Weeeeellll, yeah, I guess so. It's just that The Don is calling OEX at a local top and I've got it at a local bottom or very near - time wise. It could still drop, maybe to 658. If it goes lower we would have a new lower low and thus still be in a down trend. It's not that it can't happen its just that I figure the Fed would step in (the plunge protection team) and prop the market up some.
The other thing that worries me a little, if I look at the RUT, it still has more downside. Since OEX, NDX, S&P, and Compx and the RUT are "joined at the hip", i.e. they move together, I must conclude that either the RUT will short cycle and go back up or the market in general will continue to sell off for several more days.
Looking at Gersh's indicator, IP inverted, it (IP) could go up more before I get a sell on it (IP)(inverse to the market).
I am not good at exact timing on this thing, I just try to take my percentage out of the middle and avoid the down swings. I am just experiment with a variety of psuedo indicators to see if I can refine the turning points a little better.
A novice traders point of view. (and we all know what that is worth!) gggg
CU
Paul Kellam |
