nspolar, "gen market" & the McClellan Oss...
GTC Trader, nspolar I believe means "General Market" otherwise referred to as the "SM" in his abbreviation "gen market" - I think....When I first saw his reference to the "gen" market I misread it as GEM Market and thought that was pretty esoteric, started looking for a chart. Shorting stocks in the GEM industry is not a strategy I'd even considered.
Don't do alot of shorting myself, certainly should have some of beauties of our time or at least of this decade, but that's all should haves. Not predisposed to the course of action I guess, or prefer to concentrate on just a few things...Natural Resources being "the thing" and keeping me busy.
Below see (if you're so disposed) The McClellan Oss and its related Summation Index, a set of squiggly lines only a true T/A fan would love...As of yesterday's reading relative to the NYSE they are still supportive of the bull case, imho. The Oss is above the zero line and the Summation is rising....That could change today if with the MSFT and SUNW disappointments, it they indeed were, sufficient selling might spill over to the rest of the list so as to push the OSS below zero and top the Summation. Now "could" is the operative word, and it might be a bit difficult to be shorting at that point, and a little late for my quick sell finger to be liquidating longs, but at least one would know they had the force of the McClellan's with them.....inspiring ...
Disclosure: I sold my remaining QQQ position at 27. Hourly indicators look a bit oversold. Ought to be some support at 26 for the QQQ, failing that would be pretty bearish.
(The McClellan Oss has been around for more than 30 years....personally first saw it discussed on Channel 22 in LA when it was part of a daily 1/2 hour technical rap up on the market, anybody else remember Jim Newman and the gang way back then???)
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jims101 |
