Hi Trippers; Not much to report from me; had a glance at the bucket of charts I posted last week & the only comments/update I had was the continued potential for divergence (-ive) on XJO RSI. Any sign of red candles early next week would be throwing a serious signal IMO. I note RB stated, “The best hope for the bears is the neg. divergence on the RSI.” Keep an eye on that one.
I have to say that Fridays strength on the XJO was a real surprise to me; I actually broke a few of my own trading rules and took a nibble at a few short possies after hours on IG when itXJO equivelent hit several of my res targets. Was looking sweet when I went to bed but moved stops to break even and the little move when Wall St opened took me out of the game …. the gjcanmovemarketsindicator means that Monday likely to be red to rub my “Tight arse stop” in my face! LOL
A few observations/thoughts from posts over the week;
Exfiles; retro ads priceless IMO
pisces Not sure I agree with yr LONG call & defs not the buy pullbacks sentiment but a lot of smarts in these words IMO: “Lol .I'm here mate. To me it's indicative that no one's really put themselves under a lot of risk .After what happened in 2007 people who are intelligent enough to be reading the XJO thread aren't that fussed either way if it goes up or down ,the days of loading up and riding it up are gone( for the vast majority ) I daresay most are willing it to go down .”
“Every crash unearths subtle changes in the market dynamics that actually underpin the next period .This crash unleashed the despair that it was all over forever ,so when it surprisingly got going again relatively quickly there just aren't enough believers or enough envy out there to generate the emotional juices .That's one reason why whatever this market is doing is going to play itself out stealthily .”
“I'm happily long fwiiw ,and I've been long in far more precarious situations than this one .Nonetheless I too am hoping that we can pullback from here for a reload”
Woohoo Liked that LT DJIA fib channel chart; UNUSUAL. A little observation if I may. The 50% hit on over 1/3 of all candles since first touch (in 1987?). Gotta be significant don't you think?
sharks37 nice discussion on Overbought; IMO one of the most misused terms in the TA vocab??
Redbacka; this forum just soooo lucky to have you and your posts; they are one of the main things that kept me lurking and ultimately drew me “back” to HC
Jeeper “My concern is for BiggDaddy.Last heard from...I do hope he is OK.” Ditto; do we know what has happened to him … if u r out there mate let us know u r OK? & a tribute;
& someone might find these interesting?
Some reading: http://www.zerohedge.com/news/2013-02-09/feds-bailout-europe-continues-record-237-billion-injected-foreign-banks-past-month
Any Commsec holders check this & particularly the TFN note is valuable; 30secs on web could save $$$ being withdrawn
& not sure whether I posted this here; anyone guilty?
(20min delay)