Is the Rally Over

[dbphoenix]

Quote from LiverNoMore:

How so? Looks to me like I was right on time.

Along with quite a few others. If you want credit for making a call, try to avoid going with the flow.

 

[LiverNoMore]

Oh. I thought the flow was the party.

 

[Corso482]

I dunno why you guys are so busy fighting over who made 'the call' first. For all you know it could be wrong. The Dow could go up 400 pts tomorrow and keep going. I think the probability of us going down from here is high, but that's only a probability. Anything can happen.

 

[Phreedm]

OK...since everyone seems to have an opinion.

Here's mine. I'm using a weekly chart of the Dow.

False breakout to the upside (8850-8900) towards the end of this week going into the holiday weekend.

7600 by the end of July.

But its only MHO.....

 

[dbphoenix]

Quote from Corso482:

I dunno why you guys are so busy fighting over who made 'the call' first. For all you know it could be wrong. The Dow could go up 400 pts tomorrow and keep going. I think the probability of us going down from here is high, but that's only a probability. Anything can happen.

Actually, I'm not "fighting" over who made it first. I don't see the point in making calls at all. The first opportunity to enter is at the turn. The second opportunity is the test of that turn. If too much hindsight attention is spent on the first opportunity, the second opportunity is usually missed.

 

[spreadem]

Market seems to holding and ready for an afternoon rally. A resumption of the uptrend is not totally out of the picture.

 

[dbphoenix]

Quote from spreadem:

Market seems to holding and ready for an afternoon rally. A resumption of the uptrend is not totally out of the picture.

Currently we're holding at the last reaction low, which is still in pullback territory. Watch for a test of the high, if there is one, and the volume that accompanies it.

 

[DHOHHI]

Quote from spreadem:

Market seems to holding and ready for an afternoon rally. A resumption of the uptrend is not totally out of the picture.

Yesterday gave back a couple weeks of gains. I don't think we'll see any real rally today, maybe modestly up but then I think we drift lower the rest of the week.

 

[harrytrader]

target reached on daily scale (9 points above the theorical value that's the usual noise when market is bottoming). Let's see if it rebounce is sustainable tomorrow.

<IMG SRC=http://www.elitetrader.com/vb/attachment.php?s=&postid=258124>

 

[Corso482]

Quote from harrytrader:

target reached on daily scale (9 points above the theorical value that's the usual noise when market is bottoming). Let's see if it rebounce is sustainable tomorrow.

<IMG SRC=http://www.elitetrader.com/vb/attachment.php? ts=&postid=258124>

Damn that's an ugly chart!!!! Good God man! Fiddle with the colors and spacing or something! How can live day in and day out with that aesthetic monstrosity you call a chart??!!!