Hosting Tech Ticker Today, Part 1
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Joined Jan 19, 2010
717 Blog Posts
PPT is great, but other hints were there just waiting to be seen…
My goal is to accumulate stocks. The only way to do that wisely is at the low-end of their trading range.
We’ve spoken about support and resistance and we’ve reviewed what I’ve called the “marginal range high or range low”. This is when markets appear to breakout or breakdown, getting all the simpleton’s of the technical universe to believe that a breakaway move is underway. You see, a real breakout or breakdown is a somewhat rare occurrence.
Just a few weeks ago, the SPX got above 1120 to near 1140. Some actually began to think a breakout was underway. But that marginal breakout failed too quickly to trap very many participants. We then dropped 100 points in less than 2 weeks amongst talk of another crash and the death cross. Just for good measure, Prechter forecasted Dow 1000.
The 1040 area initially held, but before any kind of bottom–no matter how short-term it proves to be–there had to be a marginal breakdown that gets market readings to an extreme and gets most short or in cash. We got it when we printed 1010. That is when we publicly bought a few things.
We bounced quickly to 1040 but nobody believed we could rally. Remember something else. I told you that the calendar was funking up everything and no sooner did we get back from the weekend did everything fall into place.
So today it was simply “be long or be wrong”. Not only did we get above the key 1040 level but we closed at 1060. We should now attempt 1080 then fade to 1040 again.
The summer rally began this week. Enjoy it but please respect it.
Comments »I will be Guest Host of Yahoo Tech-Ticker…
Updates will be sparse until Thursday as I will be guest hosting Yahoo Tech-Ticker.
My guest will be Jim Paulsen, the Chief Strategist of Well’s Management. He has been plying his trade for decades and they hold untold gazzilions under management.
I’ll be shlepping into NYC tomorrow in 102 degree heat for taping on Wednesday and airing on Thursday. Please watch, post comments on yahoo, and make some noise!
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