coolhand's Account Talk

[coolhand]

Here's a chart of the S&P 500 with upper and lower trend lines clearly showing the advance of the past few months. Note that after Thursday's nice advance, the S&P closed near resistance (red arrow). Friday's action saw this index push higher early in the trading day only to fall for a minor loss by the close. This sets up a possible reversal scenario, which could see the index fall to the low 1430s (or lower if the big money wants to get the bears firmly on board the short train). It's at that point I'd expect to see the next up leg get started as we head into the election. Keep in mind that this is just a scenario and not a prediction. There are definite headwinds at play that make it tough for the bears to get a sustained sell off going in the current trading environment.

 

[coolhand]

View attachment 20655

Here's a chart of the S&P 500 with upper and lower trend lines clearly showing the advance of the past few months. Note that after Thursday's nice advance, the S&P closed near resistance (red arrow). Friday's action saw this index push higher early in the trading day only to fall for a minor loss by the close. This sets up a possible reversal scenario, which could see the index fall to the low 1430s (or lower if the big money wants to get the bears firmly on board the short train). It's at that point I'd expect to see the next up leg get started as we head into the election. Keep in mind that this is just a scenario and not a prediction. There are definite headwinds at play that make it tough for the bears to get a sustained sell off going in the current trading environment.

As I feared, the bears have come out the woodwork to start this new trading week. That's bullish. I suspect we'll be seeing some upside action very soon to get them (bears) out of their short positions. We could see a close at new multi-month highs as a result.

 

[coolhand]

Seven Sentinels moved to a sell condition today. It had been flirting with a sell on a number of occasions, but there seemed to always be one signal that would not cooperate.

 

[MrJohnRoss]

Seven Sentinels moved to a sell condition today. It had been flirting with a sell on a number of occasions, but there seemed to always be one signal that would not cooperate.

Thanks Jim. I respect the SS system, as it has performed very well. We're getting a bit of a bounce today, but we'll have to see if this is going to be a short term reprieve on the way down, or if it's going to be a market reversal day, and begin to move back up. My guess is the former.

 

[coolhand]

This market is very tricky right now. There's so many underlying cross-currents that I have a hard time seeing much past day to day action right now. I do agree with you that the downside is probably not finished. I could go into a tin foil reason for my personal expectation, but it's a bit political so I'll refrain.

 

[Intrepid_Timer]

This market is very tricky right now. There's so many underlying cross-currents that I have a hard time seeing much past day to day action right now. I do agree with you that the downside is probably not finished. I could go into a tin foil reason for my personal expectation, but it's a bit political so I'll refrain.

1600 or bust!! But damn it Jim, I'm just a mlkman!! :cheesy:

 

[coolhand]

1600 or bust!! But damn it Jim, I'm just a mlkman!! :cheesy:

That's what I mean by cross-currents, Mike. I can make a case for this market to go either way prior to the election. Having said that, I also believe another up leg is coming. I think it's just a question of when.

 

[nnuut]

AND my 24,000 post!
HAPPY BD coolhand have a good one!

​

 

[Frixxxx]

Happy Birthday CH!

WE MISS YOU!

Hurry Back!

 

[Intrepid_Timer]

Happy Birthday Jim!!

 

[tsptalk]

Happy Birthday Mr. Coolhand!

 

[Uptrend]

Happy Birthday CH!

 

[MrJohnRoss]

Hope you're having a great birthday, Coolhand!

 

[Birchtree]

Happy Birthday CH - this should be the year your mansion gains in value.

 

[eccougar]

Happy Birthday Coolhand.

 

[coolhand]

Thanks for the HBs everyone!

I've been telling everyone that as of today I can begin ordering off the menu on the back page. (I'm 55 today). I hear the portions are smaller, so maybe this is my opportunity to start losing a little weight too. :laugh:

 

[nnuut]

Congratulations, I have 12 years on you. Still eat regular normal helpings, what the hell do they know!

 

[BooDog]

Happy birthday CHL, from BooDog. Think I remember you from a couple other sites. Cheers! Have a great new year!

 

[coolhand]

Folks, just to let you know ahead of time so you don't go crazy trying to find it, I am taking myself and the Seven Sentinels off the tracker after Monday (the last trading day of the year). My day job has been getting busier by the month and it promises to get even busier in the new year. It's just too much anymore to keep track of market action and then find time to make changes as needed.

I'll keep posting my blogs, however. I've been slowly evolving those postings and would like to think I'm getting better at it as time goes on.

 

[RealMoneyIssues]

CH, really sorry to see your analysis leave, but more sorry that work is taking so much of your time.

I will look forward to what you post, so thanks for keeping up with the blog.

Good luck and God bless!