MrJohnRoss' Account Talk

[MrJohnRoss]

There it is, the first white candle on the 1 hr chart. Next candle spiked higher before heading lower. Looks like a short term bottom may be in place. Tomorrow should provide a temporary bounce, IMHO.

There she is! We have our bounce just getting started. The short term downside momentum on the 1 hr charts has changed to the upside. Now let's see how much of an upside impluse this market is going to give us.

Short term traders could easily make money watching the 1 hr charts and using SPXL/SPXS, TQQQ/SQQQ or TNA/TZA. Wish I had the time to devote to this, but it probably won't happen until I retire.

 

[MrJohnRoss]

If earnings are not already priced in and they exceed expectations the bull will rampage - afterall it's a bull market. I just wish the Fed would taper their taper and hold at +$55B for several more months.

Eventually the Fed will have no choice... when it is discovered that the financial world is crumbling around them, perhaps started by the Chinese. By then, it may be too little, too late.

 

[MrJohnRoss]

Miners look to be turning higher.

Miners Index: Domed House & Three Peaks Chart Pattern

 

[GEW]

Miners look to be turning higher.

Miners Index: Domed House & Three Peaks Chart Pattern

The only problem I can see with this quote out in the open, is...when it catches on...it's time to change the pattern....

 

[MrJohnRoss]

The only problem I can see with this quote out in the open, is...when it catches on...it's time to change the pattern....

Probably only a very small percentage of people follow the miners, so I doubt a small subsection of those who read this can move the markets. That being said, those who can master the metals and miners can make a bundle if they play it right.

 

[GEW]

We're counting on you! So far, good work!

Oleg850 is very good with NUGT/DUST in a different approach, as I'm sure you observe as well…

 

[MrJohnRoss]

So far, the S&P has been perfectly contained within the box. Which way is it gonna go?

Short term momentum is up, but I think it may run into resistance. My guess is eventually it will break down out of the box. Ah, don't you love guessing the market moves...

 

[MrJohnRoss]

Metals and miners are continuing their strong move higher. I believe we have much more upside ahead of us. If you're not on board, you might want to at least consider it.

Meanwhile, check out this megaphone pattern on the NASDAQ. Expect volatility within this pattern.




Good luck!

 

[bmneveu]

Metals and miners are continuing their strong move higher. I believe we have much more upside ahead of us. If you're not on board, you might want to at least consider it.

Is NUGT the best play there?

 

[MrJohnRoss]

Is NUGT the best play there?

Or if you're really brave, JNUG.

Warning: Extreme volatility.

 

[MrJohnRoss]

As for the markets, all I can say is... What the H.E.double L! Is this Mr. Toad's Wild Ride or something? Jeez, make up yer mind!

 

[ravensfan]

As for the markets, all I can say is... What the H.E.double L! Is this Mr. Toad's Wild Ride or something? Jeez, make up yer mind!

Kinda makes you feel like the country dog that went to the city don't it. You stand your ground and they beat the crap out of you. You turn to run and they bite you in the a$$...:worried:

 

[MrJohnRoss]

Call it: Is this a fakeout, or a breakout?

 

[CrabClaw]

fakeout, thats how I am playing it anyway.

 

[ebbnflow]

It's a fakeout of a breakout, but then it could be a breakout of a fakeout. :nuts:

By choosing the latter instead of the former, our conceptual framework is always skewed in favor of our own prejudices, and hence, we are likely to see in...Socrates.

 

[MrJohnRoss]

It's a fakeout of a breakout, but then it could be a breakout of a fakeout. :nuts:

By choosing the latter instead of the former, our conceptual framework is always skewed in favor of our own prejudices, and hence, we are likely to see in...Socrates.

Damn.... that's some deep stuff Mr. ebbnflow. Hehehe. jk. :toung:

 

[MrJohnRoss]

NASDAQ bounced right off of that bottom megaphone pattern, didn't it?

 

[MrJohnRoss]

Call it: Is this a fakeout, or a breakout?


View attachment 28100

Well, we had a breakout... or should I say breakDOWN. But what I find interesting is that the Stoch STILL hasn't breached the 20 level, so we're still not oversold on a daily basis. RSI is only at 38, which is a long way from being oversold. Short term oversold, yes, daily, no.

What we need is a good washout day, to flush all the bulls down the drain, then we can plant some footing and begin anew.

 

[JTH]

Well, we had a breakout... or should I say breakDOWN. But what I find interesting is that the Stoch STILL hasn't breached the 20 level, so we're still not oversold on a daily basis. RSI is only at 38, which is a long way from being oversold. Short term oversold, yes, daily, no.

What we need is a good washout day, to flush all the bulls down the drain, then we can plant some footing and begin anew.

Yeppers, that 2 days up really jacked the indicators, I reckon we need to shave another 1-3% to get those oversold reading we are all looking for

 

[OBXTrader]

Since I just put skin in the game on Friday close prices, I would prefer some sideways consolidation. Unless I am off, Monday should be fairly stable (we all know Citigroup) and earnings should move markets on Tuesday. JTH - Isn't that why you picked Monday entry? I picked Friday because of a possible DCB in advance of earnings on Tuesday. I also had one IFT that you lack.

Maybe I am getting old, but these market moves at these levels don't seem the same as I remember as a younger lad. Less than 1% on the S&P on Friday and people are singing the blues?

Yeppers, that 2 days up really jacked the indicators, I reckon we need to shave another 1-3% to get those oversold reading we are all looking for