Friday, November 14, 2008

TODAY'S ACTION

A reversal, then another reversal, and one final reversal in the last half-hour. If you can't handle this rollercoaster and adapt to the changing environment, then you shouldn't be trading. Also, to someone whom I will keep anonymous, you should not be trading if you fall asleep during the day with open positions.

It was a deep correction which was expected. However, the last half-hour was not expected. As for my order's today: A "Hold" order was issued at 10:33AM (for yesterday's positions), a "Buy" order was issued at 1:26PM. and a "Sell" order was issued at 3:27PM when the right shoulder of the H&S was in formation prior to the plunge. Therefore, I am 100% cash into the close, having added just under +4% for today.

Looking at the 10-day charts on the SPX/COMP, I noted yesterday and the day before that the diagonal line was important. I paid attention to it all day long to confirm a "Buy". This line was also critical to shaping the rounded bottom. At this point, we are again close to support levels. The RUT is doing the absolute worst, having broken entirely through today's intraday support. If we break on Monday on all indices, then the chances of a new low are very much in. I hope so, so I can issue a multi-day "Short" order and stop this daytrading nonsense. Just like the Cialis commercial, "When the moment is right, you can be ready". So, be ready.

SPX 1-day

SPX 10-day

SPX 6-month

NASDAQ 1-day

NASDAQ 10-day

NASDAQ 6-month

Don't forget to try the Free Trend Analysis. It's FREE, so give it a shot!

6 comments:

danny42nd said...

hello john..
when you say unexpected closing,
it mean something bad news is coming? dow see 4000 then 36000
or are we seen bottom
thanks

John C. Lee said...

it was a sudden and unexpected failure that raised serious questions. Many uptrends have been instantly broken today.

Where did you get your "analysis" of Dow 4,000?

mgs1066 said...

John, you wrote:

If we break on Monday on all indices, then the chances of a new low are very much in. I hope so, so I can issue a multi-day "Short" order and stop this daytrading nonsense. Just like the Cialis commercial, "When the moment is right, you can be ready". So, be ready.

Will you note this "order" on the blog here or only to those individuals you're training?

I'll be aiming to put a list together over the weekend ... Actually I just about know now which ones I'd want to short.

Thanks for all the work.

John C. Lee said...

E-mail updates are given to premium subscribers and coaching students.

It all depends on what happens in the Asian/European markets on Sunday for shorting.

danny42nd said...

thanks for responding me,. dow 7000 4000
i saw from bear camp somewhere..
i am frequent visitor of beaniville daytrading blog. can you send me your information about getting your services to my email
at nydk7777@hotmail.com
p.s.do you offer any minority discount(smile)

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