Here we are at another OPEX Friday, and so far it's been slow but steady, with no major economic news announcements, unless you count FDIC Friday after the bell, and that won't be moving this tape either way. But we remain alert, because there are some interesting areas of support in play, not only on the index charts, but the leaders as well. As noted by DDT last evening, even if you only trade one thing, keep a close eye on the others for further clues. So far we've had the RUT and COMPQ leading us down, but that could flip at any given moment. It didn't hurt the shorts to have the entire hard drive sector downgraded yesterday... My own "guess" is we're a wee bit oversold here, but that might not define the rest of the day's price action, so I'm using extreme caution to pick my poison, and I hope you all do too. Oversold/overbought has meant squat for the last several months. As I mentioned in chat earlier, Centrifugal wrote an excellent piece last evening on following your own analysis and doing your own heavy lifting basically, and truer words were never written. The benefit of this particular blog, IMO is that we share our vision and TA outlooks, but stay true to our own trading styles... as it should be. The added benefit is having other sets of eyes to point out hazards and learning and collaborating with each other, but that's not the same as blindly following someone else into a trade, regardless of the outcome.
I'm trading my own accounts like a bee in a hive today, so I'm sharing charts from Alpha and Zig Zag, with basically the same idea in mind. The regular game for the last several months also includes moving up and around those EMAs as far as I can see, with a lot of push/pull nearby. Monday's economic news is Existing Home Sales at 10:00 AM EST and a treasury auction. Good trading going into the afternoon session!A little something different that was shared with me by Shadow Trader for your listening pleasure below. Enjoy!
Alpha's EW
Zig Zag's SPX
Balancing Act
Here we are at another OPEX Friday, and so far it's been slow but steady, with no major economic news announcements, unless you count FDIC Friday after the bell, and that won't be moving this tape either way. But we remain alert, because there are some interesting areas of support in play, not only on the index charts, but the leaders as well. As noted by DDT last evening, even if you only trade one thing, keep a close eye on the others for further clues. So far we've had the RUT and COMPQ leading us down, but that could flip at any given moment. It didn't hurt the shorts to have the entire hard drive sector downgraded yesterday... My own "guess" is we're a wee bit oversold here, but that might not define the rest of the day's price action, so I'm using extreme caution to pick my poison, and I hope you all do too. Oversold/overbought has meant squat for the last several months. As I mentioned in chat earlier, Centrifugal wrote an excellent piece last evening on following your own analysis and doing your own heavy lifting basically, and truer words were never written. The benefit of this particular blog, IMO is that we share our vision and TA outlooks, but stay true to our own trading styles... as it should be. The added benefit is having other sets of eyes to point out hazards and learning and collaborating with each other, but that's not the same as blindly following someone else into a trade, regardless of the outcome.
I'm trading my own accounts like a bee in a hive today, so I'm sharing charts from Alpha and Zig Zag, with basically the same idea in mind. The regular game for the last several months also includes moving up and around those EMAs as far as I can see, with a lot of push/pull nearby. Monday's economic news is Existing Home Sales at 10:00 AM EST and a treasury auction. Good trading going into the afternoon session!A little something different that was shared with me by Shadow Trader for your listening pleasure below. Enjoy!
Disclaimer: This website may include stock and market analysis. Any opinions, ideas, views and statements expressed here are opinion only, subject to change without notice and for informational purposes only. Trading stocks carries a high degree of risk. It is possible that an investor may lose part or all of their investment. Accuracy and timeliness of any information is not guaranteed and should only be used as a starting point for doing independent additional research allowing the investors to come to his or her own opinion. Nothing on this blog is to be considered a buy, hold or sell recommendation. Any investments, trades and/or speculations made in light of the opinions, ideas, and/or forecasts expressed or implied herein are committed solely at your own risk, financial or otherwise. Results are dependent on market conditions, timing and trading style. This blog is not affiliated with Tom DeMark in any way and does not claim to represent his estate or personal views. Any references to Tom DeMark or any of his indicators are for educational use only. Comments posted on Disqus Threads are not moderated and are not representative of opinions of authors of this site.
Translation: You are responsible for your own investment decisions.
Not anyone else.
YOU.
Position disclaimer: Authors might OR might not have position/interest in securities mentioned on this site!
If you still don't get it - here it is in plain English by Special Keirsten
For newbies and lurkers out there: You will read many, many various trading observations,opinions and calls on this blog, from bullish to bearish- that’s why we’re different here. You will often see us challenge each other- and often. It is YOUR responsibility to understand and/or ask questions if you’re confused or want help/further opinion… we can’t read your mind. This is a place of learning and sharing, but the trading is YOUR responsibility alone, not ours. Rule #1- never take a trade that is not based on your own T/A and choice. Lead yourself, do not follow. I can’t emphasize that enough. Read the disclaimer at the bottom of this blog site completely, if you haven’t already. I have seen plenty of “gurus” with loads of happy followers take their trades blindly with both good AND bad results - don’t let yourself be one of those people
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Correspondents' emails are strictly confidential. The third-party advertising placed by ad networks may collect information for ad targeting or store cookies. Links for commercial sites are paid advertisements. Blog links on the site are posted at my discretion, without compensation of any kind.
Disclaimer: This website may include stock and market analysis. Any opinions, ideas, views and statements expressed here are opinion only, subject to change without notice and for informational purposes only. Trading stocks carries a high degree of risk. It is possible that an investor may lose part or all of their investment. Accuracy and timeliness of any information is not guaranteed and should only be used as a starting point for doing independent additional research allowing the investors to come to his or her own opinion. Nothing on this blog is to be considered a buy, hold or sell recommendation. Any investments, trades and/or speculations made in light of the opinions, ideas, and/or forecasts expressed or implied herein are committed solely at your own risk, financial or otherwise. Results are dependent on market conditions, timing and trading style. This blog is not affiliated with Tom DeMark in any way and does not claim to represent his estate or personal views. Any references to Tom DeMark or any of his indicators are for educational use only. Comments posted on Disqus Threads are not moderated and are not representative of opinions of authors of this site.
Translation: You are responsible for your own investment decisions. Not anyone else. YOU.
Position disclaimer: Authors might OR might not have position/interest in securities mentioned on this site!
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