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On Green Bay Packers- Cheese heads.
This is the first for me but I have been sending everybody charts on how
to read the NYSE. To know when you can enter the market long with
confidence. Going back in history on the Exchanges it is clear that when
those conditions are present or lack there of. Something always happens
to the downside.
This is the first time that I have been in a correction as an investor
myself. So there are some things that I have learned. I do believe there
is a combination of measuring the market (exchange) climate, TA of your
security and a good intuition of the fundamentals of the market, (like
valuation).
I too am learning & am very glad I took a short position early. Because
of all the emotions on days like today & fear of the dead cat bouncing
up and splashing guts all over you makes a person squimish.
I personally think that one more day of this madness will continue. Come
Wednessday things will slow down abit. Might have some down days but not
like the rush out of the theater when someone yells 'fire'.
I guess when I finally sells my long positons, the buyers will step back
in. We all know how that is: Oh here comes Harley's order time now go in
the oposite direction, or heare comes Jeff's order, I know it's him.
Time to start heading the price in the other direction.
Just a little humor.
If you want me to lay out some things that I look for when I short from
a TA point of view, I will be happy to do so. It will take me a bit
since I am in the middle of a few things. Plus it will take me a bit to
type up, etc.
jeff f brady wrote:
> Looking at some basic support and resistance lines looks like DOW
> 7000
> should be a support zone. Some of the key stocks I watched that were
> not
> getting their price declines confirmed by OBV got confirmed today,
> guess
> we'll call that a lagging indicator!
>
> Some stocks however, TMX and TBR are not being confirmed to the
> downside
> by OBV. I am still holding long on TMX and GE. Got worked on both of
> them today.
>
> I am nibbling at AMAT, I have some Jan 40 calls and if I had been day
> trading or set a sell price at double my buy price I could of sold for
> a
> good profit today, the stock swung all over the place today to the
> upside
> and downside.
>
> Got some cash on the side, might be some good opportunities coming up!
>
> I didn't have any clue from any indicators I use to forecast or
> suggest
> what was going to happen today. The only ting I had going was the
> knowledge that we were overbought for some time and were due for a
> correction, so I was playing it safe but had no indication to go short
> or
> buy puts.
>
> Any body out there have some thing that got them to go short or buy
> puts
> before today ?
>
> The sun will still rise....The cheese heads will still conquer !
>
> JB
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