4 Responses to “ “Bulls Run”
Trackbacks/Pingbacks
- Tweets that mention Bulls Run | Tickerville -- Topsy.com - [...] This post was mentioned on Twitter by tickerville, WaHeTrader. WaHeTrader said: RT @tickerville: Bulls Run, Tonight's Tape Talk : ...
Leave a Reply
About
Way to go @tickerville, not just simple trend line anymore !! asset correlations and channel strategy.
Today we proved that dead cats bounce. I would be more enthused, except that the rally was news-driven. That might be all great and wonderful for today; but what kind of news is gonna prompt a continuation? A more organic move would have been inspiring.
What did we accomplish today? Did not go through anything resembling resistance. Merely bounced off previous support. I believe Qman recently referred to this type of action as “tenderizing.”
For the wild-eyed bulls out there, be aware that we are still below where we were ten days ago. Nothing has changed.
Today hardly presented a trading opportunity. The first hundred points were pre-open, the second hundred occurred between 10:00 and 10:02. To make any decent money, you’d have had to bet on the ISM, pre-announcement.
FWIW: we closed at the 50 day moving average. That average is trending downwards. It is common that markets turn down at declining MAs … It is only when prices have leveled out, and declines have been ending, that you see a sustained break above it (and “it” will be a flat to rising MA).
Meanwhile, we have been tenderizing SPY1040. And we are at the trsditionally weakest
month, and in the worse part of the 4yr presidential cycle.
Better be nimble here if you’re gonna be long; or patient if you’re gonna be short.
Thank you Patrick, for voicing what I was thinking, though you are clearly a more astute observer than I. All I KNOW is that these markets are nothing like they were when I started participating in the ’70s. It’s not hard to have lost faith, by this time, in the whole shootin’ match.
Wow, thatÂ’s a really clever way of tnihknig about it!