Thursday, October 25, 2012

Staying put.

CCI is a hold signal.  JTS is still not interested in going long yet.  Therefore the JT Composite remains 50% long and I'm gonna stay safe and just keep holding my 25% long XIV position.  (No additional purchases today.)  Thanks!!

12 comments:

  1. Picked up a few more longs -- YM & TNA today. That was a nice washout today - great place to buy. Loved how they ran the stops on TNA. Overall, it was constructive action today. Just takes time to turn the Titanic.
    J, looks like nearly everything closed green today, though only by a smidge. I guess that's what we get for disagreeing on up-vs-down for today. LOL.
    CrAAPL earnings look like a non-event. Too bad. Probably gonna have to wait until next week to get the up-thrust and re-sell signal that we're waiting for, J.

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    1. Yes good call on the green day, JKH. Fortunately, I don't mind being wrong if I make money! :-D

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  2. JKH,

    You might have gotten your gap down, only in the overnight futures. We'll see, but so far, your analysis is, as is usually the case, excellent.

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  3. Well, looks like the pattern is sell at the open, buy at the close...

    5 out of the last 6 days... pattern sucks

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  4. RMI, you sure complain a lot. If the pattern is so clear and repeating, then play it and make money.


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    1. Problem is as soon as you think you know the pattern, it changes on ya.

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    2. Wow, JKH... I am glad you have time to day trade, I do not; as I assumed the audience here were swing traders... but thats me I guess...

      You missed my point apparently since you have a day trader mentality. For swing traders, range bound day to day action that goes no where is not advantageous.

      On a SPY daily chart, a really nice bear flag is building right at the support from late Aug, early Sep. If that breaks, then I hope we are all short because the next stop is probably around 135.

      So, if you find as a day trader that the pattern is good, then trade away. For swing traders, the pattern over the last 4 days mostly but almost since early Sep has been directionless... very directionless

      Sorry I offended you, that wasn't my intent.

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    3. No offense, RMI. But your "daytrader mentality" is way off-base. And you don't need to educate me about swing vs daytrading. I think I've got a few years on ya, there.

      Swing traders can take advantage of such gap plays -- it's called "overnight swing". I do it quite regularly... and it works well for those who work a typical day job. If you don't have one, get an account w/a broker that gives you good order flexibility/choices (like IB), and you'll be all set.

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  5. It looks like we'll need a weak finish this afternoon to get the JTS to go long. I've got a value of SPY 140.75 or lower giving us a buy signal. About 5 SPX points lower than current levels. We'll see.

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