Bquat's Account Talk

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Bquat said:
Yea, I think this is a false breakout or bear trap.;)
Click to expand...
Still thinking bear trap. The prior twin peaks are still strong support at 1514 and the dip was bought. If this wasn't being supported, why didn't all hell break out with the double top and this being friday? We are still consolidating and I could still feel bullish.
 
Ok, I have moved my sell line up to 1496 and thinking of maybe the 20 day as a sell if it doesn't hold. What you guys think?
The chart with the arrows is trying to show the PPT support line. If we stay above it until Wednesday ihe day of the next cash influx, we can go to another high.JMO Many are saying that we're over extended and my get a correction very soon. I may be wrong but think were in a dip less rally but the risk is up to you. Comment for this also welcomed. I, and it may be only me, am thinking the twin peaks are offering good support and have holding power. So eye open Monday.:blink:
 
The market is not open Monday. Have you ever seen a 70 point move in the SPX - I've seen them in both directions. So what happens to investor psychology if money decides to blow the top close to 1600 all in one day. It'll be the shot heard around the world. There is nothing from preventing it from happening while there is still unsurmountable pessimisim percolating under this market's wall of worry. It's the kind of ride the wife and I would like.
 
ok, I'm pretty new at all this stuff, Bquat, care to explain your chart. I dont know what the "PPT" line stand for? Same for the Sell line. Tthe numbered lines I trust at the X day SAM.

I've only been looking at them for a year now.....

Thanks,
 
maverick06 said:
ok, I'm pretty new at all this stuff, Bquat, care to explain your chart. I dont know what the "PPT" line stand for? Same for the Sell line. Tthe numbered lines I trust at the X day SAM.

I've only been looking at them for a year now.....

Thanks,
Click to expand...
The PPT line is what I call the Plung Protection Team line. It just seems that when the market has a fast drop in the futures or morning market to this line it's bought back up quickly to stop the drop in it's tracks. I don't know if it is the PPT but have noticed a quick uptick on Thursdays. I don't think this is regular dip buying because it's a spike back up. Just my opinion. The sell line is where I think there is support for a larger dip, where I look for a bounce to happen. This is my exit if it doesn't hold near it. I do believe the twin peaks below the bottom purple line is strong. The 5, 13 and 20 represents the average value for that number of trading days in 30 min time frame. Sideways consolidation is where the market is staying in this range and building strength through time instead of dipping before going higher. I feel Quantative Easing until we reach 6.6% unemployment is falsly keeping the market from dipping for corrections. I sometime relate to myself as the contrarian because last year the news killed my Technical Analysis approach. Trading computers can react to news or market glitches fasted than ever before. With only two trades a month you sometimes remain in the market too long being afraid you'll miss an upcoming gain later in the month. You use one to get in and one to get out, your out until the next month. When the market is in an uptrend, some try to keep in at the last of the month so you might have three trades for the next month. You can get out, you can get back in and you can finally go to G fund. You can always get out of the market going to G but if your 2nd ift is to get out your done trading for that month. Hope this helps.
 
Clean chart for Tuesday. I'm hoping we get back to going up after this three day holiday trend reversal. Oh just an Oscarism. CleanChart:
 
Bquat said:
Ok, I have moved my sell line up to 1496 and thinking of maybe the 20 day as a sell if it doesn't hold. What you guys think?
The chart with the arrows is trying to show the PPT support line. If we stay above it until Wednesday ihe day of the next cash influx, we can go to another high.JMO Many are saying that we're over extended and my get a correction very soon. I may be wrong but think were in a dip less rally but the risk is up to you. Comment for this also welcomed. I, and it may be only me, am thinking the twin peaks are offering good support and have holding power. So eye open Monday.:blink:
Click to expand...

I have seen more analysts predicting a correction. On the other hand, the specific ones I follow all think the market will encounter some sideways action in the near future, at the worst. Certain indicators that affect the markets more are still trending upward. As a result, some pessimism might cause the market to stall, but probably not change to a bear market.
 
I raised my flag for you guys. If we can maintain this level 22 more minutes, I believe there'll be a buy in and capituation of the shorts at 1528.:)
 
Ok, I won't mind testing the light blue line as support but would prefer to go up from here.;)
 
Birchtree said:
It could end up being a blistering hot week with only 4 trading days.
Click to expand...
Many are fearing the sequester. I think the sequester is already in the market and I'm waiting for the deal.:) Also I may then get out for the new US rating, a double edge sword.
 
And as always it will happen after the TSP deadline. I hope I'm right this time. New support at 1524. new top became support at 1526.73. We're testing that level right now.:confused:
 
BHO wanted the sequester so now give it to him and knock him off his foundation. There is a nice article today in the WSJ regarding the Obama phone subsidy fraud.
 
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