I'm going to start a new thing; The Market Timer of the Week Award.
Awards Thread: Subject 52349
I will award it to anyone who makes the best, most timely call on the general direction of one of the major indexes.
It will only go to people who practice technical analysis. Everyone has an opinion; however, only a chartist can point out a specific reason for their statements that can be independently viewed by others.
Sentiment analysis will not qualify and will not be considered as a basis for the award. Sentiment is of extreme importance to market direction, but it's use is subjective and calls are made on the "gut feel" of the current level of sentiment. A wise technician looks for bullish setups when sentiment is extremely negative and bearish ones when exuberance has become irrational. Also discussion of sentiment usually digresses into "dumb long\dumb short" exchanges, of which I have read way too many.
Calling a change of trend that lasts more than 3 days and is preceded by a trend of at least three days or more is the minimum qualification. It must be based on a specific technical event such as a wave count, trendline break, or whatever. Nominate anyone who you feel made the best technical call during the week, include a link to the post or webpage in which the specific call was made. Submissions need not be from SI and can come from anywhere.
Why am I doing this? Simply so that myself and others can find out who has the "hot hand" for the moment.
Why indexes? Because trading indexes reduces "specific stock risk". This offers an advantage to the trader and to the chartist.
I'm also interested in longer term weekly or even monthly setups. Bullish on a certain sector, a commodity, or even an overseas market? Tell me why and let's talk about it.
Any bull\bear debate is considered off topic. The charts speak for themselves, so lets just post them and debate them on their technical merits.
OH Yeah......No GURU's, or Lemmmings allowed.
Some cool links:
Point and figure charts for amex sectors with interpretation.
phlx.com
A lengthy discussion of ewave by a futures trader. Some of the counts are invalid but it's still educational. They are futures charts anyway so I guess a few overlaps could be let slide.
dacharts.com
7 year chart of vxn showing rising volatility in NDX.
communities.msn.com |
