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Strategies & Market Trends : Point and Figure Charting
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toccodolce
To: AdvocatusDiaboli who wrote (32487)11/16/2019 12:01:37 PM
From: Fintas1 Recommendation  Read Replies (1) of 34818
 
I'm sorry but I don't see 13% that big a deal

And IF SPX were to push 3200 that 13% down would be in the 2800 area.

So while I understand and agree with your concerns the fact is back when the SPX was 810 a 13% drop would have been a biggee.

But off 3100.. ZZZZZZZ

As I stated I suspect many would see it as a pimple on the butt off the elephant and come roaring back in.

AND THEN we would see off that bounce whether the concerns were real to yank it down or take it higher.

So we shall see how it works out.

However this MOMENTUM chart for the BP SPX and the near term as you can see is HARDLY ZOOMING UP.

Neither is the BP SPX.

The longer MOMENTUMS for the 10/30/40 weeks are in the 70's.That says to me, LONGS want to stay objective. EX IF I own an equity that is up excessively then I would consider selling a deep in the money or if the circumstances are correct just say bye bye as I did with CAT. A stock I had successfully sold deeps twice grabbing some very large downside to then close and watch it continue.

That's the game I'm playing here and now.

I'll let the extremely optimistic only see UP.

CEP I was once there many years ago. They do and they can pull em down and then it can take years to get back to where they fell. Classic ex is CSCO. IT took near 5 years to get back to the 30's. That's a long time unless one was willing to come in off the 9's from the 34.

Just saying. In any case TWT how this plays out.

Fintas

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