S&P about out of gas?

Manolo, maybe a dart board would serve you better than adjusting your technical analysis to fit your belief.

Quote from Manolo:

Yes, a channel. You are correct that if it was completely parallel it would be 1130. But I flatten the bottom channel line to coincide with the support at 1120-1125. So it's not exactly parallel.

There are too many people who continue to think "buying the dips" is the proper way to go. And there are too many people who feel we will stay in the "range". I'm a contrarian.

Usually corrections begin with the S&P touching a new high first, and it did that last friday. The high price of oil isn't helping. And the rise in bond prices is telling us that the economy isn't in the full blown recovery mode we are expected to believe.

Do you agree?
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Quote from pspr:

Manolo, maybe a dart board would serve you better than adjusting your technical analysis to fit your belief.
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To further your analogy, I think the dart I threw has hit the bullseye, so far.

For anyone who disagrees with me, or thinks I use archaic methodology, I say "different strokes for different folks". It's whatever works for YOU. There are no magic formulas.
 
Quote from Manolo:



For anyone who disagrees with me, or thinks I use archaic methodology, I say "different strokes for different folks". It's whatever works for YOU. There are no magic formulas.
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So why keep asking if people agree with you?
 
IMHO the markets are behaving just like a high jumper. Moving away, pacing themselves then they charge to jump higher than the record. Soon we are going to jump much higher. Not withstanding there are peculiar items out there. Jobs. Please 5.6 % unemployed is better than virtually every country. The noise is just politics. The Arabs today are squeezing the oil supply. Notably Saudi Arabia. America's "Great friend" Maybe they just want Bush out, Democratic Presidents are "soft" with terrorists. Maybe Greenspan was laying it out. Be prepared. Interest rates will be low in forseeable future, get a adjustable mortgage. A huge segment of the population is heading towards retirement. Maybe by 2008 real estate prices will be down considerably. Most important IT WILL NEVER BE THE SAME AS IT WAS IN THE 1990'S.
Next year 2005 is when the markets will probably really BUST.:cool:
 
Quote from dbphoenix:

So why keep asking if people agree with you?
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For obvious reasons. I want to know if anyone sees things my way. It doesn't mean you must see things my way. Traders see a multitude of things. And many may disagree with me.

Which part of "do you agree" don't you understand?
 
Quote from Manolo:

For obvious reasons. I want to know if anyone sees things my way. It doesn't mean you must see things my way. Traders see a multitude of things. And many may disagree with me.

Which part of "do you agree" don't you understand?
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Why you ask, since it doesn't matter to you whether anyone agrees with you or not.
 
Quote from dbphoenix:

Why you ask, since it doesn't matter to you whether anyone agrees with you or not.
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Of course it matters, just not to my trading. I'm not altering my trading because someone may or may not agree with me.

But I would like to have an intelligent dialogue about the potential correction, and as such, I would like to know if anyone sees things my way. Apparently some do, as indicated from the poll. I just wish they would chime in with their reasons as well.
 
Quote from Manolo:

Of course it matters, just not to my trading. I'm not altering my trading because someone may or may not agree with me.

But I would like to have an intelligent dialogue about the potential correction, and as such, I would like to know if anyone sees things my way. Apparently some do, as indicated from the poll. I just wish they would chime in with their reasons as well.
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All this may be true, but you're posting as if the "correction" were a foregone conclusion (e.g., the number of comments regarding how right you are "so far", usually in reply to someone who disagrees with you). This suggests that posting any other sort of analysis would be a waste of time. Hence, the lack of participation.
 
Quote from dbphoenix:

All this may be true, but you're posting as if the "correction" were a foregone conclusion (e.g., the number of comments regarding how right you are "so far", usually in reply to someone who disagrees with you). This suggests that posting any other sort of analysis would be a waste of time. Hence, the lack of participation.
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Fair enough.

Of course the jury is still out on whether we are still in a trading range or in the beginning of a corrective mode. That's why I enjoy talking now, before there are conclusive results.

I welcome all types of analysis. I ask you to point out a single time when I attacked, or even disrespected someone for disagreeing with me. I have not and will not. I don't disrespect anyone. I treat people the way I would like to be treated.

As far as the lack of participation, I think you may be exagerating this point. The poll is tightly contested, and the thread views outnumber most other recent threads. Someones paying attention. And to whomever is reading this, I ask you to chime in with your views.

This is a very interesting topic. Are we in the beginning stages of a correction, or is this a niormal fluctuation and we are stuck in a trend?
 
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