The PPT Hybrid score, formulated by Le Fly, has been pretty damn accurate at calling tops and bottoms. Now I know we are experiencing unusual trading conditions, but I thought this was worth a note.
Take a look at the chart below. The blue lines are used to highlight big down days coupled with an oversold score (2.20). If you take a look at the following day, on each occasion, we tend to open lower. Greet this new low with open arms as this is your buy point, and ride this puppy until we see overbought conditions near 3.0. Futures are down 8 points as I type, I will be buying blood tomorrow.
Wow… Uncanny how accurate this thing is. Hard to believe at times.
Futures bounced, financial reform passed.
Might be a gap up instead, who knows.
I bought a little ATPG to add to my existing position today, had to buy something on a day like today.
I was looking at ATPG today, never pulled the trigger though.
Asian futures were up a little last night too — until they weren’t
We get nuked tomorrow. Write it down.
Or maybe not… who really knows with this crazy market. I hate it. How I long for the days of my 40 points and a mule, jack.
I got pretty lucky with ATPG today, in the sense that I dodged a bullet.
I hate all this “handles” business. When did all that become fashionable? Every time I hear one of those dickheads on CNBC saying this or that is down 5 handles I feel like taking an ax handle to their head.
I think at some point tomorrow a short covering rally will provide a temporary bottom which will prove the PPT hybrid correct in seeing an oversold condition.
Come to think of it, you’re right Treepart. post edited.
I’m looking to start a position in UCO tomorrow.
Wait wait wait…you watch CNBC? I’ve never made a dollar from watching TV
lol
The Russell 2000 is still intact: http://chart.ly/4dpqa4
bought jun 107 SPY calls at the open
Good work Gunners.
It may be a little early yet, but it looks like you are dead on. Good call, RC.