Trading the Pivots

For Tuesday, 09/12/06

Market Status

Pivot Trend: Bearish

1st Resistance: 1317
Median Pivot: 1310
1st Support: 1304

Current Trend: Down
***
The market delivered minor selling opportunities yesterday after a strong uptred.

The models remain Bearish, so we will continue to look to sell rallies and attempt to captialize on sell-offs as they occur. While I personally think we're resting for another leg upwards, it doesn't matter, in trading discipline trumps conviction, and trading in a disciplined manner will, over-time deliver consistent results.

See you at the open.

Best Regards,

Jimmy Jam
 
I don't know if the MP or Footprints show a lot of volume in this area, but our daily PP has been around 1309 for the past 3 days.

It'll be interesting to see which way we move away from from this area. So far, it's a drifting above.
 
Quote from DonKee:

I don't know if the MP or Footprints show a lot of volume in this area, but our daily PP has been around 1309 for the past 3 days.

It'll be interesting to see which way we move away from from this area. So far, it's a drifting above.
More...

Hey Don,

Yeah, I noticed.

That's a good (objective) indication of consolidation (or maybe chop). I was thinking about this last night, and as it most definitely is a trend following method, when the market consolidates (which I think it is doing in preparation for the next upsurg).

As far as the days' action is concerned, I'm getting setup for the SHORT until my indicators tell me different.

Best,

JJ
 
Quote from JimmyJam:

Hey Don,

Yeah, I noticed.

That's a good (objective) indication of consolidation (or maybe chop). I was thinking about this last night, and as it most definitely is a trend following method, when the market consolidates (which I think it is doing in preparation for the next upsurg).

As far as the days' action is concerned, I'm getting setup for the SHORT until my indicators tell me different.

Best,

JJ
More...

I think yesterday's outside day with an up close, pretty much answered the question as to whether there were more buyers or sellers around.
 
Quote from DonKee:

I think yesterday's outside day with an up close, pretty much answered the question as to whether there were more buyers or sellers around.
More...

I didn't want to go into, but yesterday was 9/11 bro ... you can't use technical analysis on it, it didn't answer nothing.

Later,

JJ
 
Quote from JimmyJam:

I didn't want to go into, but yesterday was 9/11 bro ... you can't use technical analysis on it, it didn't answer nothing.

Later,

JJ
More...

Oh sure....now you're going to throw "thinking" into the mix.

My head hurts. LOL
 
Quote from nkhoi:

Dow head down
More...

Yeah, for the ref, I'm looking to short on weakness right about here. The defined trend is still down, we're abutting major resistance, and I'm not looking for a break-out right here (and if it does I won't play it).

Also, this baby has plenty of time to fall.

Best,

JJ
 
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