dodger will be doing tonights update. If this is a wave 3
then a bottom should not be in place and other indicators like the
percentage of stocks in the SPX above their 50
MAdo not support a bottom, but again who knows for sure in
all this casino news driven environment. Yes the VIX is high,
but it still doesn't look exactly like the previous tops to
me.
But again, this market is as crazy as I've ever seen, that's why
it's never a bad idea to reduce position size if you area
swing trader.
This indicator yesterday was one of
the things that told me more downside was coming, it should update
in about an hr or so, will be interested to see how it closed
today
Posted by treid4dou on 16th of Sep 2008 at 07:27 pm
we may have done wave 4 of 3 today.....retracing to 1214....a la
FNM/FRE.....an extended blow top to 1217.....and back to wave 5 of
3........to the lows of wave 3....maybe a re test of 1169.....
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REVERSAL
Posted by gift1999 on 16th of Sep 2008 at 06:47 pm
matt, do you think today has signs of reversal....like this website says...
www.tradermike.net
What happened to the VIX and TRIX indicators today?
dodger will be doing tonights
Posted by matt on 16th of Sep 2008 at 07:22 pm
dodger will be doing tonights update. If this is a wave 3 then a bottom should not be in place and other indicators like the percentage of stocks in the SPX above their 50 MA do not support a bottom, but again who knows for sure in all this casino news driven environment. Yes the VIX is high, but it still doesn't look exactly like the previous tops to me.
But again, this market is as crazy as I've ever seen, that's why it's never a bad idea to reduce position size if you area swing trader.
This indicator yesterday was one
Posted by matt on 17th of Sep 2008 at 05:04 pm
This indicator yesterday was one of the things that told me more downside was coming, it should update in about an hr or so, will be interested to see how it closed today
percentage of stocks in the SPX above their 50 MA
Matt - WOW - almost 40%
Posted by cspirit on 17th of Sep 2008 at 07:19 pm
Matt -
WOW - almost 40% move down today. It's still above 20% STO so no near term bottom yet.
Chris
we may have done wave
Posted by treid4dou on 16th of Sep 2008 at 07:27 pm
we may have done wave 4 of 3 today.....retracing to 1214....a la FNM/FRE.....an extended blow top to 1217.....and back to wave 5 of 3........to the lows of wave 3....maybe a re test of 1169.....