3SOF

s&p 500 closed almost at high of the day. Here 10 days 30min candle looks like a breakout....could bounce from there tomorrow.

the dow broke out like expected....target 13370....for the s+p 1489....i will buy some ultra shorts when we get up there the next days.  Yesterday i bought ACH

Profit taking seems inevitable here, due to the chart and because the market opened sharply higher because Bernanke said what everybody already knew, that the FED will lower rates at the December 11th meeting. I say everybody knew but of course, not everybody ... it's just that another FED member gave that hint on Wednesday and we already had a big rally on that ... the market doesn't like to dance twice with the same partner.

Longer term this mambo jambo doesn't mean anything, we're in a Bull market.

chart quotation, just fyi:

Hi, I think we might have seen all the profit taking that there was to be and the bullish trend will just continue.

I say this because in conjunction with the positive factor of the FED lowering rates again at its December 11th meeting (which was already expected since last Wednesday's big rally) we're having another, unexpected Christmas gift:

- Instead of oil and gold going higher on the expectation of lower rates (showing worries of inflation), they both went down sharply, and ...

- The USD also went up on the expectation of lower rates.

So, the two major worries on the "if the FED lowers rates it will bring more upside to oil and gold and further depress the dollar", didn't materialize. I believe this is the fuel market participants needed to take this market near all time highs, and then, at the 3rd rate cut, make a bullish breakout to unchartered territory.

My advice is for you to be bullish with all you got and for the long term. Good luck

what about the gap at 143-144?

Quote from: David Randolph on December 03, 2007, 06:07:28 AM
Hi, I think we might have seen all the profit taking that there was to be and the bullish trend will just continue.

I say this because in conjunction with the positive factor of the FED lowering rates again at its December 11th meeting (which was already expected since last Wednesday's big rally) we're having another, unexpected Christmas gift:

- Instead of oil and gold going higher on the expectation of lower rates (showing worries of inflation), they both went down sharply, and ...

- The USD also went up on the expectation of lower rates.

So, the two major worries on the "if the FED lowers rates it will bring more upside to oil and gold and further depress the dollar", didn't materialize. I believe this is the fuel market participants needed to take this market near all time highs, and then, at the 3rd rate cut, make a bullish breakout to unchartered territory.

My advice is for you to be bullish with all you got and for the long term. Good luck

the last sentence is dangerous....the S+P looks bearish....what if it was the last time for the bulls to get out....the 1490 resistance looks like a big barrier and many indicator look bearish....and the last rally was just technically painted from the stupid fed guy nr. 2 after bernanke...last weeks rally could have taken in many bulls that will bleed  if yo ask me...i am not going long 100% as long as we are not closing over 1500 points....

Quote from: ket1390 on December 03, 2007, 09:09:35 AM

Quote from: David Randolph on December 03, 2007, 06:07:28 AM
Hi, I think we might have seen all the profit taking that there was to be and the bullish trend will just continue.

I say this because in conjunction with the positive factor of the FED lowering rates again at its December 11th meeting (which was already expected since last Wednesday's big rally) we're having another, unexpected Christmas gift:

- Instead of oil and gold going higher on the expectation of lower rates (showing worries of inflation), they both went down sharply, and ...

- The USD also went up on the expectation of lower rates.

So, the two major worries on the "if the FED lowers rates it will bring more upside to oil and gold and further depress the dollar", didn't materialize. I believe this is the fuel market participants needed to take this market near all time highs, and then, at the 3rd rate cut, make a bullish breakout to unchartered territory.

My advice is for you to be bullish with all you got and for the long term. Good luck

the last sentence is dangerous....the S+P looks bearish....what if it was the last time for the bulls to get out....the 1490 resistance looks like a big barrier and many indicator look bearish....and the last rally was just technically painted from the stupid fed guy nr. 2 after bernanke...last weeks rally could have taken in many bulls that will bleed  if yo ask me...i am not going long 100% as long as we are not closing over 1500 points....

Actually everything looks good now , we may see some decline but the market is heading north anyway 

Quote from: kpunarc on December 03, 2007, 09:01:26 AM
what about the gap at 143-144?

What about it? If all gaps were closed that would be a very simple way of making a lot of money in the stock market, and unfortunately I don't think such thing exists.

Quotei am not going long 100% as long as we are not closing over 1500 points....

That's Ok.

Thanks for your contributions ket1390

Ok David in a couple of weeks we now where we are heading:)  good luck

some bearish points showing up:

• possible double top on high volume (climax)
  macd Hist red the first time since beginning of bull market ! (
  Best Indicator if you red the book a. elder living in a tradingroom)
  trendline broken ? it seems

more examples:
http://www.3stocksonfire.org/trading/index.php?topic=10702.0

QuoteBest Indicator if you red the book a. elder living in a tradingroom)

I read them several times, Trading for a Living and Come Into My Trading Room, by Alexander Elder. Don't recommend them to anyone interested in making money over the long term out of the stock market.

The SPY will rise 2% plus today in my humble opinion.

Quote from: David Randolph on December 04, 2007, 05:59:34 AM

QuoteBest Indicator if you red the book a. elder living in a tradingroom)

I read them several times, Trading for a Living and Come Into My Trading Room, by Alexander Elder. Don't recommend them to anyone interested in making money over the long term out of the stock market.

The SPY will rise 2% plus today in my humble opinion.

The chart i posted was a long term 6-7 year chart....is that short term?? i bet not. At least you should be a little alert in your position...

QuoteThe SPY will rise 2% plus today in my humble opinion.

I just forgot to say that I'm always 1 or 2 days ahead of the market. Today we'll rise 2% plus. Next "real" resistance for the SPY will show up just at the short term descending trendline which for today stands at $150.98 (it declines $0.17 per trading day).

Longer term, as I've written on this thread, I believe we're in a long term bull market and probably the next rate cut (the 3rd) will be the catalyst to take this market to new all time highs.

Today's early morning rally is fueled by short covering before the all important FED rate decision due tomorrow. When the short covering ceases we'll probably get some profit taking, with the S&P 500 slipping into negative territory in mid-session. It will probably close the day around the opening levels, that is, up slightly.

Longer term this short term noise is meaningless (please don't consider it, I'm often wrong and it doesn't pay to bet on short term fluctuations), I believe we're in a long term bull market and on our way to new all time highs.