US - Market Direction 01 (May 08 - Jul 08)

Re: US - Market Direction & Strategy

Postby millionairemind » Thu Jul 31, 2008 12:45 pm

Chiron wrote:Trading volume for last two days in US:

NYSE - below average
NASDAQ - above average

Any interpretation based on the info above?

thanxs :)


Chiron,

I do overall mkt reading and track distribution days once mkt has a follow thro'. The follow thro' came on Tuesday night... Ytd was Day 1 after follow thro'.

I was surprised that DOW and the gang actually moved up even when oil popped $5 before settling in at $4.50.

That to me is a sign of resilience.

However, like my Da Ge K always say - Stand Strong does not mean Last Long :mrgreen: :mrgreen:

Let the mkt prove itself...

Cheers,
mm
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Disclaimer - The author may at times own some of the stocks mentioned in this forum. All discussions are NOT to be construed as buy/sell recommendations. Readers are advised to do their own research and analysis.
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Re: US - Market Direction & Strategy

Postby kennynah » Thu Jul 31, 2008 1:27 pm

actually...

Stand Strong does not mean Last Long

the phrase was borrowed from GR....
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Re: US - Market Direction & Strategy

Postby blid2def » Thu Jul 31, 2008 1:37 pm

Not exactly. I used "doesn't", not "does not". The 2nd one makes it not catchy. :D
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Re: US - Market Direction & Strategy

Postby -dol- » Thu Jul 31, 2008 1:39 pm

There have been quite a bit of short-covering recently, thus contributing to the violent rebounds. Note that many of the best single-day advances of all time happened during the 2000-2003 bear market.

Last nite, Nasdaq was in the red until towards the end as the shortists gave up and covered their positions.

May be prudent to be cautious.
It's not the bottom if you are not crying.

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Re: US - Market Direction & Strategy

Postby Chiron » Thu Jul 31, 2008 2:18 pm

Thanxs for your opinions, folks. :)

IMHO, the oil price is a potential killer.
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Re: US - Market Direction & Strategy

Postby kennynah » Thu Jul 31, 2008 2:52 pm

so...

BUY

HOLD or

SELL ?
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Re: US - Market Direction & Strategy

Postby OE2008 » Thu Jul 31, 2008 3:10 pm

$SPX:

19 May 1440.24
15 Jul 1200.44

Drop of 240 points. If we are now on a wave 2 retracement, possible fibonnaci targets are 1320 (50%) or 1348 (61.8%). If this turns out to be the case, the wave 3 down is going to be ugly.

Just follow the ball and good luck.
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Re: US - Market Direction & Strategy

Postby millionairemind » Thu Jul 31, 2008 3:27 pm

Hi OE,

Nice to hear from you again...

Paiseh har, can put up some ang kong for me to take a look, coupled with some explanation when you get a chance?? I am highly visual person...

Thanks a million!

Cheers,
mm
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Disclaimer - The author may at times own some of the stocks mentioned in this forum. All discussions are NOT to be construed as buy/sell recommendations. Readers are advised to do their own research and analysis.
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Re: US - Market Direction & Strategy

Postby -dol- » Thu Jul 31, 2008 3:40 pm

kennynah wrote:so...

BUY

HOLD or

SELL ?


Buy potential winners, hold your winners (if any), sell potential losers (short) or your existing losers (if any).

If unsure, do nothing.

Some bird told me he's gonna unload if there's a good rally - many stale bulls... market got to digest their inventories first.
It's not the bottom if you are not crying.

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Re: US - Market Direction & Strategy

Postby OE2008 » Thu Jul 31, 2008 4:03 pm

Hi MM,

I like those ang kong you have put up. Although I look at Ang Kong (including those moving ones :lol: ) all the time, I have not worked on putting them up.

One thing about charts, they are like maps to me and I have lost my ways often while navigating, using compass with all kinds of settings :oops: .
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