Bquat's Account Talk

[Mcqlives]

Originally Posted by Bquat

1257 last chance support before major correction

Well glad the 1257 area held, my chart doesn't go lower. Hate to have to make a new one. Hope today will be a bottom and not a dead cat bounce.
Thanks for visiting KevinD

But is it a dead cat bounce?...not that I am opposed to dead cats, it's just that when money is involved I get a little uptight:blink:

 

[Bquat]

But is it a dead cat bounce?...not that I am opposed to dead cats, it's just that when money is involved I get a little uptight:blink:

I was a little worried it was just a bounce when I saw futures S&P at -7 (1268) but now the're at +5 (1280). So I think were ok now.

http://www.bloomberg.com/markets/stocks/futures/

A break of 1292 to get above resistance and get us above the bottom of the current channel would be bullish otherwise we bounce back down.

If we can get above 1302 and hold we would recover tho 50 DMA and be very bullish.

James48843 on P&F chart school is calling for a double bottom breakout to 1200. But I don't know if that was if we broke 1257 or with todays action.

I'm slightly bullish with seeing the futures going positive.:suspicious:

 

[Bquat]

Low base forming at 1268. Bearish:worried:

 

[RealMoneyIssues]

Low base forming at 1268. Bearish:worried:

Aren't you just full of good news?

 

[Bquat]

Yea and I hope we bounce off 1250 and get back up to 1257 and my chart.:worried:

 

[Bquat]

Cross your fingers, he we go, hold on. Somebody is buying this dip.

 

[Bquat]

Doesn't today's pattern look like a minacure this?

 

[Bquat]

Originally Posted by Bquat
...
My resistance and support levels for 2011 are:

1557 October 2007 peak
1425 May 2008 lower high before all hell broke loose.
1385
1343 2011 peak in Feb, strong resistance Extreme chance of double top
1332 Top of channel, (2 week) double top chance strong resistance.
1327 resistance
1322 resistance
1318 resistance
1309 resistance
1302 Bottom of Channel, chance strong resistance.
1297 resistance
1282 resistance
1275 resistance
1270 support
1257 last chance support before major correction

Well glad the 1257 area held, my chart doesn't go lower. Hate to have to make a new one. Hope today will be a bottom and not a dead cat bounce.
Thanks for visiting KevinD

As we saw it was a dead cat bounce and we did go up a little and back down to 1250ish and now back up. We got back up to 1275 and built a high base.

Tomorrow? I think we gap up over 1275 resistance and drift up to 1280ish and hopefully build another high base. bullish 55/45

Hope we have seen the bottom of this correction and return to the bottom of the bullish channel at 1302 next week.

 

[Mcqlives]

We got our 1280ish today like you stated and I hoped for as well. As long as BO gets the no fly zone going and the Japanese get the pumps going (electricity hooked up this afternoon) next week may rocket! Lets just get a little good news and no bad news and we are set! Lets hope we break the 1332 mark next week!

 

[Bquat]

Well we settled back down to 1274ish and may be resting on support. The reasons I'm not calling it building a lower base is that we slightly rose at the last of the day and the selling may be people not wanting to hold for the weekend.

Still slightly bullish. 53/47. It can go either way but I think up.We need to keep above 1274. We need to consolidate and drift up to 1282 and need to break it and get above 1302 next week to become bullish. A slow build whould be enought to slowly get people more bullish. A fast build here may cause people to take pfofit beleveing it may be their last chance to do so.

Like a train with 100 cars behind it. It takes off slowly and builds speed slowly and then picks up speed faster and faster. If you stop it while it's building speed it has to start over. If you let is get going it builds up so much momentum you can't stop it.

 

[Mcqlives]

I agree with your last post but there are 2 overlying theories to consider.

The first is right along with what I take as your train of thought. If this theory is right then we need to retest the Friday intraday low on a low volume of trade, then the train starts up.

The second is that this was just a fear the news driven consolidation in the bull run which began almost 2 years ago and the train just needed to take on some more fuel.

 

[Bquat]

I agree with your last post but there are 2 overlying theories to consider.

The first is right along with what I take as your train of thought. If this theory is right then we need to retest the Friday intraday low on a low volume of trade, then the train starts up.

The second is that this was just a fear the news driven consolidation in the bull run which began almost 2 years ago and the train just needed to take on some more fuel.

I'll first and second you and see you one.

First: I agree with your second. This market was looking for any bad news to get the larger market consolidation it needed.

Second: The Japan reactor problem is priced in and things might be getting better with electricity being restored. Everyone and even their Arab brother is getting involved with Lybia, which my bring things around quickly.

Third: There is an inverse head and shoulders that may complete at 1290 in the S&P.

Ok, tomorrow, Gap up to take out 1280 and a drift up to 1295ish. That 1303 is still going to be tough. If we can break it soon we reenter the lower channel and bulls should line up because the correction may be done.

Ok lets take a chance 59/41 bullish

 

[Bquat]

Did good on that last guess. Why thank you I got lucky.

 

[Bquat]

Ok here we are again at 1295ish and we even built a high base. Bullish

Going down we hesitated at the 1302 area a couple of days, so we might have to consolidate here a few days before before moving up. Three days of gain, I hope the bulls are sure that we can keep going up and don't take profit here.

The good is that we both confirmed the inverse head and shoulders by breaking above 1290. Another good is that we have broke out above the resent down channel that was confirmed with both lower highs and lower lows and we may have confirmed a large bull flag. All these events could be very bullish in themselves.

The bad is that we have strong resistance at 1302-03, we hit the 50 dma at 1303 and the 20 dma at 1304 and investors look for a bounce off of daily moving averages and may have stops set in for and slight drop after touching these.

I 60/40 bullish and will get more bullish if there is consolidation here and no gain taking.

Maybe Birch's train theory may come in and we just bypass the next 3 stations and gap to 1305 and build a new high base at 1309ish. It could happen.

 

[FAB1]

Did good on that last guess. Why thank you I got lucky.

SG gave you an answer maybe you can interpret it for me?

Looks to me like we hit a glass ceiling again and falling down the stairs at an ever-increasing velocity. Sucks. Thats my analisys for today.

 

[WorkFE]

Sucks.

+1

 

[Bquat]

SG gave you an answer maybe you can interpret it for me?

Looks to me like we hit a glass ceiling again and falling down the stairs at an ever-increasing velocity. Sucks. Thats my analisys for today.

I was just trying to give him an out without saying. "Danger danger Will Robinson Tom is watching!"

 

[Bquat]

+1

Thanks for visiting. You guys may be right but 1294 looks to be a hold spot?

Plus your track record is good.

 

[WorkFE]

Plus your track record is good.

You have me confused with someone who is actually making money:nuts:

I've been to the 700 land.

 

[FAB1]

You have me confused with someone who is actually making money:nuts:

I've been to the 700 land.

Ah just last year 400 was in the deep end. I think we might start calling it The 700 Club. Apologies to Pat Robinson!