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P&F Chart School
- Thread starter James48843
- Start date
Davehop21
Member
Looks like things are turning south. I don't mean to be a doom and gloomer but I think a day much worse than Black Friday back in 87 is in the not too distant future once the perfect storm his. Credit crisis 150 barrel oil, record foreclosures. The news was not this bad back in 87. Oh yeah and record deficits. The only shoe left to fall is well we can raise taxes. With Barack or Mccain in charge how could we go wrong. I would say that our country has not seen this much adversity since Pearl Harbor.
Best of Luck, Dave Staying put in G fund
Best of Luck, Dave Staying put in G fund
James48843
Well-known member
Chart this morning- not looking good.
We're at 1252 right now. If it drops below 1250, and I think it will, we will get a reappearance of three "O"s. And that simply signifiies continued weakness in the market.
I'd say it's a pretty good bet that 1250 will break yet this morning. We've bounced off it a couple times, but it's not looking like we're going to hold there, at least when you look at the rest of the markets. S is expecially weak today.
We're at 1252 right now. If it drops below 1250, and I think it will, we will get a reappearance of three "O"s. And that simply signifiies continued weakness in the market.
I'd say it's a pretty good bet that 1250 will break yet this morning. We've bounced off it a couple times, but it's not looking like we're going to hold there, at least when you look at the rest of the markets. S is expecially weak today.
The markets are weak. There isn't any good news anywhere, so in these kind of doldurms, we appear to be drifting lower, simply because there isn't any good news to propel a move upward. The fundementals of the market remain bearish. No light at the end of the tunnnel yet for real estate, either in number of foreclosures nor in values stopping their fall. Although we had some releif on the oil side, that now has been negated with news of lower inventories of gasoline, and a return to higher prices on the oil front. Although we might not get the price spikes on oil back up to the 150 level any time soon, we're cetainly not going to fall down below 120 either. So the markets aren't really happy with that. No news means sidways on oil.
Except- here comes another tropical storm into the Gulf. Again, worries about that will affect oil prices later this week. So I am thinking we'll continue the downward trend on stocks for a while.
one last note: the broader market (Wilshire 4500, or "S" fund), has lost it's luster, and is falling off a cliff this morning.
Perhaps Cramer was wrong in calling a bottom.
Bears rule.
that's all.
Gumby
Active member
You mean Cramer might have missed this one?????? Surely not....He had turned the bulls loose on us.
I trust his expertise about as much as I do Dr. Phil.
Silverbird
Well-known member
He just doesn't look good in that circle skirt and $$ University logo sweater. And I think I've heard that cheer before.
James48843
Well-known member
We got the "O"s.
That makes is pretty much set- we're looking at the formation of a "Bearish Triangle Formation".
Here is what the Stockcharts guide says about Bearish Triangle formations:
That makes is pretty much set- we're looking at the formation of a "Bearish Triangle Formation".
Here is what the Stockcharts guide says about Bearish Triangle formations:
Will that be what happens here? I don't know, but things are pointing more in that direction than not.
Last edited:
James48843
Well-known member
Well- to tell you the truth I wasn't expecting that-
A nice bump up. However, I think the driver in that was in part yesterday's collapse in oil prices down to $118 - It's nice to get below 120, and the market liked that idea. Remember, the P&F moves when outside forces have an influence on it.
A nice bump up. However, I think the driver in that was in part yesterday's collapse in oil prices down to $118 - It's nice to get below 120, and the market liked that idea. Remember, the P&F moves when outside forces have an influence on it.
View attachment 4410
I've marked a new series forming underneath, which is a positive sign.The trend is showing rising support levels underneath these cycles up and down. And that's good. Maybe Cramer was right after all. However, an anemic economy, and more importantly anemic investor sentiment still keeps us well below the red line overhead, making it difficult to decide exactly when this bear market is going to be over.
We're still in a relative danger zone, although yesterday's burst of energy was a good sign. Keep your eyes on the price of oil- I would think that lower prices for oil will be good for stocks- and the opposite is true as well. Gold fell some more- but I did hear on one of the day-time programs yesterday some of the professional money people were starting to look at the values in commodity related stocks- those that are now trading at low earnings multiples, and are starting to move in to buy those that they consider undervalued.
We'll just have to see how it plays out.
Good luck.
We're still in a relative danger zone, although yesterday's burst of energy was a good sign. Keep your eyes on the price of oil- I would think that lower prices for oil will be good for stocks- and the opposite is true as well. Gold fell some more- but I did hear on one of the day-time programs yesterday some of the professional money people were starting to look at the values in commodity related stocks- those that are now trading at low earnings multiples, and are starting to move in to buy those that they consider undervalued.
We'll just have to see how it plays out.
Good luck.
luv2read
Active member
James48843
Well-known member
Yep- that is an official P&F chart signal.
I am moving the P&F chart mock account in the autotrack effective noon tomorrow to follow the signal.
By the way- the P&F chart mock account is not up to speed year to date - because I missed an early sell signal this year. This will be an attempt to get it back onto the official chart track. Let's see if the P&F chart has any merit or not.
Moving to 100% "C" in the mock P&F "C" chart effective COB tomorrow.
I am moving the P&F chart mock account in the autotrack effective noon tomorrow to follow the signal.
By the way- the P&F chart mock account is not up to speed year to date - because I missed an early sell signal this year. This will be an attempt to get it back onto the official chart track. Let's see if the P&F chart has any merit or not.
Moving to 100% "C" in the mock P&F "C" chart effective COB tomorrow.
luv2read
Active member
luv2read
Active member
If I'm seeing this chart correctly, a new blue line (lows) have formed.
If we should see a red line formation appear, it'll be somewhere in the
middle of the two previous red lines. This appears to be quite bullish
from my perspective. It doesn't mean that an extensively long red line
can't be formed, but the point of resistance would appear to be at the
1320 mark and today we hit the 1312 area (intraday). There appears
to be another 1% to the upside in the S&P before hitting resistance.
But volume is of concern and there's plenty of room to retest some
previous lows. This is my take from what I see in this chart. I'd love
some thoughts if I'm off track ! I'm trying to get edumakated !
If we should see a red line formation appear, it'll be somewhere in the
middle of the two previous red lines. This appears to be quite bullish
from my perspective. It doesn't mean that an extensively long red line
can't be formed, but the point of resistance would appear to be at the
1320 mark and today we hit the 1312 area (intraday). There appears
to be another 1% to the upside in the S&P before hitting resistance.
But volume is of concern and there's plenty of room to retest some
previous lows. This is my take from what I see in this chart. I'd love
some thoughts if I'm off track ! I'm trying to get edumakated !
L2R,
I believe that I have misinterpreted the P&F mechanics due to a lack of understanding of how it works. With the 2nd X box and an upward revision to 1440, is it correct to interpret that the most likely price rise could be 1440 in the short or intermediate term? TIA.
I believe that I have misinterpreted the P&F mechanics due to a lack of understanding of how it works. With the 2nd X box and an upward revision to 1440, is it correct to interpret that the most likely price rise could be 1440 in the short or intermediate term? TIA.
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