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Looking back over the last 7 trading days shows
this pattern, short covering, distribution, 3 days of consolidation, short
covering, distribution. Correct me if I have the definitions wrong.
In market profile theory, a distribution occurs when prices have a tight
symmetrical pattern following a run up like Thursday and Wednesday and
previously on 10/3 and 10/4. A consolidation implies a pullback after a
runup as on the 5th, 8th, 9th. If Thursday was infact a distribution, then
Friday and ??? would have consolidation, perhaps.
bobr
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----- Original Message -----
<DIV
style="BACKGROUND: #e4e4e4; FONT: 10pt arial; font-color: black">From:
Ira Tunik
To: <A title=realtraders@xxxxxxxxxxxxxxx
href="mailto:realtraders@xxxxxxxxxxxxxxx";>realtraders@xxxxxxxxxxxxxxx
Sent: Thursday, October 11, 2001 8:41
PM
Subject: Re: [RT] sp500/nasdaq
The question is will the die hard bears run for cover over the
week end? No pun intended. Will the bulls want to carry stock over
the week end? Did the hedge funds lose enough trying to short this rally
to back off for a while? Could all those puts be protecting long stock?
So many questions, so little time. The nice thing about the market is
that there are always two trades to look at one upside and one downside.
It is just a matter of which entry price is hit first. Have a good week
end. Ira.
profitok wrote:
Good EveningHope everyone had a great
trade today,,As for tomorrow,, Most probably the
NASDAQ will take a break and will not let the SP go forward
muchThe 10 day trin on NASDAQ is at a 34 day hi and the
p/c very bearish,,However,,<FONT
size=-1>this is just a temporary pull backI see NASDAQ
at least 6-8% higher from today's close.the sp500
is about the same story,,Vix is at a 34 day low and p/c is
showing institutions loaded up on puts today..this is
ALSO just a temporary pull back (1084.8 Dec futures),,<FONT
size=-1>and then up to the races ,,Objective
is 1160-1170Be careful<FONT
size=-1>Ben
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