy_Trails]

That would be a better entry point and it would have confirmed yesterdays action. Me I'm little bear.

Looks like 1135 is acting as resistance for now. Let's see how it goes the rest of the day.

 

[Bquat]

You guys may make me chance my mind.

You have a good move up and confirmation. I have my eye on it.

 

[Happy_Trails]

I would be curious to know what Tom Demark is saying now that we have hit 1076 and bounced. Has anyone heard anything from him since the bounce?

Just found the answer to my question over on Trader's Talk, probably would pay to be patient and not chase at this point. Here is the update regarding Demark and where we may be headed:

Great interview on Bloomberg a few minutes ago. Demark who called the S&P 1076 low:
Dailyrecord.com - Sep 22, 2011
The S&P 500 may drop as low as 1076 before investor panic abates and stocks rally, according to Tom DeMark, the creator of indicators for identifying ...

looks for resistance at the 1186 area, possibly tomorrow or Friday, and then a lower low during October.