Buy and Sell Signals, and Other Market Perspectives Message Board

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Strategies & Market Trends : Buy and Sell Signals, and Other Market Perspectives

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To: Chip McVickar who wrote (51488)	6/7/2013 12:52:23 AM
From: Fintas	Read Replies (1) of 221487

1650 is not out of the realm of possibility on a bounce. I don't see 1700's until we finish the retracement and as you know I believe we retrace a lot lower than 1574. As for the pretty puny pullback. A: It's not done. B: given so many were CONVINCED off the first attempt of 1620 it was on wards and upwards to newer highs. Looking at it in that context it was a major victory for the bears against the money being thrown at it to hold it over 1650 let alone 1620. Also as chartseer has pointed out. Using PNF the larger box clearly shows it's broken. That pattern usually leads to a bounce and then LOWER. Given what I'm seeing using other numbers. I'm EXPECTING bounce lower, bounce lower bounce lower all the way down to areas of major accumulation. That isn't up at 1687/1650.. They were trying at 1620 and yup they tried at this level 1598. BUT as I keep presenting those attempts will end as money management 101 stops some from buying due to % and they have to sit on their hands. Expect it and then one will not be surprised as to why the buying stopped I am finding it humorous how the boys have so much in the game some are making some very foolish statements re FA 101. I mean you would have thought we overcame a 500 point down day to finish UP. NOPE I guess we just say anything and few stand up and say HUH? What will I be doing. I'll exploit any move UP that I determine is extreme against the back drop of other indicators I monitor. Meaning I'll be buying SPY PUTS! Bottom line is 2% GDP doesn't cut it. And the FED can be affected by the actions of outside countries. I realize most TA types don't consider too much re world eco, or world politics but HISTORY proves they matter as to direction of lines. So we shall see.. Thanks for your post. I'll be reflecting on your data. Fintas

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