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Strategies & Market Trends : Classic TA Workplace -- Ignore unavailable to you. Want to Upgrade?

To: Henry J Costanzo who wrote (134285)	7/12/2006 4:40:04 PM
From: skinowski	Read Replies (1) \| Respond to of 209892

Remember that line on SPX chart connecting the two lows in June? THe index is basically in a full test of that line (which projects about 3 points below today's close). Here is a short term bullish idea. But, I'd say, below that line I would hold off doing anything bullish. stockcharts.com

To: Henry J Costanzo who wrote (134285)	7/12/2006 4:40:18 PM
From: Moominoid	Read Replies (3) \| Respond to of 209892

The model says to be long from tomorrow. So I closed my QQQQ positions (short and puts). I plan to establish long positions in the morning. The market closed very close to its lows and the stochastic is in the persistently oversold range (below 20). Though my other diagnostics don't suggets that we will stay oversold this time around, it's best to still be cautious about going long. I didn't have time to buy options in my Roth account either before the close. Intraday the price action played out in almost perfect E-Wave fashion IMO. SPX/SPY has a clear 9 waves down. In the QQQQ/NDX that itself is the 5th wave from the July 3rd high...