3SOF

Quote from: eliteG on July 11, 2006, 08:17:03 PM
-The Nasdaq managed to make a strong intra-day reverse.. bouncing off of a potential triangle bottom ~ 2100 on increasing volume.  This is the first time since the drop that the NASDAQ has reacted positively to a support trendline.  When this happens it is possible to see a nice rally.. potential target is the 200ma (~2230).  Support is near @ 2100 and 2065... close support adds to rally possibility.

How to use this analysis? 

1st thing I want to do is tighten stops.  The reason being if you think you have found a bottom.. it needs to hold.. and so does the recent lows of your stocks.  This guards against a powerful breakdown which would prove your analysis incorrect.. or that you are simply not holding the stocks the market favors(and you want to be knocked out of these so you have room for the right ones)

2nd thing I want to do is see which stocks are reacting positively to this market move today.. and if they are not extended, it is time to buy.

I have a bullish bias now on the markets... because:

1.  a strong reaction to support on an intraday reverse with volume
2.  support is nearby.. and if broken I will be proven wrong with minimal damage.

-Trade it good 

EliteG's first post on this thread.
"Potential Bottom NASDAQ"

Man you nailed it !!    Look at it now.....
Had been overlooking this thread you created.

Technicals
Record Price High
Record Price Break Out

Last Price Quote is:
1.92%above 13-day MA
5.37%above 50-day MA

The DOW & Nasdaq are so hot my friends I can't even think of shorting....let's please savor what we have... follow the BULLS

9SMA is running up smoothly with the price, but get ready to go short everything that goes up must come down but >>>>>> not right now just get ready

Quote from: Terliso on October 07, 2006, 03:57:03 AM
The market still bullish, it may last 'till the end of october before consolidation takes place

This is the last day of october & market is showing some signs if weakness.

Yeah I agree with you terliso market is ready to turn the other way. Im 100% short as of 2 weeks ago, im now up on almost all my positions.

Good Call...bad market.

well we got a huge run after that hound of baskervilles pattern played out perfectly. Is it over?

my take:

Its starting to look like this recent bull run is due for a correction. Price failed to breakout from its prior peak back in april/may and looks to be forming what good be a double top. Shorter term we see price retesting the bottom channel support line today which will need to hold to keep this bull run in tact. Though todays move for the nasdaq was the most bearish move we've seen since July so i think we might see this downward momentum push through this  support level soon and when and if that happens, Shorting some stocks will be on my to do list.

I may open up some short positions tomorrow but the safe thing to do would be to wait and see if this channel support holds as im bullish on the market and earnings have been great across the board.

-fous

Let's see if nasdaq will hit the upper channel

Nasdaq if falling from the top of the 2 year channel.

Bear is returning....

NASDAQ

Dow Jones

Terliso,

I'm with a group of traders now that are seeing a precipitous drop coming for the Naz in Mid Jan.

Theory being that SOX / Semi conductors which topped around Thanksgiving are headed for a major drop that will drag the Naz down with it

You can see the double top formation, in the Naz - this week may be a good time to either short the Q's or Buy some QID (Bear inverse Naz ETF) due to the low volume volatility

Nasdaq hit's the top of 2 1/2 year channel.

Look for a pullback...I believe.  Hopefully not too severe.

Did the Nasdaq just breat out above the 2 1/2 year channel?? If this holds...we're going to party like it's 1999.

The conditions today compared to the late 1990s are drastically different (the economy was on its way up.) Fundamentally I would  be very worried buying into the higher PE tech stocks. Watch out for profit taking soon, the NAZ has over rallied in my opinion. The QQQQ has gained over 25% in a 6 month span. Even with the GDP lowering, housing market the worst it has been for over 10 years, and the US dollar still weak.... the market is still rallying. I think we are going to have a wake up call very soon.