The S&P put in another short term bottom on April 11

[William Rennick]

Hey Caddy,
Wow thanks , you should be a lawyer. No need to defend me though, Fadertrader is right. It's easy, so easy that I'm turning over tomorrows Market calling chores to him. I've been posting the calls between 1:30 and 2:30, so he can do the same. Just call the Dow like I have, no problem. I'm going to pm my call at 1:15 pm to the author of this thread, a guy I joke around with but really think he's probably one of the better traders here, volente00. You can post my call after FaderTrader posts his. In the name of full disclosure these calls I'm making are heavily influenced by the timing service I use. See you in the school yard tomorrow Fader (theme song from GooD,Bad, the Ugly playing in background).

...Rennick "Blondie" out

 

[riskarb]

Quote from volente_00:

Tell me what you see.


http://finance.yahoo.com/q/ta?s=^GSPC&t=3m&l=on&z=l&q=l&p=&a=&c=

A market that has gone absolutely nowhere in the last 6 weeks. Nice charting package, btw.

 

[FaderTrader]

I'm too busy trading to post calls. Why aren't you?

 

[newbunch]

Quote from volente_00:

Tell me what you see.


http://finance.yahoo.com/q/ta?s=^GSPC&t=3m&l=on&z=l&q=l&p=&a=&c=

I see a market up 25 points (about 2%) in the last 3 months. Wake me up when something happens.

 

[volente_00]

So far not one person has come up with the correct answer.
I used to be able to link a nice chart but now for some reason it will not work. Maybe this will work.

 

[volente_00]

Quote from xxxskier:

anybody notice that the move up today was accompanied with poor market internals?

todays up move didn't feel right to me....if internals don't signicantly improve in the next few days i will either stay away or have a short bias....btw i trade ES.

didn't feel right ?


Were you trying to short the rally ?

 

[steveosborne]

Quote from volente_00:

So far not one person has come up with the correct answer

Higher bottoms, higher highs. Is that what you're looking for?

 

[xxxskier]

volente,

i made 3 quick trades on ES today, all short, but only two were profitable. i usually trade in the direction of the larger trend, but today i didn't do that.

my earlier post is regarding my perception of the overall health of the market. the breadth was poor given the new highs today. my expereince is that if breadth doesn't improve the high can not be sustained. overall, i think we are in an uptrend more long term, but i see intermmediate weakness...unless internals improve quickly.

 

[volente_00]

Quote from steveosborne:

Higher bottoms, higher highs. Is that what you're looking for?

That is correct but not what I see in the chart that catches my eye.


Last time I saw this it went from 1255 to 1294.

This time, I predict 1295 to 1335 on the move.

 

[volente_00]

Quote from xxxskier:

volente,

i made 3 quick trades on ES today, all short, but only two were profitable. i usually trade in the direction of the larger trend, but today i didn't do that.

my earlier post is regarding my perception of the overall health of the market. the breadth was poor given the new highs today. my expereince is that if breadth doesn't improve the high can not be sustained. overall, i think we are in an uptrend more long term, but i see intermmediate weakness...unless internals improve quickly.

Just curious why you traded from the short side today on a gap down open ?