»

[trants]

Originally Posted by ShaggsTheStudd Next time can you arrange the bars in order? Makes it easier to read - and give it a little resemblance to a market depth book

LMFAO I will do my very best Shaggs!

[AndyB]

Originally Posted by trants And you my friend use the charts correctly. They are an "IF" or even "When." They are what Charties are about to do as well.

Lol, I learned the hard way that charts cannot predict (i.e. "This will happen"), but can offer great setups (i.e. If this happens, I will do this). The setups give high probabality trades. Like bull/bear flags/pennants. Rather than buy the pennant hoping it will break out up, buy the breakout. Much more chance of success.

You'll see my chart on VicVan's stock pick (CFM) was a complete load of pants (Thats a UK derogatory term meaning "Rubbish" BTW), but on the S&P500 chart analysis can be spot on, since there's futures traders all over it (and Goldman sach's proprietary software too).

Chart traders galore. You have to know what they know to out-think them and also you have to out-think the brokers as the markets whipsaw to take out the stops.

Sometimes when I see a trading setup that is too obvious, it can fake out and go the other way, take out everyones stoploss then continue in the correct direction!!

Right now I am of the view that the markets are overbought to the extreme (esp the Nasdaq. Calm down bulls!), so the logical trade is short the markets, but they are faking out up.

BTW Today I had a great S&P futures day. Long at 870, close 875, short at 877, close at 869, long at 866 (still open), looking for 880+ then will short again into the close.

Have that Goldman and your clever software! XD

[trants]

Originally Posted by aburnett Lol, I learned the hard way that charts cannot predict (i.e. "This will happen"), but can offer great setups (i.e. If this happens, I will do this). The setups give high probabality trades. Like bull/bear flags/pennants. Rather than buy the pennant hoping it will break out up, buy the breakout. Much more chance of success. You'll see my chart on VicVan's stock pick (CFM) was a complete load of pants (Thats a UK derogatory term meaning "Rubbish" BTW), but on the S&P500 chart analysis can be spot on, since there's futures traders all over it (and Goldman sach's proprietary software too). Chart traders galore. You have to know what they know to out-think them and also you have to out-think the brokers as the markets whipsaw to take out the stops. Sometimes when I see a trading setup that is too obvious, it can fake out and go the other way, take out everyones stoploss then continue in the correct direction!! Right now I am of the view that the markets are overbought to the extreme (esp the Nasdaq. Calm down bulls!), so the logical trade is short the markets, but they are faking out up. BTW Today I had a great S&P futures day. Long at 870, close 875, short at 877, close at 869, long at 866 (still open), looking for 880+ then will short again into the close. Have that Goldman and your clever software! XD

Perfect S&P play today!

I stopped playing them, the total disconnect from the markets frustrated me when you are trying to do both. You have to stop, change hats, change boots, and then change trading style to play the other market.

Just too much irrelavant stuff influcing it! And just like home I sometimes forget to change my boots at the door! lol

[AndyB]

Lol, I closed that 866 long at 879, went long again at 875, the index broke its recent support, stopped/reversed (loss of 3pts) and went short again at 873.

Most days I suck but today I am dancing the markets.

Total gain for the day

*drum roll*

25 points and counting.

Tah dah!



Not bad for a newbie

[AndyB]

Oh boy, some chop chop at the end today. Some charts to end the week.

-- BTW If you wonder why all my charts are annotated and some slightly out of context its because I post over at advfn.com and have copy/pasted them here

Have a great weekend! :)

[VicVan]

Everything I watched on Bloomberg today was the polar opposite of what I feel - hence looks like the press is relaly trying to push a rally
Bond prices falling as people move out to equities
Manufacturing in UK up (??)
Oil climbing
etc etc

Every company that posted huge drops in profits were ignored, the whole GM crisis again side tracked, and the fact banks are still having major issues ignored. I guess they are stretching it to the maximum, but looking at NYSE - f*** man no wonder XL is $10, its way over stretched.
But hell - its rallying. Small caps uneffected but its put me off entering stocks like lVS & Co until we get something. Otherwise I stick to the big jumpers / high risk sectors

VIc

[trants]

Originally Posted by VicVan Everything I watched on Bloomberg today was the polar opposite of what I feel - hence looks like the press is relaly trying to push a rally Bond prices falling as people move out to equities Manufacturing in UK up (??) Oil climbing etc etc Every company that posted huge drops in profits were ignored, the whole GM crisis again side tracked, and the fact banks are still having major issues ignored. I guess they are stretching it to the maximum, but looking at NYSE - f*** man no wonder XL is $10, its way over stretched. But hell - its rallying. Small caps uneffected but its put me off entering stocks like lVS & Co until we get something. Otherwise I stick to the big jumpers / high risk sectors VIc

The talking heads are in a real dilemma here Vic.

They said "GOD" was coming and now they don't know for sure what he is doing. Some are cherry picking what they think he has done. Others are turning negative.

They fail to see he has not been in office long enough to effect "Change" everything he has actually done will not be realized for months, years in some cases.

ON THE GOOD NEWS FRONT Our unemployment here is retracting slightly. Weather is breaking and the Global Warming Deep Freeze we have been in this last year may be thawing some. Banks are not as bad as the administration over here is making then out to be. Credit seams to be out there but hiding in the shadows.

HOWEVER BAD NEWS IS: It is the other shoe Vic. Broken companies are still Broken, they are old news so getting less talking head time. The Credit Card Shoe, that's the one. That is the looming untold risk we still bear. Until that is accounted for, the RISK-O-METER is still PEGGED!

Now many that reported drops in revenue Vic, they were drops from the highs that were artificial in essence. (Balloons) Many of these companies still had positive earnings, (Profits) just greatly reduced profits.

AS FOR MOOD: (Mine of course!) I am not all that pessimistic. I see the rain clouds fading on this side of the pond.

I wish I could say the same for the Eastern Europe Block, It may be teetering! That leaves your who neighborhood at risk!

Have you noticed just how many companies losses were Goodwill impairments and charges taken as protection against future "POSSIBLE" loss. The majority of those I have followed are PAPER losses being taken. I see that as positive.

[AndyB]

I'm with you Vic, I'm a . A re-test of the lows is coming. When I don't know, but I think its close. I am bullish on the S&P up to 900. Beyond that I'll have to re-evaluate using my Crystal ball! :P

:)

BTW don't you love the US markets?

-6.7% GDP! BUY!
Swine Flu! BUY!
Chrysler Bankrupt! BUUYYY!!!!

Lol. There are gonna be some serious bag-holders when this thing slides.

Trants I know you're definitely super -ish but did you know that insiders are dumping stock faster than you can say "Bag Holder!"

Interesting video here on insider selling at an alarming high

SOLD TO YOU!!!!!!!!!! | THE PRAGMATIC CAPITALIST

[AndyB]

And another good video for the bears (albeit slightly creepy)

Check the links in the right-hand column

YouTube - Don't Panic! Total banking collapse in May?

YouTube - Don't Panic! Total banking collapse in May?

[Superfly]

Watching that movie burnett just makes you drool at the mouth for some FAZ!!!