Unique swing trading signals and stock market commentary.
Wednesday, May 23, 2012
Hold confirmed.
What a trip. Down ~20 SPX points to positive territory? This market's wacky... is that usually a good thing? Probably not. Regardless, both systems are holding the long position yet again. Good luck to us... Take care.
J, it's definitely a good thing.. this is the kind of action I would expect when my systems say "no more shorting"... the risk is to the upside short-term. Capitulation was the other day (until proven otherwise) -- hence the reversal today. They washed-out the weak-handed bulls on the Dow today. NQ & ES both put in higher lows. Mkt is twitchy here. That's the way it gets when it's thinking about a turn -- in this case, back up. If they push above yesterday's HOD, the newbie bears will go into panic short-squeeze mode. The more we consolidate here before a rally, the better the rally will ultimately be. Patience. They got the fear-factor juiced enough that we could have a nice ~2-3 week CT rally here.
awesome! in by 3:53..
ReplyDeleteAnd oddly enuf, today the text on the site came in before the twitter notice on the site (which I assume is the same as a dedicated twitter feed..)
In any case, plenty of time to mop the brow, before close.
J, it's definitely a good thing.. this is the kind of action I would expect when my systems say "no more shorting"... the risk is to the upside short-term. Capitulation was the other day (until proven otherwise) -- hence the reversal today. They washed-out the weak-handed bulls on the Dow today. NQ & ES both put in higher lows. Mkt is twitchy here. That's the way it gets when it's thinking about a turn -- in this case, back up. If they push above yesterday's HOD, the newbie bears will go into panic short-squeeze mode. The more we consolidate here before a rally, the better the rally will ultimately be. Patience. They got the fear-factor juiced enough that we could have a nice ~2-3 week CT rally here.
ReplyDelete