This is a syndicated repost published with the permission of Stool Pigeons Wire at Capitalstool.com. To view original, click here. Opinions herein are not those of the Wall Street Examiner or Lee Adler. Reposting does not imply endorsement. The information presented is for educational or entertainment purposes and is not individual investment advice.
11 hours ago, PullMyFinger said:
Maybe I should just start trading the first and last hours of the day. Trade the first hour, go to the beach, get lunch, a quick nap, and come back and wait for the inevitable ramp in the last hour.
Or, I suppose I could continue my policy of blindly buying on any morning dip and waiting for the market to rescue my stupid entries. Then I could stay at the beach all day. 🙂
I would agree with that.
The other thing is, never use market orders in the first 15 minutes of trading.
Meanwhile, this market may be dull, but it sure is orderly. Looks on the hourly chart that we’ve been in a down phase of sorts over the past 6 days, and a 2-3 day and 5 day cycle down phase for the past 2.
Which implies that a cycle low could happen today or tomorrow. Bears then face a day of explosive diarrhea.
With European markets open 20 minutes now, at 9:20 AM CET, 3:20 AM ET, trend s-port is at 4118, 4112, and 4110. s-port level 4103. More trend s-port 4099. I don’t see anything of substance on the downside without breaking those lines. As New York opens the uppermost line will be about 4123. The rest will only be a point or two higher than current, except for 4103 which is a level, not a trend.
Click to engorge
A little liftoff from the upper trendline as I was wrapping these comments. You will want to be sure to double diaper, and check for tight fit, in case this gets going.
Join the conversation and have a little fun at Capitalstool.com. If you are a new visitor to the Stool, please register and join in! To post your observations and charts, and snide, but good-natured, comments, click here to register. Be sure to respond to the confirmation email which is sent instantly. If not in your inbox, check your spam filter.
