Bquat's Account Talk

[Bquat]

1257 broken
1243 resistance
1235 resistance
1225 resistance
1220 resistance
1200 strong resistance
1180 resistance
1160 support
1140 Support
1120 Support


Still sitting in the pond pondering?

Looking to enter the market if the slope down lessons by 1145 S&P. I don't think this is a falling knife.

Oscar thinks we may have support soon but he's say's " maybe".

So is the drop area for the long term H&S pattern completed at 1145?

What do you guys think and your opinions count too.

 

[nnuut]

I'll wait to SEE IT, no guessing BOTTOMS for me!

 

[Bquat]

Bounced off 1150 and failed at 1170. Low base forming, staying in the pond.

 

[Mcqlives]

Looking to enter the market if the slope down lessons by 1145 S&P. I don't think this is a falling knife.

Oscar thinks we may have support soon but he's say's " maybe".

So is the drop area for the long term H&S pattern completed at 1145?

What do you guys think and your opinions count too.

Not sure about the 1145 either...if it holds we are good but if it solid breaks the next leg down is to around 1050.

 

[Bquat]

Not sure about the 1145 either...if it holds we are good but if it solid breaks the next leg down is to around 1050.

You may be right. Been a while since you posted. Glad your back.

1150 area held twice buts it's still a low base forming. See if the market turns up if it holds again?

 

[Mcqlives]

It probably will, but with all that is going on I am thinking it will be tested again in the near future. If the 1150 holds today and goes up to the 1180 or 1200 marks do you think that we can break out upwards without a retest of 1150?... I don't know but am betting not. I am waiting to see what moodys says, BO says, and who is on the committee before I do anything.

As for me not posting, I have been loitering but really haven't had much to say. I was fortunate to have jumped to the g when the cut cap and balance was tabled. Honestly, I would have bailed before then but was watching the possibility of the government dropping the corporate tax rate to 25% (would have brought alot of money back into the US). Once the cut cap and balanced was tabled I saw the gig was up and went to the G. Not out at a high but I certainly feel fortunate to be out when I was.

For anyone reading this who doesn't know what that means then please realize the bill was never even discussed/debated in the senate, it was just summarily and administratively thrown in the trash (AKA "Tabled"). If both parties had worked together to plan a decent deficit reduction goal the s and p (and may moodys too) had already indicated the credit rating would not be changed.

 

[Bquat]

1140 broke which make us below the 200 day and in a bear market. Hope 1120 holds but we can go down faster since the line in the sand was broke at 1150ish. Glad I'm in the pond.

 

[Bquat]

Well 1150 held as resistance. This may be bad as a confirmation of a bear market. Cross fingers, this can send us back down.

 

[Mcqlives]

Well 1150 held as resistance. This may be bad as a confirmation of a bear market. Cross fingers, this can send us back down.

1150 now acting as intraday upper resistance. 1120 broke once but holding a little (like 1150 did earlier). If it holds and we go up then I will wait to see what the 1150SPX mark does. If we close below 1120 then we are headed for 1080 then, if that breaks, 1050. If the 1050 mark breaks then there is a couple of descent stopping points on the way down where a recovery is possible but we could see the 950 or 880 mark pretty easy. Scary stuff!

 

[FAB1]

Dow lost 6.66 today. theres that spooky number again...OOOooooo!

 

[Bquat]

If you spread the S&P chart out to a 3 year time frame and choose candlestick, you will notice that 1100 offers good resistance. The bad point is that there's not much market hesitation below it. Also if you spread it out to 5 years, you will notice that 1150 was the top of one of the biggest down candles in 2008 which stoped at 990. So let's hope 1100 is the turning point. Hold this line.:worried:

At the close we were still sloping to the down side with not eveen a base building at the end of day. I will be remaining in the G pond.

Mcqlives, I don't see much strength at 1050 and only a little more at 1025. We are in a very scarry area and hope 1100 holds or your 1050 holds or there is more trouble.
710 is double bottom or we revisit 2008 low levels.

 

[Bquat]

After reviewing videos, Todays down candle was longer than yesterdays which was longer than the days before. We are going faster in the negative direction. We need to set the low and bounce up 1.5% above it and not look back.

 

[JTH]

It's called gaining momentum, it's the worst type of pullback.

 

[Bquat]

It's called gaining momentum, it's the worst type of pullback.

Did you exit? Are you going to ride it out? It's looking bad and even worse under 1100.

 

[Bquat]

Well I really liked how the futures continued down and bounced back up, but I think this may be a dead cat bounce. We need to break 1150 and mostly 1157 to ensure that we are above a good resistance. A high base at 1150 may be good too. So I'm watching.

 

[Bquat]

And here we are at that critical level now and an hour before decision time. Go figure.

 

[Bquat]

Let's keep an eye out for who bites also.

http://www.tsptalk.com/tracker/tsp_user_record_all.php

 

[Bquat]

I felt a ripple in the pond, but my 1150 wasn't broken. I did like hoe 1140 was a higher intraday low, but I can't wait to see if it holds again. I'm staying on my lilly pad.:suspicious:

 

[Bquat]

Let's keep an eye out for who bites also.

http://www.tsptalk.com/tracker/tsp_user_record_all.php

Only 11 or 12 bites today is not too convincing. Even though I wish them luck.

 

[Mcqlives]

If you spread the S&P chart out to a 3 year time frame and choose candlestick, you will notice that 1100 offers good resistance. The bad point is that there's not much market hesitation below it. Also if you spread it out to 5 years, you will notice that 1150 was the top of one of the biggest down candles in 2008 which stoped at 990. So let's hope 1100 is the turning point. Hold this line.:worried:

At the close we were still sloping to the down side with not eveen a base building at the end of day. I will be remaining in the G pond.

Mcqlives, I don't see much strength at 1050 and only a little more at 1025. We are in a very scarry area and hope 1100 holds or your 1050 holds or there is more trouble.
710 is double bottom or we revisit 2008 low levels.

OK...so much to talk about but there are way more question than answers so I'll make it short. I like your candlestick analysis and agree with it but, in the case of the 1050 mark, I was looking for an opportunity to make some money off of a short bounce. Instead it looks like a bounce off of 1120 on the market close or around 1100 on the overnight action. Either way, this is most likely a dead cat bounce (a rotten dead cat at that) which does not bode well for 1120 or even the 1100. I just hope we don't see 990. I'm sitting in the g until we break 1150 on the up or establish a solid bottom for a down.