clester
Well-known member
I'm tempted too. I don't like buying until the drop stops though. However, all my indicators will be on buy today probably. The gap on the Efa will get close to being filled today.
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clester's Account Talk
- Thread starter clester
- Start date
jkenjohnson
Active member
Well JohnRoss says he is anticipating a sell today, so one contradicts the other?????? I still think we will get some kind of a rebound tomorrow. But then Monday's are usually losers, so it might be best to wait until next week???????
jkenjohnson
Active member
Futures are down. May get your chance. Let us know what you do.
jkenjohnson
Active member
S fund is down about 5% since July 3. Wish I knew if we were near a bottom.
clester
Well-known member
That's one problem I have is timing the bottom. The Efa now has a small gap below and one above so it's an equal risk. Agg's RSI is now over 70 which is a sell for me. Stocks in a sustained downtrend. That falling knife can hurt. I'm looking at stop loss targets now. I may go in to stocks with a fairly close stop.
jkenjohnson
Active member
TNA just fell below $50/ share. Hasn't been there in a while.
Valkyrie
Well-known member
Even though the market appears poised for a sharp decline over the next week or two, now is the time to get ready for an imminent rally phase.
The blue circles show the similarity between the action over the past month and that of July 2011. The red line marks the key support level at 1,275.
At the very least, stocks should come back down and retest the early June low at about 1,275. Right now, it looks like that level will hold, and traders should get ready to buy at 1,275. But it all depends on how a handful of technical indicators look when we get to that point.
Put Your Stock Market Shopping List Together Right Now
jkenjohnson
Active member
That's another 3.9% down.
clester
Well-known member
Tentative plan for today is buy C fund (with stop loss set at 1310) because of the lower volitility and slightly better chart than S fund although if I was willing to take more risk I would go to S fund ( with stop at 645 on $emw) . I fund chart looks the worst and with the Euro weakening that will work against us. F fund is now on a sell. G fund is dead money.
jkenjohnson
Active member
With Consumer Sentiment coming out tomorrow (could be a sell the news day), I think I will hold until tomorrow or Monday. Good luck.
clester
Well-known member
True. But if I follow the system I don't consider headlines. Just sentiment and indicators.
jkenjohnson
Active member
I hope you make a pile of cash.
clester
Well-known member
Thanks. I wouldn't be surprised if we get another down day. Got my fingers crossed though.
jkenjohnson
Active member
Can you hear me kicking myself in the arse? I could have bought TNA this morning for $49.90/share. It is now $51.67/share and still rising.
clester
Well-known member
Yep. Looks like it filled it's gap today.
jkenjohnson
Active member
Based on the futres, looks like you might have made the right move yesterday.
clester
Well-known member
Looks like a quiet open which is good. We can then climb through the day. We may have a few days to rally, who knows. I'll be watching my stop at 1310.
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