Posted by marketguy on 3rd of Aug 2011 at 08:22 pm
right now I'm still net short (from mistakes over the last year
plus) but still have most of the longs I bought the last couple of
days.....the shorts I will obviously keep and the longs I will also
most likely keep unless we get a bounce up to the 1270-1280 area
and I "may" lighten up on some then if the charts are looking like
that new low is in the cards....
SPX 60
hate to say it boyz and girls but i think from here (but probably a little higher) we are going to get another low.... :-(
Posted by Robert50 on 3rd of Aug 2011 at 04:48 pm
Still has not broken the downtrend line.....
http://stockcharts.com/h-sc/ui?s=$SPX&p=60&b=5&g=0&id=p52596085289&a=239606896
and tough to make a
Posted by marketguy on 3rd of Aug 2011 at 05:20 pm
and tough to make a case for any positive divergence (especially on the macd)....
"now" on a new low we'd at least have 5 and 15 min divergences (which again we didn't have this morning....
never bloody easy.....
June
Posted by sschulman on 3rd of Aug 2011 at 05:15 pm
Yes, it happened THREE times in June!
It all depends on how you see things
Posted by Tango on 3rd of Aug 2011 at 05:13 pm
SSO 5 min chart. I do not think this is a bear flag setting up. http://stockcharts.com/h-sc/ui?s=SSO&p=5&yr=0&mn=0&dy=4&id=p64749226557&a=240904546
tango, here's my worry.....
Posted by marketguy on 3rd of Aug 2011 at 05:26 pm
tango, here's my worry.....
safe to say this "was" a bear flag as i had feared....
Posted by marketguy on 4th of Aug 2011 at 10:26 am
I see it
Posted by Tango on 3rd of Aug 2011 at 08:16 pm
So, here is my question, if you are right that there is more down side are you going to : Short, stay in cash or buy the dip? It is that simple.
right now I'm still net
Posted by marketguy on 3rd of Aug 2011 at 08:22 pm
right now I'm still net short (from mistakes over the last year plus) but still have most of the longs I bought the last couple of days.....the shorts I will obviously keep and the longs I will also most likely keep unless we get a bounce up to the 1270-1280 area and I "may" lighten up on some then if the charts are looking like that new low is in the cards....
how about you?
MG, could it be...
Posted by mamaduck on 3rd of Aug 2011 at 06:25 pm
makes sense to me mama.....
Posted by marketguy on 3rd of Aug 2011 at 07:53 pm
the good part about your scenario is that kind of bounce should have enough up side to then have 60 min positive divergence on the new low.....
As I stated earlier, the
Posted by steve on 3rd of Aug 2011 at 06:53 pm
As I stated earlier, the SPX would need to get above 1295 to create overlap and negate that count.