Syl, doesn't it bother you that the COMP made new lows today?
Doesn't it bother you that macro lows are not normally made during expiration week (they usually precede or follow expiration week).
Doesn't it bother you that Max Pain on the QQQ is 25 and we're already half a buck over that right now?
Doesn't it bother you that in a sideways market Max Pain rules?
Doesn't it bother you that MSFT and INTC are releasing earnings this week, and neither has had anything good to say lately?
Doesn't it bother you that the COMP has not touched the bottom of its channel like the SPX and Dow have?
Doesn't it bother you that this reversal was driven by futures buys at exactly the 2:30PM turn?
Doesn't it bother you that this bounce came on the COMP at an arbitrary number, 1315? What does 1315 mean? What is the significance?
Finally, doesn't it bother you that all major indices have breached the Sept. lows, with the exception of the Dow?
In May we had the NDX breach. More recently we've had the COMP follow. Then the next week the SPX and SOXX. Today it was the NYA.
Doesn't it seem prudent to wait and see if the Dow, which bounced at the last possible "support level", will hit the 7900 level to test and / or breach the Sept. lows before you declare the bottom to be in?
These are the things that I'm looking at. If we drop to 1007 NDX and then take out 1040 and 1050 NDX on volume, I might change my opinion. Until then, I suspect this rise might be reigned in by NDX 1040 this week.
I understand it is your nature to be bullish, as you were at COMP 1500 after we had breached COMP 1450, but since you do intra-day scalps, it hardly matters what the market trend is. For those that do more than intra-day raids, the points I made above should be carefully considered. |
