| farch |
|
Gold User, Member, TeleChart
|
| Registered User |
|
|
|
|
| Unsure |
|
| Friday, February 18, 2005 |
| Saturday, November 15, 2008 7:18:58 PM |
8
[0.00% of all post / 0.00 posts per day] |
|
|
I'm trying to update telechart. It's taking forever. Right now it's updating prices (Step 4). After about 15 minutes, it's about 25 % done (6M out of 26M). What's going on?
|
|
According to John Murphy, a wedge is an intermediate continuation pattern lasting from 1 to 3 months. This pattern looks like simply a long term uptrend.
|
Well, that was ugly.
People are making much of the fact that Friday was the 20th anniversary of "Black Monday". But yesterday was Friday, not Monday:
Monday-Friday, October 12-16, 1987: Dow down 9.1 per cent.
Monday-Friday, October 15-19, 2007: Dow down 4.1 per cent.
Friday, October 16, 1987: Dow down 4.6 per cent.
Friday, October 19, 2007: Dow down 2.6 per cent.
Black Monday, October 19, 1987: Dow down 22.6 per cent.
Monday, October 22, 2007: Dow down/up ????
Granted, there are many differences between now and 1987. As I recall, people were very nervous going into the weekend of October 17, 1987; less so today. Still, Monday should be interesting.
|
|
Qs made a steep plunge in the AM: Nice profit on Nov 56 puts. Recovered in the PM and closed up 0.4 % on the day. Still looks like they're due for a significant correction. Nasdaq futures down 0.4% at 2345 EST, Tomorrow is the 20th anniversary of the '87 crash.
|
Looking at a daily candlestick chart of the Qs: Bearish engulfing pattern on 10/11, dark cloud cover on 10/15, and a hanging man today (10/17). Negative divergence between price and moneystream. Qs at a 6-year high.
Look out below?
|
I checked John Murphy's book. I guess it could be a runaway or an exhaustion gap. Time will tell. If it's an exhaustion gap, the top may be near.
The Qs formed a tweezer top today: Highs of 6/15 and 6/18 equal. Also closed at a 6-year high. Look out below? I don't know. Qs down in after-hour trading.
|
|
If the Qs gap lower on opening on Monday and remain lower, then it could become an evening doji star or an abandoned baby as Asian007 says. If that happens, a significant reversal could be in the offing, especially if Monday is a long down day. It should be interesting.
|
I'm looking at a 5-month daily chart of the Qs (QQQQ). In the top section I've got a candlestick price chart overlain with moneystream. Note the divergence between price and moneystream since mid-May. In the middle section I've got balance-of-power: solid red for the last 3 weeks.
Sure looks ominous to me. Also, could that be a doji evening star forming on Friday, 6/15? We'll have to wait until Monday to find out I guess.
|
|