3 month chart update
Market Bottom a la Mamis
- Thread starter PetaDollar
- Start date
===================Quote from PetaDollar:
3 month chart update
Looks like ''a '' DEC bottom is in;
prbably not '' the'' botton in OEX..... Because Mr Mamis calls a 50 day moving aveage too whippy, maybe one could assume even a 50 dma buy or earlier [however profitable] would be unsatisfactory in calling ''the bottom ''
Even if it is a good rally;
with historical, unusual FED/Treasury action.
Still short.
The highs/lows ratio is better than in October, with price is mostly lower; that's a kind of divergence. However, I interpret that in the current setting as "we've gone from abysmal to pathetic". (Mostly because of the absolute value of the ratio, still below 0.10).
The highs/lows ratio is better than in October, with price is mostly lower; that's a kind of divergence. However, I interpret that in the current setting as "we've gone from abysmal to pathetic". (Mostly because of the absolute value of the ratio, still below 0.10).
3 mo chart update
Definitely, the market has changed. With my mid-long term trading, I just closed a big short position today.
I noticed something unusual in the H/L & price charts the last few days, which led me to pick up a new intermediate short position (30-90 days, long DXD which is a short Dow 2X ETF, in at 56.79). More later, just wanted to log the trade for now.
Here's the highs/lows:
Here's the put/call ratio which we have not discussed yet, but is another source of data discussed by Mamis and others.
Looks to me like an obvious setup that comes along once in a while, for an intermediate term short. I'll try to sell my DXD around 100, but I'll take what I can get if we hit new lows on the Dow; on the risk side I guesstimate 25% if the tops and bottoms in the p/c ratio and new h/l don't hold up, Dow hits 9000+ etc. So far so good!