Skiracer's stock slopes

[riverbabe]

Ski, I was looking at both of your wave 4s and they looked too low to me. Also, your first wave 3 looked too short. I couldn't remember the "rules" so looked some up. FWIW

"Elliott waves, both impulsive and corrective, adhere to specific Fibonacci proportions, as illustrated in Figure 2-2. For example, common objectives for wave 3 are 1.618 and 2.618 multiples of wave 1. In corrections, wave 2 typically ends near the .618 retracement of wave 1, and wave 4 often tests the .382 retracement of wave 3.




Figure 2-2

"...Elliott wave rules."

Rule 1: Wave 2 can never retrace more than 100% of wave 1.

Rule 2: Wave 4 may never end in the price territory of wave 1.

Rule 3: Out of the three impulse waves - 1, 3 and 5 - wave 3 can never be the shortest."

I see a different count from yours. (Everybody will have their own different count, as you know.) Will try to post it.

[skiracer]

Came across this article explaining today's action, I don't know what tomorrow will bring but the chart does look scary

http://www.bestonlinetrades.com/2010...day/#more-1329

i read the article and have to agree that the chart does make me anxious about what could happen here. but i don't agree with his rationale. here's a chart on the SPX weekly and my take on it. I am not going out and buying any long positions right now but there are plenty of good stocks that are cheap right now. were down 170 pts from the 1255 recent highs so any upward movement would help and getting back to around the 20 ema at 1116 would put things right back into the ballgame. I think we get a boucne today but if we do and it doesn't hold the intraday highs at the close then we could be in deep shit.


Uploaded with ImageShack.us

[riverbabe]

Came across this article explaining today's action, I don't know what tomorrow will bring but the chart does look scary

http://www.bestonlinetrades.com/2010...day/#more-1329

Very scary wooish. ouch. Sometimes I really wish hedge funds and computerized trading programs had never been invented.

[wooish]

Came across this article explaining today's action, I don't know what tomorrow will bring but the chart does look scary

http://www.bestonlinetrades.com/20100609/the-tape-action-was-very-ugly-today/#more-1329

[wooish]

With the way the DOW and S&P closes today I wouldn't be surprise that S&P will test 1040 again tomorrow morning. I bought some SPY June $107 puts at the close today, if 1040 breaches then it will go to 1029. I'm also short AIG

[skiracer]

Ski

Since you know the trend is down, why don't you take advantage of it. I've lost a lot of $$ in the past fighting the trend but I've recently learned to follow the trend. I'm holding alot of bullish plays but I also hedge it with lots of puts so I can sleep better at night.

i've been noticing a strange phenomenom of late where both sides of the options chain will be negative. I'm only holding one trade right now and that's the july 10 - $17 calls on NYB. I was thinking of hedging some off with the puts but neither side has been producing a positive side of late. I thought for sure the way it started off this a.m. that the markets were going to be up today and the same thing thing happened again. around 3 p.m. things reversed and the selloff came in to force a negative close. very perplexing. I've been on the losing side myself over the past 2-3 wks. both with nyb and pcln.

[wooish]

Ski

Since you know the trend is down, why don't you take advantage of it. I've lost a lot of $$ in the past fighting the trend but I've recently learned to follow the trend. I'm holding alot of bullish plays but I also hedge it with lots of puts so I can sleep better at night.

[skiracer]

Ski

I like NYB's chart and it looks like it's about to breakout but I'm afraid the current market sentiment will prevent the breakout or keep it trading below $16 for a while. The DOW and S&P is getting weaker as the market approaches closing time, even with big Ben's koolaid, the market can barely holds its gain. With that being said, I think I can get NYB cheaper next week. However if you strongly feel that NYB will go up from here, I would suggest hedging it like I mentioned last week.

I am so disenchanted with this market. apparently there is no underlying strength in it. up in the a.m. and sells off in the p.m. i am almost sick and tired of watching it.

[wooish]

Ski

I like NYB's chart and it looks like it's about to breakout but I'm afraid the current market sentiment will prevent the breakout or keep it trading below $16 for a while. The DOW and S&P is getting weaker as the market approaches closing time, even with big Ben's koolaid, the market can barely holds its gain. With that being said, I think I can get NYB cheaper next week. However if you strongly feel that NYB will go up from here, I would suggest hedging it like I mentioned last week.

[skiracer]

NYB is worth a look right here. this is one of my favorites, if not my favorite, chart patterns and points to catch a stock.

Uploaded with ImageShack.us


Uploaded with ImageShack.us

[skiracer]

I'm doing the best I can. Maybe biotechs aren't for everybody? Am I one of the "guys" above, Ernie? Please don't hurt my feelings and make me cry girlie tears...heh.

River,
I'm sure Ernie was including you in his statement River. but you shouldn't limit yourself to just posts on biotechs which since you started your new thread seems to be the case. I for one know your abilities and capacities go much farther than that.

Karel,
you are unequivocally one of the best, if not the best, at searching and finding little known facts about everything. we're all lucky to just be around you to have the chance to let some of that quirky info rub off on us for the next time we are engaged in a Trivia Pursuit game.

[Karel]

Peanuts,
Please tell me that Jesus mentioned "copper" at least once in his lifetime.

----------billy

Aha, I should be able to answer that one. He did, at least once, see Matthew 10:9 (or the parallell text in Mark 6::
"Provide neither gold, nor silver, nor brass in your purses"

The word used for brass (Chalkos, ch as in Scottish "loch") also means copper.

Regards,

Karel

[riverbabe]

This forum gets many more hits than posts. So lots of folks are reading - or at least looking - even though not as many are posting. Thanks to you guys for providing such great content.

I have big plans for this site when I retire from the working world.

I'm doing the best I can. Maybe biotechs aren't for everybody? Am I one of the "guys" above, Ernie? Please don't hurt my feelings and make me cry girlie tears...heh.

[billyjoe]

Peanuts,
Please tell me that Jesus mentioned "copper" at least once in his lifetime.

----------billy

[mrmarket]

This forum gets many more hits than posts. So lots of folks are reading - or at least looking - even though not as many are posting. Thanks to you guys for providing such great content.

I have big plans for this site when I retire from the working world.