To: Darth Trader who wrote (52172 ) 9/11/1998 1:04:00 AM From: MonsieurGonzo Read Replies (3) | Respond to
Roy; RE:" abandoned baby ? "...significance on the nasty looking doji on SPY ? SPY ,W weekly chart (to date) shows a Harami Yose Sen or "Harami Cross" - the week (so far) 'closing' near where it 'opened', forming a doji as the "cross ", set against or "crossing" the long red (decline) candle from last week.SPX.X weekly (to date) shows a figure resembling an inverted hammer , also forming a "Harami" reversal pattern against the previous week's long red candlestick; of course, the actual week is not yet completed, FWIW. In other words: the market tried to climb up the mountain it fell down last week, but it got clobbered the first time it tried to do so: either a great buying op or, look out, below ! Long Straddle can't lose ;-)SPY ,D daily chart on quote.com shows a gap-down spinner, with a (small) body; But my Reuters reference charts show a wicked looking doji - and I assume you are referring to this daily 'stick. Note that SPY, and the futures, trade for at least 15 minutes after the 4.00 EST cash market closing. I believe that the futures continued to rise just after the close, so that's why our reference charts show a closing price closer to the open, so - a doji.doji is roughly right-on an UpTrend Line drawn from the AUG-31 and SEP-04 closing prices.plunge instead of bounce and seek some new level down below. This is the second such "trading range" that the market has tried to establish. I hate it when they plunge, because I'm usually covering shorts (or taking a long position) at the bottom of the wave, right? - then the bitch just fails , and I'm either flat or worse - holding something. I got caught at 106 long, having just flipped, the last time it failed, I'm man enough to admit :-/explosive in a BearMarket, too... exits are easier, because you can see the top of the channel coming.exits require real finesse .morning star or, "abandonded baby", yeah.
