Equity Markets: Technical Update (11-13-08)
I found exactly what I was looking for, even the increased spike in volume. This was no surprise to me as it was bound to happen. I am up 14% today and up 42% for the month so far and 3 out of 4 of my students are up over 10% today alone after joining me in killing the bears (at least for a day). I even said that today was the day to pay attention to (in my post yesterday), so if you didn’t make money and you were trading all day, then you’re an idiot. Let me tell you something, it’s days like today where you make the biggest buck, days where you sense tremendous reversal. Other days are just “normal” days. You don’t even have to trade everyday.
Also, if you watched CNBC into and after the close, you could see all these people try to give fundamental reasons to try to explain the rally. Let me tell you something again, don’t listen to those idiots, because there was absolutely nothing fundamental about it. It was a pure technical rally and if you know your technical analysis, you made a killing today while the fundamentalists remain dazed and confused as to what just happened.
I just don’t play shorts on days where a potential reversal is imminent. That’s the smart thing to do. We hit an intra-day capitulation point and formed a V-spike. I issued my buy order at 1:52PM and went 100% long and the rest is obvious. I stayed in cash for the most of 2 days prior to today for the sole purpose of waiting for…today. You must have patience to find the best possible entry and bank on it.
As for tomorrow, let’s see what happens. Watch the 20-day MA. Be ready to sell if needed.
SPX 1-day
SPX 10-day
SPX 6-month
NASDAQ 1-day
NASDAQ 10-day
NASDAQ 6-month
fab graphics !
Right on the money. Good work. Hope they give you a tab. This ephemeral King of Peanut Gallery bullshit is not for you, my man. You should be sharing tab space with Fly and Friends.
-Phil
love these charts. much more exciting than Woods.
Hey Fly, go fuck one or your turkey sandwiches.
Good day to you, sir.
Much appreciated. Keep up the great work.
bullish, but cautious.
morning sir…
phil says not sure if i can add anything to this:
“Phil_from_Brazil Says:
Right on the money. Good work. Hope they give you a tab. This ephemeral King of Peanut Gallery bullshit is not for you, my man. You should be sharing tab space with Fly and Friends.
-Phil”
sorry about the above train wreck… i could not figure out how to fix it… it should read:
“not sure if i can add anything to this”
your brother in the battle
Duane
A technical gatekeeper who speaks in the vernacular! Simply superb.
At the very least, John as the KOPG needs to be above the PG, no?
rounded bottom – major correction
am long -100%