Hot Pick Of The Day

[Rob]

Highs

New-born Baby, after a careful and thorough research of the history of all markets as far back as the history goes, I have concluded that every time a new high was achieved, it was immediately preceded by a brief period in which the market was at or near previous highs. This appears to be true 100% of the time.

[New-born baby]

New-born Baby, after a careful and thorough research of the history of all markets as far back as the history goes, I have concluded that every time a new high was achieved, it was immediately preceded by a brief period in which the market was at or near previous highs. This appears to be true 100% of the time.

Yup. That is true. Next question is this: does the current economic conditions warrant a new high this time? Especially since we are currently in the longest lasting bull market in history?

[Rob]

NBB, when you consider that it takes $118.18 today to buy what $100.00 bought in 2000, the Dow at 11,460 is only at 9,697 in 2000 dollars. Shoot, I'd say there's room to move up.

[spikefader]

Yup. That is true. Next question is this: does the current economic conditions warrant a new high this time? Especially since we are currently in the longest lasting bull market in history?

NB, just curious, are you currently short bias and trading to that bias?

I would encourage one to ponder "what is" at the moment as far as TA goes for the indexes, and specifically for the Dow.

Why should current economic conditions dictate a bias at this point? Or more specifically, why should one be cautiously anticipating a double top at this point?

Yes, it's resistance to be considered relative to long positions...perhaps exit at resistance to wait for resolution/breakout/break down. But right here, why be bearish or anticipating bearishness when the bull is snorting impulsively?

(FWIW, my Vector thingy is swing long bias on a daily basis).

Best to ya!

[spikefader]

If you have 45 seconds, you could read this post and see my view of the markets.

http://www.stocktiming.com/Tuesday-D...ketUpdate-.htm

NB, the alleged 'rising wedge' in that link is bogus imho. May I suggest this:
"Unless pattern is quite compact with frequent fluctuations, nicely bounded by converging lines, and unless up or down orientation is decisive, wedge designation is doubtful" Edwards & Magee (see Dave, I do read them )
http://www.ttrader.com/dirttime.php has a great summary by the way, which is where I got that rising wedge info.

In my opinion, there are not enough fluctuations in stocktiming.com's chart to make it a rising wedge. As of this moment, it is NOT a rising wedge. It does resemble one, but it still 'is not' until frequent fluctuations are forthcoming.

Also, probably more importantly, rising wedges typically appear in bear market rallies. We are not in a bear market rally, NB. This is bull market move off major support. If one were to base one's market view on that single bogus rising wedge combined with bearish economic fundamentals one is probably blocking out some pretty significant bullish TA logic that should be aligned with green hope rather than fear.

Are you skeered of this bull, NB?

Best to ya.

[peanuts]

NBB, H&S expert

New Born Baby,

Did NGA just break its neck? I'm wondering if my short gun should be used on it... .357 snub nose.... going down, baby, going down! Or should that be $3.57.... hmmmmmm

[New-born baby]

NB, the alleged 'rising wedge' in that link is bogus imho. May I suggest this:
"Unless pattern is quite compact with frequent fluctuations, nicely bounded by converging lines, and unless up or down orientation is decisive, wedge designation is doubtful" Edwards & Magee (see Dave, I do read them )
http://www.ttrader.com/dirttime.php has a great summary by the way, which is where I got that rising wedge info.

In my opinion, there are not enough fluctuations in stocktiming.com's chart to make it a rising wedge. As of this moment, it is NOT a rising wedge. It does resemble one, but it still 'is not' until frequent fluctuations are forthcoming.

Also, probably more importantly, rising wedges typically appear in bear market rallies. We are not in a bear market rally, NB. This is bull market move off major support. If one were to base one's market view on that single bogus rising wedge combined with bearish economic fundamentals one is probably blocking out some pretty significant bullish TA logic that should be aligned with green hope rather than fear.

Are you skeered of this bull, NB?

Best to ya.

Not skeered of the bull, but cautious because of the approaching resistance. I am long right now, and short nothing, but I still think that next Monday the market starts a retreat. We shall see.

[New-born baby]

New Born Baby,

Did NGA just break its neck? I'm wondering if my short gun should be used on it... .357 snub nose.... going down, baby, going down! Or should that be $3.57.... hmmmmmm

In my opinion, NGA just suffered a broken neck I view today's profitable session as a retest of the broken neckline. PnF likes this one short to 50 cents Yeah, they can over do it sometimes; other times they don't do it enough. But I think it did bust the neck today.

[peanuts]

In my opinion, NGA just suffered a broken neck I view today's profitable session as a retest of the broken neckline. PnF likes this one short to 50 cents Yeah, they can over do it sometimes; other times they don't do it enough. But I think it did bust the neck today.

I still refer to Point and Figure charts as "Point and Laugh" charts

Thanks for the feedback, you da man!

[New-born baby]

I still refer to Point and Figure charts as "Point and Laugh" charts

Thanks for the feedback, you da man!

Yeah, they sometimes leave something to be desired, but I find that they are good about giving you a warning before a Dow Theory event. For example, Dow Theory says that you must wait for the neckline break on a head and shoulders; but a PnF often identifies the bearishness before the right shoulder completes.

[New-born baby]

Hot Pick For Wed: Nem

This one I think is ready for a move higher: NEM.

Chart is showing a possible bottom being put in. Any RSI 30 with a STO 20 bullish cross is a possible major low. Yup, this is a
more aggressive entry than waiting for another week, but I think
this was the very bottom Monday at $42. Stop loss: $43.68. Target #1: $47.61. Target #2: $52.67.

[New-born baby]

This chart and the one above is the same size chart on Stockcharts.
The chart above was captured with Paint (printscreen method). The one below with the hated Handysnap. Note the diffo in sizes. It has me completely bumfoozzled.

[New-born baby]

Rimm

RIMM reports Thursday. Watch it!

[New-born baby]

Acor

Today ACOR takes a hit.

[Rob]

It has me completely bumfoozzled.

NBB, when you use the PrtSc (Print Screen) method to capture the image, what program are you pasting it to?