SPX _15min Trend Model w/EW & False Bar Stochastic
My only quibble with the above-referenced wave count is that I think it's a second wave correction and a prelude to a third wave down. Whichever it is and whenever it starts, the next major wave will be to the downside and likely hard down.
A
A
5 comments:
The bottom is in, you fear mongers should take note. http://www.fundmymutualfund.com/2010/07/video-doug-kass-stocks-have-hit-bottom.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+FundMyMutualFund+%28Fund+my+Mutual+Fund%29
Doesn't the Dow look like its putting in a double bottom on the Daily? Or is it just wishful thinking?
What happened to 9600 or bust?
Anon,
Your RSI, MACD, and double bottom patterns don't always work in the best of times, that is doubly so when there's hidden actors playing the tablecloth trick with multiple 2000 contract bids in the futures market. This isn't a conspiracy theory, it's right out there for everyone to see.
I'm not saying that technical analysis is useless, but it's worse than useless if not combined with observation of price action and common sense. If you want to go heavily long after one 3% day on 1/3 volume, be my guest. If things were well, they wouldn't need to play these games.
These days, everyone needs to use their head and not some indicator they read about in a book that is ten years old. Those are just tool. The bad guys are gunning for the technical traders, because that's where the money is. It's easier to rig a chart pattern than it is to convince the fundamental traders all is well.
It's not fear mongering to yell "fire" when there's smoke in the house. I know they were able to keep the flames at bay for a year now, but that doesn't mean there won't be a conflagration.
Smiddywesson
Great commentary smiddy !!!
right on target
T
Post a Comment