tsptalk's Market Talk

[Bullitt]

I don't think it would be a Primary Wave Dow Theory reversal until either Transports or Industrials broke the June highs, but its bearish sign nonetheless.

 

[tsptalk]

25 minutes is an eternity on a Friday afternoon, but so far so good. Can it really be this easy - a rebound off of the 200-day EMA? It rarely is [that easy], but maybe we'll be pleasantly surprised...

 

[Bullitt]

What about a comparison to July-October 2007? That's my best case scenario.

Today was eerily similar to that reversal day in Mid August 2007 that triggered the final leg of the Great Bull. I wonder how the volume comparison came in.

 

[tsptalk]

Today was eerily similar to that reversal day in Mid August 2007 that triggered the final leg of the Great Bull. I wonder how the volume comparison came in.

 

[Bullitt]

Over 5 Billion shares on both days. Buku stops blown too.

 

[Tsunami]

Actually, what catches my eye even more on that 2007 chart is the Feb/March correction. It's identical to what we've just had in the pattern and the number of days is almost exactly the same for each move to the bottom in March 2007. It even tagged the 200-ema just like yesterday.

Hmmm

 

[tsptalk]

The Dow Transports are rocking and rolling this morning, up over 1%. That breaks the steep down trend, but there are other obstacles...

 

[JTH]

I noticed a small head & shoulders developing on the 60 minute chart last night. It had a rising neckline, but the right shoulder was rather small.

 

[nnuut]

Continuing to the upside, now the DOW and Nasdaq are following!! HHHUUUMMMM?
View attachment 8292

 

[nnuut]

UP UP and AWAY!!!!!!

 

[tsptalk]

The Dow Transports are flying today; up about 1.5% while the other indices are up less than 0.50%.

 

[JTH]

thanks tom. is this an exhaustive move or doyou think its a new move higher turning 4050 into support

 

[tsptalk]

I'm running out of reasons to expect a downturn. That must mean it's time for one.

 

[Birchtree]

Not long ago the consensus was that the DJTA would confirm a double top and signal a greater market deterioration ahead. That's out the door now.

 

[JTH]

I'm running out of reasons to expect a downturn. That must mean it's time for one.

i feel the same way. this is not the market setup i want to buy into. still. id rather be wrong in the gfund than wrong in stocks

 

[nnuut]

i feel the same way. this is not the market setup i want to buy into. still. id rather be wrong in the gfund than wrong in stocks

I'm doing the same thing, but it's driving me nnuuts!

 

[Bullitt]

Many investors missed the big rally and the only way for them to get back at the world is to make money going short or buying puts. This rally has been nothing but a short squeeze. The so called PPT hasn't bought any MBS for weeks now so we can't say they are manipulating the market anymore. Shorts and aggressive bears continue to get blown out like they have the past 10 months.

Transports are forming a nice right shoulder here and have very strong resistance at the Sept and Oct highs. In an overbought environment, I don't see that line being cracked to the upside. Watch the Transports for a lead to the downside.

 

[tsptalk]

With the S&P back above the 50-day EMA (3 closes) I'm back in buy the dips mode. I had entered an IFT for today's COB, but cancelled it. I think I will wait one more day. I was remembering Oscar's rule to buy a 2 day pull back in a bull market. Today would just be day 1 if it holds in negative territory.

 

[fedgolfer]

With the S&P back above the 50-day EMA (3 closes) I'm back in buy the dips mode. I had entered an IFT for today's COB, but cancelled it. I think I will wait one more day. I was remembering Oscar's rule to buy a 2 day pull back in a bull market. Today would just be day 1 if it holds in negative territory.

i was thinking the same thing with so many indicators around the 50 day... looking at the financials though, there may be a buck n' chuck and we could close higher today. Friggin IFT deadline... I felt i had to make a move and hope to buy in lower before end of month.

 

[350zCommTech]

With the S&P back above the 50-day EMA (3 closes) I'm back in buy the dips mode. I had entered an IFT for today's COB, but cancelled it. I think I will wait one more day. I was remembering Oscar's rule to buy a 2 day pull back in a bull market. Today would just be day 1 if it holds in negative territory.

When I saw that, I was thinking that you must be crazy. Staying in is one thing, but getting in now makes no sense. The odds are against you.

Did you see Oscar's weekend video? He's very bullish. He's calling for new highs. He might be out of sync.