Hello Doug....
what a terrific post...thanks from me too...
actually, i know where we are at this moment...i exclusively use P&F charting from Dorsey Wright Assoc...www.dorseywright.com...super simple, service...wonderful for someone non-technical like me...they have a free trial...it's nice...anyone is welcome to look...
While i fully understand your post and charts..and hey i'm not a fool...i can honestly say, i've been long and cautious for awhile now,,,
in fact i posted on this thread or somewhere that we are going to retrace DOWN, from an overbought situation called a High Pole Top for the DJIA....usually they retrace 50% from the top of that High Pole...that would take us down to 1st support at 9600...if we break that, we go immediately to 9250ish...solid support...somewhere at 1260ish S&P's...
Now as of this moment, i follow about 6 Market Indicators from Dorsey...."ALL" have moved down from higher numbers, they have imo, actually bottomed at these levels...not the markets levels "their" levels...
Doug, about 2 weeks or so ago, 2 of these "early Warning" short term indicators actually "reversed UP"...and the others "stopped" going down...that was after we tested 9100 3-4 times...we're up now about 1000 points very quickly...
so until these 2 early indicators, reverse "BACK" down again, i'm playing the long side...carefully, adroitly, with aprehension & fear<g>...but the money is on the long side...i can't make money shorting or buying puts...oh yeah i can, but hardly ever do it...
anyway, thanks for your views...i appreciate the thoughts... |
