Peekaboo!
I see you...
OK, I'm back. Missed y'all and this market has been too insane not to make some comments.
Yesterday I watched the selling and just couldn't help buying some things. What I saw was some major break of support in the nas charts (100pt, 50pt) but I've noticed in the past that with volatility, triple bottoms are the new shakeout pattern. We've seen many times when a triple bottom is taken and only to reverse right back up. I'm not ready to say we don't take these triple bottom seriously because it is a major break of support but they don't panic me like before. I take trade positions and watch carefully and combine my impression with the indicators etc etc etc.
Plus, I could smell the blood in the streets yesterday and CNBC was so negative about the Nasdaq I just had to dip my toe in.
Now we look to see if this area of support holds on the Nasdaq. My guess is it will but of course I'm not predicting 'cause I just don't doooo those sort of things.
The QQQ is a beautiful chart and where I bought some calls. Look at a lot of the major tech charts and you will see that they are just pulling back normally. I think we all are just going to have to get used to the large swings in the Nas. It is common place now to have a 10% correction, it's needed, the only question is how to hold it or play it. Certainly there are stocks that don't recover during the Nas corrections and those you don't want to have - usually they are the RS in O's.
Oh, look at the MDY too. Beautiful chart.
As for the general market the indicators are doing well and the sectors that were way high came down and reversed back up. The OPTI did reverse down today which isn't surprising at all but in a good area of support. The NYSE is holding fine.
This is a tradable market but really be aware that we will probably continue to see large swings. This time of year always seems to be tricky but in comparison to past years the indicators aren't at the high levels where they used to be. Kind of blah looking at the NYSE BP. Shows that the market really has been at a standstill for several months.
Be nimble. I'll be back later with some more introspection's about the market and some stocks.
The University is going really well. The content is a mix of Tommy's book and material that DWA uses for their seminars plus original charts by Jan :-)
Bill is adding graphics and the look of the University is very cool. I'm thinking T-shirts for the graduates...
There is testing but it isn't hard, just makes sure that you understand the important points so you can progress easily.
I still don't know when it will be released because we come up with more and more things to do and add. I'm just too excited about it.
Will be looking for volunteers to test it out. Need some people that know nothing at all about PnF, a couple of neophytes, someone who knows PnF well and a couple of experts. That will give us a good range. Testing won't start at least for a couple of weeks, maybe three.
Miss you all. Good to be back! I'm doing fine, recovering very very well from the unsuccessful surgery and actually am feeling pretty good. Not much pain at all.
My Dad bought me one of those beds that has the automatic head and feet lifty thing. I got stuck. Sammie loves it because she can get to me easier in the morning. So cute the way she puts her little head on the edge of the bed to wake me up. Such a little sweetums, a precious gift she is.
Anyway, I could go on forever!
Thanks again to all of those that sent flowers and birthday wishes!!! I have lots of messages and will get to them soon I promise!
Jan I am still! |
