Trend Setters and Range Riders Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : Trend Setters and Range Riders

MSFT 414.22

+0.7%

Feb 4 3:59 PM EST

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

To: Jorj X Mckie who wrote (17279)	5/13/2002 8:01:27 PM
From: Susan G	Read Replies (3) of 26752

yep...same pattern and that one sure bombed out! And now the uptrend line of the sept low to the bottom of that doji is acting as resistance right at the bottom of that pattern. That same triangle pattern you've had the chart on for months. Not to even mention the huge res at the broken descending triangle. And since it's only the first day of the weekly chart, things sure could change by Friday. Could end up being one of those huge red candles to the downside by the time the week is over. That 1697-1700 resistance on the COMP at those broken descending triangle breakdowns will be a huge wall of resistance. Wednesday's candle high is also right there, that's what stopped it. Feels like they want to run it up there though...seemed like they were trying to make it seem like the confirmation of last's week ramp job I mean rally <g> that everyone is looking for but the volume was not there to confirm it. You know what kind of volume is needed on confirmation rallies, blowout vol, and at least as much as the rally it's supposedly confirming! I will be very surprised if this is not another trap for longs. What amazes me is how soon so many forget the relentless selling of Thursday and Friday and chase the momos again... I guess many are afraid of missing the boat, but I'd rather be sure the boat does not have a big hole in it first <ggg> Felt like more than short covering today though, those breaks of resistance were being bought...could have just been shorts with buy stops at resistance breaks though. All the indexes definitely are giving me the feeling they are trying like hell to hold them up to avoid a Sept retesthere.That will only work for so long, and they will fall harder from a higher level if it reverses. Will be veeery interesting to see what happens when we hit the 1700 area again....or even the 20ema daily on the NQs at 1269ish. That is a the classic grail sale for futures traders. I'm not bullish at all, just looking for signs that I may have to step aside while the train heads straight for me again <VBG> Those bullish semi calls by the penguins today were my first warning they want to ramp it again...I already had a feeling they were going to ramp it on AMAT and I've learned the hard way not to fight it, and to TRY at least to keep an open mind when it happens. I don't love options expiration weeks, it's too easy to get killed trading the futs while the MMs play their trap 'em and rope 'em in games!

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next