If you're short, I'm the sucker going long....: volume

Tuesday, March 31, 2009

volume

So we broke out of the trade channel, and we did it on volume... this "Hints" that the low from yesterday may hold.

Famous last words.

12 comments:

Tony said...: Costanza trade comes thru.; March 31, 2009 at 2:07 PM
Eric said...: Now the question is, now that we think it is going up. Will it go down?; March 31, 2009 at 2:09 PM
Tony said...: I still have 81.72 as resistance with overhead supply at a range of 80.00 to 81.72, but it seems lately that SPY has no respect for any support or resistance.

It's all a guess and some story stocks: solar trades, energy up, energy down...; March 31, 2009 at 2:24 PM
Tony said...: My gut tells me that nobody really wants to commit either way in any sector without financials having a clearer picture. Let's face it, BAC or Citi could double or be cut in half in the next week. Even MS and GS who are not even banks have been jumping around without regard for anything substantive. Maybe the stress tests will resolve some of the inconclusiveness, or maybe we just have to live with it for a while.; March 31, 2009 at 2:27 PM
Eric said...: there is a pivot at 80.80ish.

81 is that rough target..

apply game theory... bla bla bla; March 31, 2009 at 2:28 PM
Eric said...: on the other hand... that setup for a nice bear trap below the 800 level on the spx was a nice technical trap to create a significant low.

but maybe we move sideways the rest of the day.

then have a pull back for a bit tomorrow; March 31, 2009 at 2:30 PM
Tony said...: If we call that inverted h/s that you saw, then the target would be 81.70. Game theory-- get out before 81.70.; March 31, 2009 at 2:42 PM
Eric said...: Well it blew through the Pivot

we could see a turn +/- 10 minutes of 3pm

or at 3:30...

What I didn't mention is that now we think it's going to sell off? will it keep going up?; March 31, 2009 at 2:48 PM
Eric said...: I have no doubt I calculate the targets the same way every technision on the plantet does.

Roughly round the measurement points to the nearest quarter. find the rough target. Then round down...

If you just constantly round down, it makes up for game theory.; March 31, 2009 at 3:34 PM
Eric said...: ...technician.... planet; March 31, 2009 at 3:35 PM
Tony said...: good call on the pivot... very close with 80.80ish.; March 31, 2009 at 3:45 PM
Tony said...: Now it's retraced back to the neckline of 79.60... maybe a bearish h/s?

79.60 also looks like the 50% Fibonacci level.; March 31, 2009 at 3:57 PM

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