Saturday, November 07, 2009

Saturday is for Chart Addicts (so are Sundays)

I hope everyone is enjoying a mellow weekend out there... we sure deserve it! But... in between my own usual weekend antics I thought I'd provide a fresh slate for comments and charts, while we reflect upon the week that was and the possibilities of the week ahead. I charted some extremely simple price points that were hit yesterday on the index ETFs, sans all of the trend lines, etc. and I may have more contributor's charts later on if/when they file in my way. Yes, we closed under the March trend line on SPX and we're still navigating outside of the bearish wedge as of yesterday. *If* price jumps back above that trend line we'll need to navigate well and trade with the flow, as the bounces have indeed been strong since March and the trend remains up. For all we know we'll be rangebound for quite a bit longer, and at that point we could very well see a "stock pickers" market to trade, so ignoring individual trades would be a waste of good opportunities. I still see this weak trend of the RUT as risk aversion, but that still leaves quite a few strong leaders in the Naz and Spoos to trade to the upside. Open minds shall prevail on this tape. So enjoy... relax... and hopefully we can do another Sunday night trade huddle. See you then! ~Keirsten

My Saturday music offering is a Scottish Ballad, thought to be written sometime in the 1600's, and sung by Eva Cassidy. The lyrics remind me of how as traders we spend so much time navigating these wide waters we call a market, while we're also juggling all of the other things we do in life. No easy task on certain days, but we never give up, do we?

Added Chart on 11/07 at 11:20 PM
I couldn't wait to get permission from Osso to add his fractal chart, particularly after I read Daneric's latest epiphany. This is a replication of the 956-869 July Fractal, on the 1101 - current fractal and its implication.
Osso has been tracking this fractal for the last few weeks, for the record- I know this because he has probably banged his poor head on his keyboard trying to teach this dizty blonde what he was looking at endless times. Although he wanted me to say this was a joint effort, truly my only part was to play with some graphics, do an overlay of recent candle action over the July fractal, and let his calculations speak for themselves. In other words, he has the brains, I just brought the crayons. ;-) Bravo, Osso.


DDT here

Sunday 4:40PM

2 charts to illustrate Osso’s reasons for comparing Jun/Jul to current action


2009-11-08_1621 2009-11-08_1631
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