Terry,
I completely agree with your comments about the unhealthy action of this market. You state better what I was basically trying to get at in this post:
Message 21355199
Just as shorts have gotten killed with this ramp, longs are about to get killed on the looming selloff - this is an ugly snare being set. There are folks posting today who will not be posting a month from now because they acted with impatient greed - I've seen it before, in fact I've lived it.
Any newbiies out there who are at a loss in understanding this market situation (this includes anybody posting questions like, "what do you think I should do?") trust me, do nothing but watch and learn - do not put your good money out onto this table, you'll end up with the loosing hand.
As for the Qs, 15min chart shows ascending triangle w/ a 39 target (2112ish on the NAZ).
139.142.147.22
The story to watch though is the SOX (Terry mentioned days ago that this would be the leader). The problem for those expecting a quick selloff is this break of 35 on the SMHs:
stockcharts.com[h,a]daclyyay[dc][pb9!b4!f][vc60][iUk12!Up5,3,3]&pref=G
Triple tops are very uncommon, meaning more upside is likely here. More upside though, means the SOX would then hit its triple top at 450, implying again more upside.
stockcharts.com[h,a]daclyyay[dd][pb9!b4!f][vc60][iUk12!Up5,3,3]&pref=G
However, because this is a short covering rally (weak volume again today) the rules are different and less predictable. The 2100 NAZ is a good point for the market to take a break.
I hope tomorrow we get a gravestone doji with a nice long, upper shadow, with plenty of volume to boot. If not, I'll just continue lying in wait to unleash the rest of my shorting ammo - currently I'm 20% short from around 2070 NAZ.
J.K. |
