David,
You should remove stocks under $5 from the shark short scan.
Market conversation based on crunch time activity:
x: que pasa? kielbasa
Tiric: It looks bad in Asia so far
I have benchmarks set for Dow +200
Naz +45
S&P + 35
If all 3 are not achieved tomorrow, we'll see Dow under 7,000 soon.
Tiric: SPYG closed on the get out tomorrow price.
x: doubt the dow will see an upside tomorrow...
Tiric: The intersection stuff is a technical buy signal. If a technical buy signal fails to produce, it quickly reverts to a sell signal.
x: are u giving it any room tomorrow?
Tiric: Since it's all coming down to the wire, I'm giving it until 11:45 EST to show itself.
If it's extremely nasty from the get go, I'll go to all cash asap and take a deep breath before considering going all short.
x: or are you talking intersection for the dow?
Tiric: The value of the intersection is not as important as the fact that there is an intersection. The magnet trend intersection next week is the key.
x: you think the magnets are stronger than regular trendlines?
Tiric: I've seen that when there is a magnet trend intersection, price moves up in the week or so leading up to the intersection. .
Tiric: If price is below the magnet intersection, it moves up to the intersection's value.
x: do you have all the clear cut rules for them?
Tiric: If price is above the intersection it moves up away from the intersection .
Tiric: That's most of the magnet component of the dynamic.
Tiric: And the most important component
x: do you know how one is generated. i had original rules but am not sure what has changed...
Tiric: You have to realize that there are magnet trend lines which are drawn through signal days. THEN there are magnet lines that are horizontal support/resistance.
x: what are the differences ?
Tiric: The key is that when a magnet line is used as support or broken to the upside as a magnet trend intersection approaches, THAT is a technical buy signal.
Tiric: The thing about technical buy signals is that if there is a failure to confirm the buy signal, that failure quickly becomes a sell signal.
x: i understand that they would work like trendlines do...i gotta spend some time getting the signals right...
Tiric: Now, we have a price trendline intersection in advance of a magnet trend intersection while the Dow is holding above a magnet (horizontal) line.
Tiric: Holding magnet support in advance of a magnet trend intersection is normally, by itself, a buy signal.
Tiric: The price trend intersection, by itself is a signal that a large move is in store.
Tiric: The two together signify that a large move UP should be occurring HERE.
Tiric: If there is no large move up tomorrow, that will be a failure.
x: tonite not faring well for that move to be to the upside , k
Tiric: That failure is a sell signal.
Tiric: SPYG, being a MIMBO with an attitude is a stock that will track the overall market psychology very closely. It's in exactly the same position as the market is now. It gave a technical buy signal according to it's technical profile, just as the intersections gave a buy signal.
Tiric: Now it's at the same crossroad as the market.
x: ok...
Tiric: If tomorrow is pink (ie sucks) investor confidence will have made a decision to bail. |
