"NAKED ENTHUSIASM" Has a nice ring to it....
What caught my eye at market close today, and I hadn't really noticed it before, was....
It's kind of strange sounding, I suppose, but here goes. If you put a *30-minute* chart up on your screen, and superimpose on there a number of moving averages of various length, you will notice the following: the 25-period moving average is *upward sloping*, and nearly-completely-converging with the *now-horizontal* 50-period moving average, and this is happening at the top 10% of the price bars (between 9/16 and 19/32). I've seen this happen before, and it has in the past been a very bullish short-term alignment.
So, as I've written in the past, this moving-average-convergence is in addition to getting buy signals from the Bollinger Bands, Stochastics, RSI, and 'NCTI Yahoo Thread Sentiment.'
ARE THINGS LOOKING UP????
Of course, there is a caveat: The damn conversions and inflow of new shares *must* diminish, otherwise I don't know *what's* going to happen.
Here's another plus: If there are shorters out there (and surely there are), they aren't now playing games like selling at market close to keep the final tick down. They are in fact probably feeling nervous about now, and seriously desiring to cover their shorts. And that, fellow longs, is going to push this puppy higher as well.
I for one want to be up bright and early tomorrow, and watching for the anticipated action.
Comments appreciated (if not too nasty).
Sleep well tonight, all you longs.
Nicholas |
