I Triple Dog Dare You

Go short that is.

Yesterday I said that I was bullish, but I'm still a bit surprised at how the major indexes mounted a comeback from what looked to be a tough day for the bulls early on. Buying a red candle just isn't very easy to do anymore. But I don't think it matters. I suspect there's more upside to come. Maybe more than even some bulls think.

Let's look at the charts:



Still on a buy here with plenty of room to move higher should the market make another run.



NAHL and NYHL are still on buys too.



TRIN is just barely a sell, while TRINQ is a buy.



BPCOMPQ is still rising and looks strong.

So we have 6 of 7 signals on a buy and the one lone sell is very close to rolling over and making it unanimous. I have the feeling the market is about to make another run based on how quickly these signals recovered after last Friday's scare. They are getting stronger and I simply cannot be anything but bullish right now.
I'm now fully invested after putting my other 50% into C and S. I hope you are enjoying some gains. Let's hope it continues into May so we can remain in stocks going into the new month. See you tomorrow.

 

[Warrenlm]

I hope we'll be smart enough to bail in time, this time.

 

[Boghie]

This is a scary market...

I do like the dip buying. I don't like the severe dumps on bad news. There is lotsa mullah out there which has to buy the dips. Otherwise, they lose their jobs. Poor stock grinders.

And, I expect a fail. Don't know why. The Muggle (my 'Traders Advantage Cat' who is trying to outpace BirchTree's Mindylou - but losing this year, dang it) has warned.

It’s not every day that I spite the Muggle and stay fully invested. So far I have had a tremendous gain over Muggle’s recommendation – uh, about 0.17%. But, who is counting, eh…

Be careful out there :nuts:

 

[James48843]

It's just not right.

I've been watching this thing for months- and it's just not right that it continues and continues to have the support that it does.

we HAVE to have at least a little pullback here. Nothing ever goes up for this long. I'm sitting on the sidelines since last week, knowing that it's going to settle a little bit any day now.

It's just not right.

 

[FireWeatherMet]

I'm out as of COB today. 100% G

Had a good 2% uprun since going 100% into S/C funds the morning of the Goldman dip last Fri. Good housing news did not significantly lift the market today and we have the looks of a multiple peak top.

Other issue...Its been over 2 months since we've touched the 20 day EMA. You have to go back into the late 90s to see a period that long...and none of those were much longer than that...and even those runs were quickly followed by a drop to the 20-50 Day EMA range. So that's what I'm going to wait for.

I agree with James...

 

[coolhand]

I'm out as of COB today. 100% G

Had a good 2% uprun since going 100% into S/C funds the morning of the Goldman dip last Fri. Good housing news did not significantly lift the market today and we have the looks of a multiple peak top.

Other issue...Its been over 2 months since we've touched the 20 day EMA. You have to go back into the late 90s to see a period that long...and none of those were much longer than that...and even those runs were quickly followed by a drop to the 20-50 Day EMA range. So that's what I'm going to wait for.

I agree with James...

Oh ye of little faith. :laugh:

This isn't a gut call I'm making and it has absolutely nothing to do with my personal feelings. The charts are highly suggestive of more upside. I think I have a pretty good track record when using these signals in a predictive manner.

I could be mistaken, but I'm never wrong.

 

[FireWeatherMet]

Good luck to you Coolhand.

 

[FireWeatherMet]

Coolhand,

Has your Faith been shaken yet?

Sometimes the 7 Sentinels need a bad day before they turn. Problem is...if its a 2-3% down day...then ts a little too late.

 

[coolhand]

Coolhand,

Has your Faith been shaken yet?

Sometimes the 7 Sentinels need a bad day before they turn. Problem is...if its a 2-3% down day...then ts a little too late.

Stirred, not shaken.

Too early to tell what's going to happen. FOMC up next.

 

[FireWeatherMet]

I think you'll be OK. Thie PIGS vs the EU stuff will settle out in a few days to maybe another week.

Definately want to be pre-positioned in stocks for the next natural slingshot upward. If its start is today/tomorrow then you'll get a head start (good for you). But I have a gut feeling that these bigger downard trends happen in 2 parts, in this case part news selloff, then a next part delayed reaction from people protecting their recent gains. Worth watching the top 50 on our board for a possible staggared shift into the G/F funds over the next few days. If there isn't much...then we might be able to take that as the coming of a quick bounce back up.

Good luck.