Bquat's Account Talk

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uscfanhawaii said:
As long as I remember to get up early enough to check the markets!!
But, yeah, I can see where that is actually a good thing since then I don't have to worry about checking them at work or trying to squeeze it in during lunch.

By the way, futures are UP as I write this.....
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Well futures are down this morning because of Spain offically is now in a recession. S&P is down 3 points but comming back up. Have a couple of support points drawn out. Keep an eye ont the 13 day for support. I will be out of pocket this morning.:( I think most of Spains problem was known about and hopfully it won't drag us down. :notrust: Good luck guys. Being out of pocket and the S&P only down 3 points with the news and the current trend being up I am staying in. Just won't know how the market will react at the open but don't see enought loss in the futures to gap us down. JMO
 
Bquat said:
I think most of Spains problem was known about and hopfully it won't drag us down. :notrust: Good luck guys.
Click to expand...

Maybe a situation of sell the rumor, buy the news. At risk of sounding like a certain permabull I'll add a reminder that the market looks ahead. Spain downgrade was so last month!
 
Bquat said:
Well futures are down this morning because of Spain offically is now in a recession. S&P is down 3 points but comming back up. Have a couple of support points drawn out. Keep an eye ont the 13 day for support. I will be out of pocket this morning.:( I think most of Spains problem was known about and hopfully it won't drag us down. :notrust: Good luck guys. Being out of pocket and the S&P only down 3 points with the news and the current trend being up I am staying in. Just won't know how the market will react at the open but don't see enought loss in the futures to gap us down. JMO
Click to expand...

I think any gap down with be shorted...I hope. Lets see if we can't get back in the 1420's this week!
 
Mcqlives said:
I think any gap down with be shorted...I hope. Lets see if we can't get back in the 1420's this week!
Click to expand...
Well I'm back. Here's a little post market chart. That little correction may be part of the main plan. Notice the repeat pattern I showed a while back. Oscar even mentioned it after me and I know quite well he doesn't read me.:suspicious: The market sometimes likes repeated patterns. So one should hope this is it. A lot of people may have jumped out with this dip but both Des and Brian usually say watch for confirmation. I must also let you guys know the majority of the guys I watch are still out or getting out. I'm going with the pattern because I was out of pocket and didn't have to make a decision today and Uptrend's Block is turning green.:)

Chart brought to you by: I'mNotItheCapitolPreservationMode.Lookout:notrust:
Looking for positive reinforcement today:
 
Don't know why there's a double line in this chart. They'r both green.:) My moving averages are getting time to catch up.
 
Bquat said:
Sorry I was out of pocket again. I did get it right and I'll be staying in.:)
Click to expand...

Hey, Bquat! I meant to congratulate you on getting OFF of Oceans Bottom 10 list! I'm right behind you!! (I thought I was going to make it today, before the market pulled back at the end. ;) )
 
uscfanhawaii said:
Hey, Bquat! I meant to congratulate you on getting OFF of Oceans Bottom 10 list! I'm right behind you!! (I thought I was going to make it today, before the market pulled back at the end. ;) )
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We do what we can.:D You know it's not that I'm doing that bad. It's just a year that most everyone is doing gooder.;)
 
We're back to weakness after a new high.Guess I do some reading and post market videos to get an Idea what's happening. We are still in the channel and the over 1% mark caused selling again. There's conserns about the monthly's being bearish. So I'll do some double guessing tonight for you guys.:worried: Drew some support levels for the time being. A slower move up can be sustaned better.
 
Little Bull got onto me for drawing the lines Little Bear's way. He says this is a more bullish way.:) I had forgotten about the bottom of the old channel and the moving averages are comming up to support. So coin toss time yet again.
 
I'll be out of pocket again this morning and might not be here for the deadline.:( Here's a less bullish chart with a little more downside. The moving averages should support us if the bottom of this new channel doesn't.
 
Look to the future - the new-orders index of the ISM, an indication of future demand, jumped to 58.2% from 54.5% in March. If the 1422 level is surpased, the technical picture would be clear for a rally back above the 1500 level. For the immediate future encourage 'em to get out - run for your lives. That's what Ferdinand wants.
 
Bquat said:
That's good to hear.Here's the blue bounce line.
Click to expand...

Taking your chart out a little...if we break 1422 I am looking at around 1450ish for a high then a fall to the 1428ish area and another climb up maybe making it to the upper 1400's. On the contrary side, if we go under the 1388-1392 range the bears would probably take control for the month. Let's hope your spidey sense gets the bulls running!
 
I widened the channel andwill redo linesin the post market. Have to go again. Damn retirement is a busy time, especially since I don't have to be home bound. Miss her a lot.:(
 
In post market review, I redrew the new channel with what looks like good channel lines droping out a spike up for the peak and a spike down for a double bottom(green arrows) on the blue line. Green circle around the 5 (yellow), 13 (orange) and 20 (white) days comming up as support We must break above the bottom purple line to resume the old channel and break above the red line to go bullish. I am still slightly bullish and think I got the bottom of the new less bullish channel drawn right. Also we are still in a high base. We do have the chance of making a Head and shoulders pattern if we touch and drop at the purple line but I think it is short enought of a time frame to be a continuation pattern. So was the quick move down to the double bottom a bull trap because the dip was bought up and a lot of TSP folk got out. I think there is still strenght because even little ol me called for a bounce at that point.:)

As always comments that go against my opinions are welcomed because an informed TSP family can make better decisions (guesses).

Chart provided by. YouSomeLuckyGuesser.com
 
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