HI IKE
i've been thinking<g>....anybody smell any wood burning???<ggg>..
I checked my P&F indicators and some indexs...something incredible, has come to my attention...something that changes the total complextion of this market imo, at this juncture..
the current thinking of the bears/shorts is that we are topping out, AND at the begining of a bear<g>, market...hmmmm....that's cute...
check this out Ike...
In 1998 early in the year before the large selloff, the VLE, (Value Line Index) hit its peak during Apr/May...at the very same time the Major Indicator on P&F gave it's first reversal down into a column of O's and then shortly there after gave a sell signal too, i think it was July...
this time IKE..the VLE is about to give a BUY signal at 960, and a complete breakout above 1000...AND IKE, my trading friend and Parisian cohort<g>...THE NEW YORK BULLISH PERCENT(NYSEBP) the big boy indicator on P&F...IS A TICK AWAY FROM ISSUING A 3 BOX REVERSAL UP...
IKE "UP"...this is not a buy signal, but a complete change of direction, that COULD lead to a buy signal...just as the reverse did back then...this indicator measures how many stocks are on buy/sell signals...so we are begining to see more and more buy signals then sell signals...very very positive...
On the other hand..the RUT is at a critical juncture...heavy resistance at 425, this is what we in P&F call the Bearish Resistance Line(BRL)...if we break thru we need to print 430, or we'll reverse down to 410, a 3 box reversal lower...
what's very nice is the SPX, after doing a High Pole straight up, it corrected beautifully, and now should begin a new assault on new highs...on a 10 box chart...1340 would be a 3 box reversal UP, 1300 would be 1 box down and be support..1370 would be a breakout...
all and all IKE, this market is shaping up as one incredible potential explosion...as long as there's bearish negative thinking out there we are ok...when they throw in the towel, i'll be in Paris on Holiday having a drink at your favorite bar.....<gggggg>.... |
