Market Watch

[RL]

Made A Mistake

duh thats 4 Qs

[dmk112]

Pretty happy about the action in the last two days. Tomorrow will be KEY and we need a follow through day, well, atleast not a reversal

[dmk112]

This is the next test for the NAS... it failed today, let's see tomorrow.

[New-born baby]

Resistance

Let's see if I can post a chart small enough to keep the ad campaign rolling.
(I don't want to stall the economy! ).

DMK: lots of resistance where these two lines meet. That's why I posted the other day that the NAZ faces a lot of resistance at about 2130-2140. Time will tell if she can bust that resistance or not. What it looks like to me is a symmetrical triangle that broke to the downside, and now we are merely getting a retest of the bottom line. What further effects my view is that the recent 'rally' has been on average/below average volume for the black days. (Sure, the red days have been above average volume, but those are down days). And thirdly, look at the candles for the last two days. "Topping tails." These three things make me suspicious that any real rally is taking place. Myself, I am thinking that a side line position is good until the NAZ hits the resistance again at 2130-2140, and then look to take a few short positions. The only longs I hold right now are in the oil sector (Cans) that pay an excellent dividend.

[skiracer]

I was happy to see the markets rebound and recoup a good portion of the drop in the last hour. What looked to be a bad day turned into what I would call normal consolidation after some up days even though it was still a distribution day by volume standards. Still doesn't mean it will continue to trend up but showed the bulls are still in there. Today will be another struggle to test whether the bulls or bears are where the strength lies. Still alot of overhead resistance. Here is Briefing.com's column, The Technical Take", which is given twice each day. Once in the early am an again at the end of the day to recount the days action.

[Runner]

S&P500 is at what I’ll call the moment of truth. I’ve been keeping my eye on the 1200 area and this is where the bull/bear fight will occur IMO. Hold above the 1200 and I’m back in the Bull camp, but this could be a leaping point for the bulls and another leg down for the bears. Next area of concern is the April, May lows. Despite some positive moves in the markets I still sense a caution tone with a more bearish overtone then bullish. We shall see if the bulls want to play or if they retreat farther from the BEAR.

uuuhhmm, well well what have we got here?

[New-born baby]

I'll tell you what we have here!

uuuhhmm, well well what have we got here?

I'll tell you what we have here:two things.
1. A chart from the Twilight Zone. Runner, are you really Rod Serling?
2. A failure of the 1200 support, and a retest of that failure. Where do we go from here?


DOWN.

[Runner]

I'll tell you what we have here:two things.
1. A chart from the Twilight Zone. Runner, are you really Rod Serling?
2. A failure of the 1200 support, and a retest of that failure. Where do we go from here?


DOWN.

Last time I read my dog-tags it did not read ROD Serling… Who is this Rod guy anyway??

[spikefader]

Runner. I'm a little confused about the basis for those lines. To draw a line, you simply need 2 points to draw it across. Like the line price has fallen from today, where are the 2 points? Perhaps up the top left???

[Runner]

Runner. I'm a little confused about the basis for those lines. To draw a line, you simply need 2 points to draw it across. Like the line price has fallen from today, where are the 2 points? Perhaps up the top left???

Yea, Spike I used fib fans from last high and last major low. I did not want to take up to much bandwidth by posting entire chart.. Sorry about that. Theory is to id possible R/S zones.

[dmk112]

I know im on the minority side, but tomorrow we do have a strong possibility of a nice bounce... Looking at the 20 day chart we are right at the trend line on all 3 major indices. We'll see...

Edit: didn't mean to say "nice" but 200 pts on the dow is a possibility...

[Runner]

Runner. I'm a little confused about the basis for those lines. To draw a line, you simply need 2 points to draw it across. Like the line price has fallen from today, where are the 2 points? Perhaps up the top left???

Looks as if these lines are acting as pretty good support and resistance areas to me. What ya think Spike?
It’s a common fact that Support and Resistance levels are typically drawn on charts as horizontal lines.

But price action isn’t confined to horizontal movement. Price moves in diagonal patterns between these traditional lines.

[skiracer]

I know this will bring alot of people out of the woodwork but without going on an on about it I have turned more bearish right now an am looking for the markets to trend way down before the end of the year an into 2006. S&P 500 below 950/1000 range/NASDAQ 1900/1950 range (I being optimistic on this one), and DOW 9600/9700 range. Credit an interest rates will catch up with the homebuilders and consumers, energy (oil and nat. gas) will take a big chunk out of what's left in the consumers bankroll, and the ticket to taking equity out of home values to buy big and small ticket commodities and leisure items will end with decreasing home values. There will be nothing left to take out because it has been taken out an used up to fuel the past couple of years growth or whatever you want to call whatever it is we have had. All that will remain is the heavy debt. This is going to get ugly by year end and worse into 2006.
There will be short periods of uptrends which will present opportunities but basically it is a subtle thing as it moves down that takes one step forward and two steps backward.

[New-born baby]

Out of the Woodwork

I know this will bring alot of people out of the woodwork but without going on an on about it I have turned more bearish right now an am looking for the markets to trend way down before the end of the year an into 2006. S&P 500 below 950/1000 range/NASDAQ 1900/1950 range (I being optimistic on this one), and DOW 9600/9700 range. Credit an interest rates will catch up with the homebuilders and consumers, energy (oil and nat. gas) will take a big chunk out of what's left in the consumers bankroll, and the ticket to taking equity out of home values to buy big and small ticket commodities and leisure items will end with decreasing home values. There will be nothing left to take out because it has been taken out an used up to fuel the past couple of years growth or whatever you want to call whatever it is we have had. All that will remain is the heavy debt. This is going to get ugly by year end and worse into 2006.
There will be short periods of uptrends which will present opportunities but basically it is a subtle thing as it moves down that takes one step forward and two steps backward.

Ski,
I don't think this Christmas season will be very good for retailers. Christmas represents 50% of the retailer's business. Consumer spending is 2/3 of our economy. But the consumer is being hit by all you said above, and in addition, the new bankruptcy law has gone into effect. Starting in Nov, the credit card minimum payments will be double what they were previously. That is going to sting consumers and the economy, too.

[billyjoe]

Ski,
If I'm living outside a Walmart with an old laptop and plug into an unused vending machine outlet can I still access Mr. Market's site ?


billyjoe