This morning I highlighted my bias line and suggested you cut your weakling positions early. Yesterday demonstrated indecision and the gap below offered a tantalizing target for shorts. Heading into lunch the market began selling off and the market cut through the bias line. It’s understandable if you didn’t cut weak names at that point, but when the market failed to reclaim the price it was my sign to clear out weak names:
The action in the S&P was still constructive for the bulls and we found support in the afternoon and reclaimed the important 1420 level. It wouldn’t surprise me to see bulls testing the sellers’ conviction into the weekend by pressing longs into the weekend.
These elections are too close to watch—I have much respect for all the candidates and their hard work up unto this point, but MAN do I want to win. VOTE FOR RAUL3! 150th blog post HEY-O!
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Looking forward to some innovative and quality technical work. No more of this point and figure crap!
And hey, I voted for you…
You voted for me! My friend that is quite the honor!
These are my TPO charts, my babies. PnF charts behave differently, I’ll clarify this weekend.
Voted for Scott while it was possible… but as to the PnF charts… a little like wave theory – it’s been around long enough to be respectable without necessarily becoming understandable. Anyhow, I’ve got a couple of decades and the “body” of knowledge, but it’s still nice to see a PnF chartist. Variety is the spice of life. Don’t stick to the Qs though – that’s not interesting!