Responses:
Rookie, I like the zig zag list, but my reasoning is that whatever is currently working for you (or anyone) is worth following. Indicators drift, and it is a substantial chore for me to continually update the sets of indicators that now seem to be helpful. For example, tonight I replaced the 9 period Point of Balance (POB) Indicator with a simple moving average for 7 days on what was formerly a crossover of the 3 and 9 POB chart. It seems to work better now and paralles the crossover points of the others I juse in conjunction with it. So, when one discovers something, and it seems valuable for the current market, I will absorb it. As long as you, or anyone, keeps posting what is working, and keeps that fluid, we will have a better chance of staying current.
KO - yes, and it looks to hit that and possibly reverse - and that looks to have a lot of height to fall from. As for the NASDAQ, ceiling are a little different, as they tend to have a little more fuzziness at the local max and mins. The important thing is to know what it is, so that if penetration or reversal occurs, one can jump on for the ride up or down.
IBM is one that seems to be nearing a peak, and I will keep it on the Watch Lists for just that reason. Additionally, there are several that took huge jumps that are worth watching for reversals Monday, like RATL, SBUX, and others.
As for the chart and trendlines, use it and trust it. Everything else is just a smoothed or convoluted statistical interpretation of it. It is infinitely better to enter after a trendline has been broken and a reversal is in place that to try to outguess it. The market doesn't have a collective mind to match wits with. It has an attitude, but then we are part of that.
And in case anmyone ever tells you different, No One is ever sure, and 'feeling the market sentiment' is best done in real time...if not after the fact.
ADM, TOY, BKS and CPQ are worth watching for upside breakouts tomorrow
lastshadow |
