Hat tip: RC
Joined Nov 10, 2007
23,466 Blog Posts
© Copyright 2007-2024 iBankCoin All rights reserved under penalty of bodily harm. DISCLAIMER: This is a personal web site, reflecting the opinions of its author(s). It is not a production of my employer, and it is unaffiliated with any FINRA broker/dealer. Statements on this site do not represent the views or policies of anyone other than myself. The information on this site is provided for discussion purposes only, and are not investing recommendations. Under no circumstances does this information represent a recommendation to buy or sell securities. DATA INFORMATION IS PROVIDED TO THE USERS "AS IS." NEITHER iBankCoin, NOR ITS AFFILIATES, NOR ANY THIRD PARTY DATA PROVIDER MAKE ANY EXPRESS OR IMPLIED WARRANTIES OF ANY KIND REGARDING THE DATA INFORMATION, INCLUDING, WITHOUT LIMITATION, ANY WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. Privacy Policy
Bounce wit me bounce wit me
wit me wit me wit me
bounce wit me bounce wit me
giggity, giggity, giggity!
So what’s the PPT score at the top? Just ride the boat up the iBC canal.
Almost every top has been marked with a score of 3.
It would be very useful to the community (and a good advertisement for the PPT) if this chart was posted on a perma-link and updated regularly. If the PPT did nothing more than what is on this chart it would be worth it, and yet it does so much more….
good idea
Peanuts and hookers.
Mr. Fly,
Were there many times when the PPT score hung in the 2.20s but we did not see a bounce?
No.
Most of the times, it marked an immediate bottom. Several times, we double dipped. But, for the most part, it made sense to buy when below 2.30.
I posted a more in-depth analysis on The PPT.
http://www.youtube.com/watch?v=wpiAv3XkoGM
Honestly, you’d think this picture shouldn’t be all that new to anyone, but with those PPT scores included it’s a little like a the-hair-standing-up-on-the-back-of-my-neck monument.
I think the concern with the pic was that it was a close BELOW the 50-day MA. Charts are only charts though, the PPT score lends good perspective.
and so, King Arthur continued his quest for the grail…
I miss the old pepperoni and duck chart.
We just got a foot of snow here in Colorado. School is closed for the kids, and work is closed for me.
I really wish my snowblower worked with the sublime precision of the PPT.
Dude, if you see those creepy twins in your hallway…. stay away from the fireaxe!
__________
PQ (PetroQuest) catches it’s second upgrade in as many weeks. This one from a little bank called JP Morgan. $12 price target on a stock that opened at $5.90. I’ve been pimping this for weeks people!
http://www.istockanalyst.com/article/viewarticle/articleid/3589801
The PPT is a thing of beauty! I guess its helps that GDP numbers were good also, no?
It helps, but there’s always an excuse for the market to go up from oversold conditions and go down from overbought ones.
The PPT is merely a preternaturally accurate gauge illustrating when to pull the trigger.
________
Cashin’s comments today (re yesterdays action):
Market Comes Within A Hair Of Chain Reaction Meltdown – We have been cautioning for several days now that the dollar/carry basis of the rally could turn very negative, very fast. We didn’t suspect that it might be so close at hand. Yesterday’s action showed us how near that risk might be.
The pundits are busy trying to blame the dip in new home sales or the mediocre Durable Goods report for drop in stocks. How do they explain the simultaneous fall in oil, gold and a broad swath of commodities? No, Virginia, it was not data, but the dollar that dictated the dismal performances across the board.
The damage was severe. Over 90% of stocks were down. Negative volume was 90% of total volume.
The punishment was uneven. The Dow dropped 119 points. On an equivalent basis (converting to Dow points), the S&P fell 197 points and Nasdaq plunged 267 points. The Transport Index fell the equivalent of 168 points.
Other signs of unevenness can be seen on the napkins. The Dow remains above its 50 day moving average (50 DMA). The S&P and Nasdaq both broke below their respective DMA’s. The significance of that is found in recent history. The 50 DMA’s have provided a buffer for the averages since the March rally began. Each time they sold down to their 50 DMA, they bounced off and resumed the rally. Yesterday, as noted, the S&P and especially Nasdaq fell through. In addition, the Nasdaq punched down through a key uptrend line that had also held going back to March.
While there was a good deal of damage done to a heavily oversold market, it could have been a lot worse. As a decades long tape watcher…(I almost slipped and said “tape reader” but there is no more “tape” to read).
Anyway, as I started to say before I needed that intellectual Heimlich, market action suggested great vulnerability. If the dollar rally had turned into a spike, markets could have cracked like an egg. I really believe a few “wrong” ticks and the Dow could have plunged 800 points in the wink of an eye. Luckily, the dollar behaved and the closing bell rang, limiting the damage.
Okay. Where Are We Now? – The market is very, very oversold so a rebound is certainly in order. The great difficulty in outlining a prognosis is the critical role of the dollar. Away from all the technicals, economic and geo-political issues, the course of the dollar will dictate where stocks, oil and commodities go.
The ugliest outcome would be for a short covering rally in the dollar to break out. That would act like a sudden, massive, accidental margin call on many asset classes, especially U.S. stocks. It would look a lot like last summer/fall, when multiple asset classes melted simultaneously. Let’s hope that doesn’t happen.
The bulls, of course, are hoping for dollar weakness to resume. That will, at the least, provide wiggle room. At best it might restart the stock rally.
The action of the next several sessions may be critical.
Cocktail Napkin Charting – The Dow broke 9800 late in Wednesday’s trading. That brought on a little follow-up selling, causing stocks to close right on the lows. There looks to be key support for the Dow at its 50 DMA, 9697 and then around 9680/9700.
The napkins suggest S&P support looks like 1035/1040. Much more critical support sits at 1025/1030. A break of the latter level could suggest a much more aggressive selloff, maybe even a test of the March lows (ouch!).
Early S&P resistance looks like 1050/1055 with a fallback to 1060/1065.
nasdaq mini fut weekly support 3 to ws2 “mathematical precision”
baby
This is not a magical indicator. This PPT score is very similar to the McClellan Oscillator or maybe it’s the PPT score that’s very similar to the McClellan Oscillator (circa 1969). Show me a chart of ALL instances of where the PPT score was below 2.3 instead of just the instances where the PPT score retraced after the supposed bottom…meaning, the PPT score was probably close to 2.3 on Tuesday…was that a BUY day? If so, then you would’ve been cooked yesterday…
Boogster, It is magic. Magic of the space-alien magician kind.
Boogster: The PPT is merely a human expression of The Fly’s Space Alien perception of the real stock market.
Each day The Fly takes a trip into the future, returns and then translates that into the PPT for us mere mortal PPT subscribers to discern.
Boogster,
It’s a bit more complicated than being able to do that and justify your questions. (there are caluclated scores for individual stocks and the overall market. There is a lot involved.)
To get to the bottom of your question..
Subscribe to the PPT, learn a bit about how it works, use some critical thinking, and alll shall be revealed.
You might have been cooked yesterday..but regained today. The PPT is helpful, however you still have to think through your trades and respond to conditions regarding your trading style. There will never be software that works perfectly for all trading styles and all conditions. The PPT helps you make an educated guess.
Viva la PPT.
sounds like a marketing ploy. I don’t like marketing ploys. Just tell me the truth and I will make my own decision. The chart above is not entirely accurate.
Boogster:
Many of us have been PPT subscribers since Day #1 in February 09. If it sucked we would be saying so here.
None of us even know who The Fly is, but he has extensive trading experience, shares 99.9% of his knowledge here on iBC, and The PPT is The Fly’s brain converted to computer code.
Every one over there uses it differently. It is not about leeching “free trading tips”, it is a tool to exercise your brain to pick trades. Use it or lose it.
All joking aside, it’s a pretty amazing concept. It’s a tool that can be many things to many people depending on your style. It’s helping me to work on the areas in my trading that need improvement (selling, scaling in/out, stock picking, and research). I like it because it combines technicals and fundamentals in a logical way.
Boogster,
In my view, Tuesday was a partial buy day. Then yesterday was a day to increase positions and lower your cost average. On some crap I was too early on Tuesday. That happens. Everything is good today (except my one stock that did well yesterday – VZ). It is a marathon not a sprint.
Fly I have to say that call on JAH wow….. What about jumping back into RAX earnings Nov 8 th
Is there a PPT number for the top like there is the PPT number of 2.20 for the bottom?
O.K. I see in a post above that number would be 3.