Thats it...the bottom is in...next stop 1300

Quote from Ivanovich:

He's entitled to his opinion. I'd like to see some specifics, though. Or it's all just hot air and we'll throw it in chit chat. We have enough speculative chat threads on up or down moves.
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So what's one more gonna hurt??? ;>)
 
I found the chart for the $NYMO. So interpret as you will, in my personal opinion, I think thats a bottom. I have no professional financial experience...just experience like you all pimping the TDAmeritrade and IBroker account all day long...



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Finally, here is the ES. Also look at the IWC which is composed of stocks that are not big enough to make it to the Russell 2000.

The IWC did not even make it close to the February low confirming the opportunity in microcaps right now. The IWM and IWC are the truth etfs. If those are stronger then the large caps then its telling...at least in my non-pro opinion.



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Quote from BSAM:

Hmmm...
Retail---Any way to make those charts smaller?
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I forgot to hit the resize button when I uploaded it I guess sorry...it does look pretty cool if you have an HD monitor though;) Its only 300 bucks and I got mine last year, probably cheaper now...
 
Quote from retaildaytrader:

Look at the ES on a weekly scale. If you start back in October/November then you can draw some lines on your screen and make a megaphone like pattern. I think it goes up to 1300, but I think there will be a much deeper pullback after it arrives at that target. If you look at the $NYMO McClelland Oscillator found on stockcharts.com. This is record oversold territory per that chart. Time to go long folks...long those 3x etfs...

http://stockcharts.com/h-sc/ui?s=$NYMO&p=D&b=5&g=0&id=p88166225783
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I'd wait for the close before making any bold predictions.

If we get a bullish engulfing on strong volume, it's a good sign. I don't know if we're looking at 1170, 1200, 1220 or 1300 as upside target, but it should go up a bit.

If we get a weak hammer and not-so-good volume, it's a harder call. It's still a double-bottom and we should get a little more rally, but it may only be a 2-3 day rally.

If it's a flat or losing day, not good at all for the bulls.
 
If you guys look at the German DAX chart, they have a long tail, and they finished above the 200 day SMA.

The Hang Seng has a long tail, and it finished above a double bottom. The Nikkei has a sizeable tail.
 
Quote from retaildaytrader on 08-26-09:

Im just a student in the art of trading. I just started daytrading from my home and my initial capital is $50,000. I dont have any job and all day long I have been at the screen watching the market right along with CNBC.

I am starting this journal so as to collect feedback and ideas. All of my experience and education comes right from books, but not actual trading.

Right now Im watching the market and already made a mistake by deviating from my thesis that there would be short covering into the close because of the initial claims and gdp reports coming out tommorrow. Thats a 500-700 mistake right there.

The main instrument I am going to utilize is the TNA/TZA etfs. I am familiar with the ES, but its simply too leveraged for my tastes and that is all together a different game. Options is not for me because I dont understand them and know I never will. Trading stocks is a difficult game too. I really dont understand how many of these companies trade or the economics behind it. For all I know, there are a bunch of guys at a few trading desks around NYC holding them up and I will get trapped in the middle of all this.

My background is in construction and I have no interest in working for a prop firm or any kind of fund or institution. I enjoy the privacy and peace of my home and answering to myself. Prop firms please do not send me any pms, not interested.

So I invite feedback and suggestions as I am just a student of the market. Im going to post my thoughts on the market each day along with a few charts from the software I have.
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http://www.elitetrader.com/vb/showthread.php?s=&postid=2554290
 
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