Concerns about today's rally

[jsmooth]

Quote from bat1:

...as a techie trader

nothing is looking good


http://stockcharts.com/charts/gallery.html?$NAAD

If your a tech guy shouldnt you be buying todays "double bottom" (i'm suprised you didnt have resting orders in place for the past 1+ month!)? Thats a textbook buy point (regarless of the FED action)....or at least a place were you would be liquidating shorts from above the market on a tech trading basis???

If your a tech trader though...I'd be buying with both hands tomorrow if we get any 200point dip (about a 50% fib of todays move) with stops under that double bottom low (where i'd also flip and go short) and my first price targets at the 50MA.

 

[MAVERICK007]

Quote from HolyGrail:

We are at 23.97%. Yesterday was at 23.97. Not one change.

[/B]

What you say is confirmed by the Bullish Percent of the S&P 100

Yesterday, it was 28.00
Today, it was 27.00

Nonetheless, 30 or less is relatively good field position.

Maverick

 

[HolyGrail]

Quote from MAVERICK007:

What you say is confirmed by the Bullish Percent of the S&P 100

Yesterday, it was 28.00
Today, it was 27.00

Nonetheless, 30 or less is relatively good field position.

Maverick

Interesting, that is good to know, and yes the field position is very good. I like that term. It's a keeper.

 

[BullAlert]

Holy Grail,

I was a bit underwhelmed by how today's action translated into very little BP movement. I think you will find that with another strong up day (or more) you'll see more buy signals fire off and the BP will really start making some real progress.

-BullAlert

 

[riskfreetrading]

Quote from HolyGrail:

I am in total shock. I just downloaded all of today's information into my computer. As I have mentioned previously, I keep a bullish % index for about 820 of the highest volume stocks. You would think after a day like today you would see an increase in the number of stocks with bullish formations. Well it just didn't happen. We are at 23.97%. Yesterday was at 23.97. Not one change.

I cannot believe a 400 pt move in the dow, 47 in the s&p, and 86 point move in the nas did not increase the bullish %. This tells me the rally was not broad based and unless we see some nice follow through in the coming days this baby is going back down.

Let us get to the chase HolyGrail. How much are you losing so far? Do not try to justify things. Check your account between 3:40PM yesterday and close of today, and you will now if the market is strong or weak.

BTW, the market was flushing her signs yesterday, but the majority (as usual) did not listen.

but, I have a possible good news for you. Wednesday or most likely Thursday the truck may go back to save the injured. Board it, and stop arguing with the market.

 

[Brandonf]

Quote from HolyGrail:

I am in total shock. I just downloaded all of today's information into my computer. As I have mentioned previously, I keep a bullish % index for about 820 of the highest volume stocks. You would think after a day like today you would see an increase in the number of stocks with bullish formations. Well it just didn't happen. We are at 23.97%. Yesterday was at 23.97. Not one change.

I cannot believe a 400 pt move in the dow, 47 in the s&p, and 86 point move in the nas did not increase the bullish %. This tells me the rally was not broad based and unless we see some nice follow through in the coming days this baby is going back down.

I happen to agree with you as I'm seeing the same thing tonight when I look at the SP500, SP600, the Dow and the Nasdaq100. This rally probably has legs for a few weeks, after that its very questionable IMO.

 

[HolyGrail]

Quote from riskfreetrading:

Let us get to the chase HolyGrail. How much are you losing so far? Do not try to justify things. Check your account between 3:40PM yesterday and close of today, and you will now if the market is strong or weak.

BTW, the market was flushing her signs yesterday, but the majority (as usual) did not listen.

but, I have a possible good news for you. Wednesday or most likely Thursday the truck may go back to save the injured. Board it, and stop arguing with the market.

I got your "chase" hanging asshole. You know nothing of my trading.

 

[WaveStrider]

Looks like today's rally started last Friday about 2:45pm EST.

Somebody get the newspaper early?

Then Monday a drip down to throw the dogs off the scent...

...then buying it again Monday evening until - Surprise! - announcement Tuesday morning!

And I bet the SEC is hotly on the trail...

 

[dsq]

techs sucked today...csco,msft,intc were up just over a point when they should have been +2 at least on a 400+ dow day...easy come easy go...bearish sentiment and cramer bear call are the only thing that fueled this rally.Otherwise its sell the rallies.

 

[riskfreetrading]

Quote from HolyGrail:

I got your "chase" hanging asshole. You know nothing of my trading.

It is ok that you are mad at me. Here is some advice I have for you. Complete your analysis. Reach your conclusions. Then here is a way that will make money with high probability (it does not apply to you only, but to the majority including myself):

Do the exact opposite of your conclusions.