I'm tired... Ugh... I keep hoping for Armageddon so I can get some regular sleep.
I was hoping for a little better bounce...
I caught as much of fast money as I could stand, and Damn those guys are bullish.
I still hold with my opinion that this thing ends when we aren't afraid to hold stocks, and that we have to do everything we can to convince ourselves that we should sell them.
but still... My favorite idiots are long....
Ya... it's confusing sentiment.
Earlier in the day I heard Carter Worth say we were Range Bound... If I had a dollar for every time Carter said range bound, and shortly after we broke out of his range... I remember range bound at 11K, 10K, 9k, now 8K....
Sentiment was very grim with banks today... I think if I looked at the xlf I'd find what is probably an ascending on the 10 level.
That dude today... so, I mean... Great Depression, you are high... that kind of chaos takes congressional intervention... I'm just saying it's not fundamental. I heard the word Fundamental so many times today....
I also wrote a note about all the comments I've seen on the blogs today. I read "I CAN"T BELIEVE IN THIS RALLY"...
When did things become about "BELIEVING"... It starts to sound like a religion, with Nouriel Roubini being our Jesus, and Meridith Whitney being our Virgin Mary.
Monday, April 6, 2009
quick recap
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3 comments:
Yup. I heard that "belief" meme too. I had Fleckenstein pegged as Jesus-- at least he's got a Jewish surname. Roubini is more like Moses. Jimmy Rogers is the FSM, of course.
Serious question: do you formally figure pivots, S1, S2, R1 and R2 on a daily basis? Do you do this for individual stocks or just indices? I heard someone say they did it for weekly hi-lo-close for all indices.
If so, how do you use it? Do you ever just trade bounces off the S's and R's? I have had a little success with this over the past couple weeks, but I can only do it when I have time to stare at the screen all day.
It's just another support resistance level, to go along with all the other support resistance levels.
horizontal, SMA, Trendline... etc.
I just add it as one of my indicators, I'd imagine you can add Pivots to your charts too by just adding the indicator.
What I like to see... is when numerous "Indicators" seem to be lining up at the same place. And even getting some volume confirmation.
But again, you also have to look at those levels like places where "Everyone is watching", and that breaking some Level or making a "lower low" turns into a bear trap, or bull trap.
Right, we have tested 8000 on the DOW Twice now. and as a significant resistance, having to test it a few times is NORMAL, You can almost expect it. and what you are looking for is some kind of Ascending or Descending on those levels... which have a tenancy to obey my stupid rule of threes... (which is sort of a rule of fours).
Yup. I heard that "belief" meme too. I had Fleckenstein pegged as Jesus-- at least he's got a Jewish surname. Roubini is more like Moses. Jimmy Rogers is the FSM, of course.
I forgot to say, this was funny
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