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tsptalk's Market Talk
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JTH
Well-known member
The next obstacles appear to be the 20-day EMA and the top of this pennant...
I would rather that not be a pennant since they are continuation patterns, the entry was on the downside, then the exit will be too...
RealMoneyIssues
Well-known member
Done. IFT to 100% G this morning.
RealMoneyIssues
Well-known member
Chicken...
JTH
Well-known member
These moves have huge intraday ranges making it difficult to find an entry.
RealMoneyIssues
Well-known member
jpcavin
Well-known member
Nasdaq: Gap # 2 gets filled on decline - opens gap # 3 above.
What does it all mean?
Open gaps eventually get filled. Usually within days, although some take a while. So we have an idea of a short-term target. But a fill could be intra-day, meaning fill and reverse. Bottom line: The Nasdaq will likely print ~ 2544 in the coming days (currently 2498) but it could hit that 2544 and head right back down.
jpcavin
Well-known member
I posted this in the blog comments area earlier. In case you missed it...
The Friday gap is now filled, but this morning's gap up opened yet another one - 4th in just a few weeks.
Now I have a visual. Is a gap up or down a good thing or a bad thing?
I guess it depends on your position in the market. Gaps tend to get filled so if the gap is below the market, it is bearish. If it is above the market, then it is bullish. BUT it is usually a short-term indication as gaps tend to get filled within days. Not always. Sometimes it tales a lot longer - but in general, sooner rather than later.
The XLF (financial ETF) closed @ 12.23. Options traders seem to be loading up on the Sep 11.00 & 10.00 puts, and are very heavy the Oct 10.00 puts. That means they expect another 10-20% drop in financials from here.
Sep: http://finance.yahoo.com/q/op?s=XLF&m=2011-09
Oct: http://finance.yahoo.com/q/op?s=XLF&m=2011-10
Sep: http://finance.yahoo.com/q/op?s=XLF&m=2011-09
Oct: http://finance.yahoo.com/q/op?s=XLF&m=2011-10
Birchtree
Well-known member
Not me, I'll be adding to my existing bank positions now that they are cheaper. I believe I saw where the 10 year Treasury was yielding 1.90% - the lowest in 60 years. You just know the bond market is in a bubble. If Bernanke says he will buy equity indexes to get a positive income stream for his bother - the market won't look back.
The Russell 2000 (small caps) and the Nasdaq are lagging today. Over the prior few days they have led the way and the rallies held up. It seems to be that these two are good indicators of whether a rally is going to be able to continue or not. The opposite is true too; if the market is falling and these two are outperforming, we are more likely to see a reversal to the upside.
My point is, this rally could run out of steam today, based on the action in the Naz and Russell.
My point is, this rally could run out of steam today, based on the action in the Naz and Russell.
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