| ljoncape |
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Gold User, Member, TeleChart
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| Registered User |
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| Unsure |
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| Wednesday, December 1, 2004 |
| Friday, May 20, 2011 6:16:44 PM |
34
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With all due respect, use the recommended linear regression channels in today's worden report and look at the weekly charts. One will see a climb to the top of the channels for SPY, QQQQ, and DIA on average volume with EXTREMELY divergent MS from the last highs on the charts. I would be very suspicious of this rally and not rush in with new money until the market displays a better low risk set-up. Smells like a bull trap set by the big boys to squeeze the last dollars out of retail investors before a "real" correction in the market.
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Does anyone else notice that SPY is looking a little toppy on the 2 day chart? Left Shoulder on 6/4/07, Head on 7/17/07 with Right Shoulder on 9/20/07. The huge increase in volume on the decline from the head position and the subsequent light volume on the climb to the right shoulder are troublesome to me. MS is also heavily divergent to the downside. We could be setting up for another serious October decline in the market.
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I have also been watching BSX. It came up on the same screen I utilized to uncover FRX.
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Took a position today. TSV/MS were divergent at recent lows and it appears to be breaking above a six month long downtrend. Pharma and Biotech seem like good sectors for current investment, due to recent economic data.
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Thanks for the input!
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Purchased this on 8/17/07 after screening for tsv divergent industry groups. This one belongs to the healthcare REITS group. Opinions going forward?
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HCP. Any thoughts. It seems to be bouncing off of a recent bottom with improving RSI and MS. REITs appear to be gaining momentum recently.
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I like it up to its recent highs of around $20. Whether it rebounds off of this level or breaks through will let you know what to expect over the intermediate term for MRVL. The 10% gain to $20 from here looks good in this market environment.
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Read Vic Sperandeos "Trader Vic-Methods of a Wall Street Master." I use it as my trader's "bible". Also, William J.O'Neil's books on CANSLIM methodology and a host of other subjects are must reads. You can find them on the IBD website. They served as my initial reference books for me as I started trading. Great thing is they are relatively inexpensive and much easier to utilize than some other books you will find in the investment section of a book store. Educate yourself as much as possible and start small. Good luck!
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Got in a couple of days ago, blast off! Looks good so far.
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