Unique swing trading signals and stock market commentary.
Wednesday, August 3, 2011
Hold
Hold signal confirmed. Either today is a headfake with more downside to follow, or we're looking at a big bounce in the near future. I favor the latter, but I'm biased by my large and underwater long position.
I hope your followers didn't get shaken out today as volume seems to indicate capitulation and bottom, especially with the nice hammer. No way to tell whether it's just an oversold bounce or a meaty rally.
Exactly. Strictly speaking, we need to see the next day for confirmation of a hammer. Intuitively though, today looks more like a sledge hammer than a tack hammer. We'll see more in the overnight.
The 70's? Do you mean 1170 or just plain "70"? And I'm sure glad I decided to wait for confirmation of yesterday's big hammer. Talk about getting hammered!
Ah, OK. Well, there is one more support level where we are right now, at 1109. It seems to be holding - for now. But with the VIX headed back to the stratosphere, anything's possible. Crazy times.
I'm leaning towards the latter right now, although I don't make my own calls until way late at night, like 1 or 2 AM.
ReplyDeleteI hope your followers didn't get shaken out today as volume seems to indicate capitulation and bottom, especially with the nice hammer. No way to tell whether it's just an oversold bounce or a meaty rally.
ReplyDeleteExactly. Strictly speaking, we need to see the next day for confirmation of a hammer. Intuitively though, today looks more like a sledge hammer than a tack hammer. We'll see more in the overnight.
ReplyDeletefuture data seem skew these couple of weeks, we could be up/down over 100 points and by morning it would mean nothing
ReplyDeleteAnd we will continue down until support in the 70"s on the eminis
ReplyDeleteThe 70's? Do you mean 1170 or just plain "70"? And I'm sure glad I decided to wait for confirmation of yesterday's big hammer. Talk about getting hammered!
ReplyDeletesorry yes I meant 1170 areas eminis
ReplyDeleteAh, OK. Well, there is one more support level where we are right now, at 1109. It seems to be holding - for now. But with the VIX headed back to the stratosphere, anything's possible. Crazy times.
ReplyDeletePainful times. I can't even look at my IRA balance; it will make me cry...
ReplyDeleteoh, yeah.
ReplyDeleteTNA just hit 55.50
From a buy at 78.90
OH MY GOSH !!!
I feel ya....
ReplyDelete