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Registered User
Joined: 10/7/2004
Posts: 2,126
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As I traded the markets today - by the way long on KKD, and short on ESCL just intraday as usual. KKD opened higher so I positioned at market open since I put my money were my mouse is, and ESCL was just as clear as water - even without the extra market cooperation today to enhance shorts. ESCL is a sad situation and I am sure you can check the news.
Any way, a blood bath took place today in the battle field. A drop of 141 has to be taken into consideration. QQQQ's hold the 200MA but it wont take much to break - it is just right there.
Lets take the DOW as it has been outperforming all other indexes. Technically I see - a nasty candle after a spining top candle (almost a doji) which give primary confirmation on what may be a turn of greater dimensions. Stochs are turning down on the overbought area, but volume wasn't all that exiting today (definately not institutional). At this point no real damage has been done, but considering tomorrow is Friday, things can get a little darker.
Dow is about 275 points from the 50MA and well I am assuming the selling will subside a bit and it will take a few days to get there, if it does.
So not a lot to worry about just yet. If you are holding long positions that are reacting to the market, I would liquidate. Today's signal is as clear as it can be. It is telling you - watch!. YOu do not want to wait until we hit the 50MA - by them you have probably left some cash on the table. Take it now, and if we drop user later to increase your buying power. If we don't - well hop on the wagon again.
The nasdaq has already violated the 50MA on increasing volume (definately of institutional characteristics) and seems to be headed way further down to the 200MA. SP500 shows charateristics more likely to the Dow.
So is this the signal telling us this is it for the so waited correctio? I cannot predict the future, but the present is telling - pay attention. This is a signal to put you on high guard.
Regardless of what news services said today, there isn't been any dramatic changes in anything from yesterday to today. Most people and economist expected yesterday rate increase and further increases before a ceasing.
good luck
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Registered User
Joined: 10/12/2005
Posts: 90
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"since I put my money were my mouse is"
I am in fits of laughter from that, my hat is off to you, you have made my day.
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Registered User
Joined: 10/7/2004
Posts: 2,126
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Sorry for the misspell - have no idea what I was thinking.
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Registered User
Joined: 12/19/2004
Posts: 415
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The mouse message WAS funny.
I didn't understand all the message, you only day trade and not hold positions overnight, or just the short?
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Registered User
Joined: 10/7/2004
Posts: 2,126
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Sorry folks again about the misunderstanding. It is just that when I am very tired my mind does funny things, and typing fast doesn't help the cause. Yesterday, was an extremely hectic day for trading, so by the time the market closed I was pretty done for the day. It was a profitable day so.
Bnight, yes I am a daytrader - has been since 1998 (started investing in 1992). I usually don't hold overnight, and yes I play my positions long and short (mostly scalps on high volume of shrs). During the summer time I usually try to play some swings, but feel very unconfortable holding overnight. Althought, markets conditions do not affect my daytrading activity - I just try to profit from either condition - I like to keep a tab on the market, and try to help some folks to decipher the darn mess.
If you are still confused by my original message, don't hesitate to ask. I always try to respond at my earliest convenience.
The markets did follow up today to the lower side althought it is only 2:11pm est so lets see how it all looks after the closing.
good luck
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Registered User
Joined: 10/7/2004
Posts: 2,126
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KKD still outperforming the market. I am going to have to go and try some of those new donuts.
The markets warning should have been taken seriously. I expect the dow and the SP500 to hit the primary trend soon.
I guess this is it.
I was so busy today shorting, that I couldn't make my mind about which one to short (like a kid in a candy store), and certainly KKD wasn't in my mind. I friend brought it up.
Now you know what to do, get the katana out, and attack during the retreat and chop as many heads as you can. The faster you chop them, the faster they fall. Sorry, but I have more fun in bears than bulls (nothing personal).
good luck and have fun
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