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Will we hit May's low again?
- Thread starter Rolo
- Start date
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The Nasdaq did already. The Dow and S&P have a nice clean "W" pattern going. I'd really hate to see the breakdown. I'm hoping today was a bit of a capitulation.
Crazy days indeed. Yesterday we open up strong and sell off. Today we open weakly and close strongly.
Place yer bets.
The Nasdaq did already. The Dow and S&P have a nice clean "W" pattern going. I'd really hate to see the breakdown. I'm hoping today was a bit of a capitulation.
Crazy days indeed. Yesterday we open up strong and sell off. Today we open weakly and close strongly.
Place yer bets.
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Rolo wrote:
Rolo wrote:
In May the March lows were penetrated by about 10 points on the S&P 500 before we had a big rally. So far yesterday's low are holding, but even if we do drop below 1075, it will be a panic sell off and it should quickly rebound, perhaps even the same day as we saw yesterday. (Did you expect me to say anything different?)
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tsptalk wrote:
Good point about the panic sell-off; I am familiar with that ubiquitous chart pattern. It sounds like it may be a good opportunity for a quick short-selling. (I am not ready for that yet, but Frizz may be!)
On that note, I did my first short-sell of TASR during the panic of safety concerns for a lovely two-day profit...whoo hoo! If I had to dump my long position in it, I figured selling short was the obvious thing to do.
tsptalk wrote:
LOL!...it should quickly rebound, perhaps even the same day as we saw yesterday. (Did you expect me to say anything different?)
Good point about the panic sell-off; I am familiar with that ubiquitous chart pattern. It sounds like it may be a good opportunity for a quick short-selling. (I am not ready for that yet, but Frizz may be!)
On that note, I did my first short-sell of TASR during the panic of safety concerns for a lovely two-day profit...whoo hoo! If I had to dump my long position in it, I figured selling short was the obvious thing to do.
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Another nice day so far but there is a lot of overhead resistance just above. The sentiment numbers came in nice and pessimistically (36% bearish), the lows have held so far, the S&P is back over 1100 and the 200 day moving average, good earnings keep rolling in. So far so good. Cross your fingers.
Another nice day so far but there is a lot of overhead resistance just above. The sentiment numbers came in nice and pessimistically (36% bearish), the lows have held so far, the S&P is back over 1100 and the 200 day moving average, good earnings keep rolling in. So far so good. Cross your fingers.
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tsptalk wrote:
What would besome good indicators that, indeed, a stock will run up rather than start another base/correction to mitigate risk?
(Boy I need to not skip the daily dose of IBD!)
tsptalk wrote:
I think I am noticing that with some stocks that have broken out. I keep trying to decide if they will pull back a little or stay horizontal to digest the recent gain, or will they just keep going. I am thinking flags and pennants, last chance to buy over the next few days before things run upward.
What would besome good indicators that, indeed, a stock will run up rather than start another base/correction to mitigate risk?
(Boy I need to not skip the daily dose of IBD!)
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Rolo wrote:
Rolo wrote:
I haven't looked at individual stocks in a while but I'd say volume is important. Did volume dry up near the bottom and pick up during a rebound? If it's an oscillating chart (non trending) look at the overbought/oversold type indicators (ie; stochastics).
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