This is the big picture traffic.... I figured I'd share it with you. ... it doesn't say anything to me. maybe some vacation complacancy.
I ran my version of the Invivo objective sentiment, and the buy signals edged out the sell signals(19-12), after yesterday being the first day that the sells were more than the buy signals(51-55). .... this Hints that the downward momentum has slowed a bit, but is not flat out bullish.... and most the new buy signals being oil... what can you say.... but an indicator is an indicator, regardless of thinking it's an anomaly.
Tradewell pointed out that the Message boards were violently bullish.... which I guess is Bearish..... I believe.
7 comments:
I find it very difficult to predict the future, and I can't daytrade, so I'm only left with risk management and cash.
This is not a market that is ownable for any period of time. TK is seeing a "solid day" with charts littered with downsloping triangles. Crazy talk.
I see sideways markets til after the holiday, with maybe a minor capitulation based on sentiment and some geopolitical trigger. but I can't predict the future.
This is un-nerving. Tk gets whipsawed just like everyone else. It's easy to think that it's going the same way it did today.
That descending triangle says down....
If this keeps up it will shake the bear out of the market.
Hey... How are you doing BTW?
xbi seems good still... it did get some bounce but...
Just noise.
My plan if we break that resistance is to stop playing anything but specific shorts.
If I run that stupid EWT... If we break down, we probably only have 1 more low beyond that.
And... I don't know... I'm not so scared of the market any more.
After NFP(non farm payroll next week) we have options expiration...
That monday before options could be a good day for another bottom.
I've been busy this week at work, so i have been only peripherally paying attention to Mother market.
Now I'm fully hedged against any major market moves up or down. I just don't see why the optimism; all the technical reasons to be positive from the 7-15 low have broken down or are at least in jeopardy.
This TA stuff is just so counter-intuitive to me, with TK calling descending triangles "solid." Huh?
What am I missing. (I'm not talking about sentiment, I'm talking ab out TA.)
Fundamental analysis says regional banks are undervalued, but how long will that last is anybody's guess.
the Breadth of the day was super strong 95% of the market was up. that should be what he is talking about.
I havn't checked out TK yet I'll do it in the morning.
I'm very tempted to give up on anything but long banks. Till the XLF hits 22 or WFC hits 32
Interesting that you see banks as the only thing worth looking at:
http://tinyurl.com/5zot7r
the action was super strong today, it's action vs the spy looks great. Aparently fanny/freddy have to raise more money in the upcoming weeks. but it keeps working out ok.
there could be a bear run... but maybe the xlf from higher levels could pull back to 20 again.
High yield is good..
:)
and it seems like a good way to hedge against possible upside.
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