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I DONT know of any bat or diamond pattern...but we are going down to the 64 swing point and with this volume probably blow through that into the 50s imo.....these stocks are in trouble LOL
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Newborn, what do you think about CAJ from technical point of view.
Canon is wellknown multimedia corporation from Japan. Company looks healthy with P/E=17.42, P/B=2.77, P/S=1.98, P/CF=10.65. Why CAL? Because of market correction, this is a good time to buy it.
I am looking forward to see your chart analysis.Comment
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Long is Wrong, IMHO on CAJ
Ninner,Originally posted by Al1000 View Post
Always glad to read what you are thinking. Thanks for posting. Please continue to post your calls. So you like CAJ long, eh? Let's see what the chaaarrrrttttttt says about it all:
First, the chart says, "What's your hurry? This ain't no time to buy." CAJ sports a very loose chart on the daily. Not the prettiest thing to look at.
Officially she's a bearish stock: below both the 50 day and 200 day averages.
It is not wise to buy 'above the target' support below the 50 day/200 day averages. (ie, when Dow Theory says the target is $xxxx, do not buy any support above $xxxx when the stock is below its 200 day average) The support may not (probably won't) hold, and almost certainly won't hold in a downtrending market.
The weekly shows a strong move down the past two weeks, and real indecision this week. This rising wedge is a bearish sign, and it broke to the South as chart theory suggested it would. Frankly I don't think I'd consider CAJ before a minimum of $45, and then only with a careful option strategy, and one probably ought to wait for the $42.50 support. Not a bull by any measure, imho, but here's the weekly anyway:
Shot at 2007-08-03Comment
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HEY nb...i didnt post about CAJ.....i wouldnt buy anything long in this tape other than the QID which is the double inverse of the qqqq.....im short to my eyeballs....Comment
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DUH! It was AL that wrote me. So sorry.Originally posted by ninner View Post
Yes, you are wise to be short up to your eyeballs here!Comment
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Originally posted by New-born baby View PostNinner,
Always glad to read what you are thinking. Thanks for posting. Please continue to post your calls. So you like CAJ long, eh? Let's see what the chaaarrrrttttttt says about it all:
First, the chart says, "What's your hurry? This ain't no time to buy." CAJ sports a very loose chart on the daily. Not the prettiest thing to look at.
Officially she's a bearish stock: below both the 50 day and 200 day averages.
It is not wise to buy 'above the target' support below the 50 day/200 day averages. (ie, when Dow Theory says the target is $xxxx, do not buy any support above $xxxx when the stock is below its 200 day average) The support may not (probably won't) hold, and almost certainly won't hold in a downtrending market.
The weekly shows a strong move down the past two weeks, and real indecision this week. This rising wedge is a bearish sign, and it broke to the South as chart theory suggested it would. Frankly I don't think I'd consider CAJ before a minimum of $45, and then only with a careful option strategy, and one probably ought to wait for the $42.50 support. Not a bull by any measure, imho, but here's the weekly anyway:
Shot at 2007-08-03
Thanks newborn, on your technical analysis of CAJ. By the way, MYL is under 16$, one way from 15$, as you have predicted from chart analysis.Comment
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AL,Originally posted by Al1000 View Post
Anything you want to throw up on the board, I'll take a look at.
MYL has a great deal of support at the $15 level. If that fails, look out below! But I'd think that MYL ought to hold that support.Last edited by New-born baby; 08-03-2007, 09:28 PM.Comment
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hey riverbabe...you still short MER....cus i am...i think this is setting up a big monster ABC down......down into the 50's ...this is just a deadcat bounce imo.
cheersComment
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Ninner, when I saw the UBS upgrade yesterday, I immediately covered at 70.89 for a 3.21 gain. I'm not sure this is just a deadcat bounce. Reading the news, UBS is really upbeat that any subprime worry is already reflected in the price. So I'm being cautious until the chart develops a little more. I hope you're right though. RiverOriginally posted by ninner View PostComment
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Smart move, River. In my book, take the profits before the bounce. You can always re-enter later.Originally posted by riverbabe View PostComment
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i read that ups report...and they hinted alot of things are pretty opaque.....i dont like that regardles...this upgrades are scams just to boost the stock price so they can dump it to their clients..a big game!!! ....im a bear and financials are weak....thats why i bought my October puts ...i figured they may be abit of a updraft here on this ABC leg down....we are getting close to the point where the B leg should be finishing up..and then its in one word......weeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeee eeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeee eeeeeeeeeeeeeeeeee !!!!! hahahahahahaComment
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Mer
looking at the MER chart closer we are right around the swing point high from from july 24 of 79.20 with a volume of 18000000 shares....today we got above that price but couldnt hold even though we traded over 22000000 shares....to me that is churning action and supply is exceeding demand again....with this volume im thinking we will retest todays highs....im still confident this baby willl go weeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeee eeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeee if u get my drift!!! im still up on my TEX short ..a big 7%Comment
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Yes, I'm seeing what you see. There certainly is a lot of supply! I'll be watching today for any sign of further weakness and will be ready to resume the trade. Thanks. RiverOriginally posted by ninner View PostComment
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Marty Chenard
I like this guy alot. He knows what he's talking about.
And here's what he has to say about today, Thursday, 8/9/2007
The trickle down of sub-prime problems are now accelerating across the world. France's biggest bank (BNP) stopped withdrawals from investment funds because it can't determine a fair value on their holdings. As this happened, credit default traders are now saying that the risk of holding corporate bonds increased as well this morning.
The Fed and European Central Banks are now planning to increase liquidity in an effort to stem what appears to be a deepening financial crisis.
Where does that leave Bernanke?
The BNP problem and expectations that problems will arise in both Hedge Funds and Mutual Funds is putting pressure on the Fed to lower interest rates. That would put the Fed in a situation where they ignore their inflation fears for now, put the financial markets fire out now, and deal with inflation later.
If the Fed lowers interest rates, it will create other problems. One affect would be for the U.S. Dollar to depreciate further ... and that would cause Foreign investors to sell more U.S. equities. Lower interest rates would only shift the economic pain from one area to another.
Sub-prime problems and loan defaults will take some time to unwind. Part of the reason, is that some analysts are expecting that around 1 trillion dollars in consumer defaults could happen in the next 12 months.
Financial problems are causing instability. One bank raised the bar on mortgage rates last week. It raised mortgage rates to 8% with a requirement of having at least a 30% down payment. This is all part of a credit contraction that is going on and that is a dangerous situation that could spill over to consumers spending less and corporate profits dropping.
This is the biggest problem the Fed has had to deal with since 1987. Volatility will remain high for the coming weeks as the Fed and the markets try to put band aids and duct tape on the problems.
Today, part of the stock market volatility will come from investors fearfully selling with the Fed pumping in liquidity at the same time. For example, the bad BNP news will have the market going down today, but the expected incoming Fed liquidity could actual have the market close higher by the end of the day. This is a whipsawing environment that will challenge day traders because of the speed of intra-day changes.
This morning I posted the hourly chart of the 30 year bond yields ... symbol: TYX. Take a look at it and see the large reversal move it made yesterday.
Please click this link to go to your Analyses and Recommendations at this link:
(If you are having trouble with the link, copy and paste it in your browser.)Comment
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