When do we tank ?

[kerry888]

Quote from Trader.Fighter:

No technical damage to the bullside yet, not even close, so I have no idea what you referring to, couple of red days of volatility ? That's nothing bearish, and theres plenty of support intact.

The channel shows potential resistance, it needs to manifest itself now, it has not.

It's a warning, all it is for now.

One other thing..assuming you're correct: "No technical damage to the bullside yet, not even close"

It follows that they could slam daytraders here or weak swingtraders w/o putting a dent in bullish sentiment. I'm a daytrader so that bothers me.

 

[kerry888]

Quote from Trader.Fighter:

Insignificant characteristics for the future.

Most probably, but thats the way my mind works.

 

[FXforex]

Could we use AAPL as a barometer of things to come? They have been weak for the past month.

1 Month Chart - AAPL compared to the S&P500

 

[badnewsbear]

Quote from FXforex:

Could we use AAPL as a barometer of things to come? They have been weak for the past month.

1 Month Chart - AAPL compared to the S&P500

No, you can't. Apple's PE is only 13.64.

Use the indexes.

 

[FXforex]

Quote from badnewsbear:

No, you can't. Apple's PE is only 13.64.

Use the indexes.

PE is irrelevant, just a bunch of noise. AAPL at one time was a market leader, now they are faltering. Perhaps AAPL is the canary in the coal mine.

 

[NoDoji]

Quote from kerry888:

That steep selloff on 1/13 that busted out lower and then was ignored the next 4 days afetrward, does that worry anyone?

That was no freak accident.:eek:

That selloff found aggressive buyers before price could even test the previous breakout level (1806-ish). That's bullish price action. The past 2 days are simply narrow range consolidation at highs. Nothing to worry the bulls at all...yet.

 

[TradinMadMan]

Quote from kerry888:

That steep selloff on 1/13 that busted out lower and then was ignored the next 4 days afetrward, does that worry anyone?

That was no freak accident.:eek:

Agreed. Let's see if we can get above and hold 1840 (cash index).

 

[tradingjournals]

Quote from NoDoji:

The past 2 days are simply narrow range consolidation at highs. Nothing to worry the bulls at all...yet.

I asked Nod to make non-hindsight forecasts, and she never did so far.

Now what we have a post from her about future price action, we will see how she will do.

Let us keep this is a record. SPY at 184.94: Nod is bullish.

 

[tradingjournals]

Quote from badnewsbear:

Apple's PE is only 13.64.

Use the indexes.

I consider low PE as bearish unless they pay dividend.

 

[NoDoji]

Quote from tradingjournals:

I asked Nod to make non-hindsight forecasts, and she never did so far.

Now what we have a post from her before about future price action, we will see how she will do.

Let us keep this is a record. SPY at 184.94: Nod is bullish, and TJ is bearish.

NoD linked TJ to a day of actual live trades called in real time including support levels and stop loss levels called in advance, and he didn't even click on the link to confirm it was true. His response was:

Quote from tradingjournals:

Post in real-time. I did not read past the first sentence, because because hindsight is irrelevant.

I felt badly for him, figuring he might be suffering from some sort of brain damage.*

Now, my concern has been confirmed, as he has taken my statement that narrow range consolidation at highs is bullish price action to be a prediction about future price action.

If he'd ever (and it's clear he never) read anything about my price action trading methods, he'd know that I would in no way be looking for a long entry on SPY until price broke the previous high with conviction, pulled back to (or near) the breakout level and turned back in the direction of the breakout.

* There is one other explanation besides brain damage for the nature of his responses: He's a politician.