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Post by huh on Oct 2, 2014 11:49:44 GMT -5
I always love the; "Buy our book and we'll show YOU how to make money".
Ummm, only a guess here, but I'm thinking...selling books?
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Post by huh on Oct 2, 2014 11:54:15 GMT -5
AKS up 3% from 7.25 & putting in a rounding bottom.
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Post by huh on Oct 2, 2014 12:01:59 GMT -5
About to test if this bounce will hold into the close or not: SPX ~1941.50, VIX 16.40's.
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Post by crumbdon on Oct 2, 2014 12:11:25 GMT -5
I always love the; "Buy our book and we'll show YOU how to make money". Ummm, only a guess here, but I'm thinking...selling books? Yup. Always been suspicious of those.
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Post by huh on Oct 2, 2014 12:37:26 GMT -5
Now even if this upside breakout fails, I see this one as bullish, even if the market falls further. Many downside targets were hit; FIBs & supports tested; rounded bottoms & iH&S' on those supports (real buying). Stocks were actually rising this time! None if this happened with the previous upside breakout attempts that failed.
It was the first warning shot to shorts - the first bottom of a bottoming pattern. There's normally three (and if lucky enough for a third, it's pretty much too late anyway).
JMHO
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Post by jacksrbtr on Oct 2, 2014 12:38:11 GMT -5
Yesterday the 10-yr note showed fear. Today-not so much. If you're right, Huh, post a link where I can mail my subscription fees to Props to you, man! LOL. When it comes to market calls, if someone's advice is good enough to pay a subscription fee for, then they shouldn't need that subscription fee. That's how I've always felt anyway (and why I've never paid anyone subscription fees). But please don't forum slap me...I love Hammondkeys and ITMS is really, really good. Both definitely worth the money. It's the analysts, or CNBC hosts, guests & other supposed 'experts' I'm referring to (though I like Carter's TA). I hear what you are saying but personally I'd be reluctant to "Cancel my subscription to the resurrection." (lyric from The Doors "Till the Musics Over")
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Post by huh on Oct 2, 2014 12:52:36 GMT -5
It's this kind of stuff that gives you the conviction to buy if the market were to suddenly puke on some fear story now. And also to know where your stops need to be if the market continues down too much.
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Post by huh on Oct 2, 2014 13:19:02 GMT -5
So far looks like a typical bottom for a typical pullback in this bull market. LOD was right under the 76.4 FIB from the bottom of the last pullback.
I still question if we won't see the August lows first, and if VIX won't see a slightly higher high. But if it closes bullish like this, the bottom is in. If not, the first bottom of three.
JMHO
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Post by crumbdon on Oct 2, 2014 13:24:58 GMT -5
So far looks like a typical bottom for a typical pullback in this bull market. LOD was right under the 76.4 FIB from the bottom of the last pullback. I still question if we won't see the August lows first, and if VIX won't see a slightly higher high. But if it closes bullish like this, the bottom is in. If not, the first bottom of three. JMHO I'm not forgetting how many times recently the short-term pullbacks have formed a V- bottom. Won't be too surprised if it happens here too.
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Post by huh on Oct 2, 2014 13:34:50 GMT -5
So far looks like a typical bottom for a typical pullback in this bull market. LOD was right under the 76.4 FIB from the bottom of the last pullback. I still question if we won't see the August lows first, and if VIX won't see a slightly higher high. But if it closes bullish like this, the bottom is in. If not, the first bottom of three. JMHO I'm not forgetting how many times recently the short-term pullbacks have formed a V- bottom. Won't be too surprised if it happens here too. Amen to that. Especially where it's occurring (right where projected on channel support & FIB support). It's all about the close now.
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Post by crumbdon on Oct 2, 2014 14:06:58 GMT -5
IWM leading strong now, and fins even helping.
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Post by huh on Oct 2, 2014 14:09:36 GMT -5
IWM leading strong now, and fins even helping. XLF still needs to prove itself though. 22.96 important intraday support now. 22.90 longer term support.
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Post by huh on Oct 2, 2014 14:16:15 GMT -5
So whadd'ya guys think...if market were to fall into the close/tomorrow, would that exhaust the bulls? No way they would come back and buy again, right?
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Post by crumbdon on Oct 2, 2014 14:57:40 GMT -5
IWM leading strong now, and fins even helping. XLF still needs to prove itself though. 22.96 important intraday support now. 22.90 longer term support. I guess I meant fins helping "a little bit." It's encouraging, but we're not outta the woods yet.
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Post by novie08 on Oct 2, 2014 15:23:40 GMT -5
Not that it means anything, but I'm not ready to buy yet. Maybe next wk.
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Post by huh on Oct 2, 2014 15:33:43 GMT -5
SPX still holding the record for the longest start to a year without a four day losing streak. That green close by 1 penny saved it. Whew.
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Post by huh on Oct 2, 2014 15:35:04 GMT -5
Definitely a nice daily candle if looking for a bottom.
I'll at least wait for confirmation tomorrow though.
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Post by huh on Oct 2, 2014 16:21:50 GMT -5
Not that it means anything, but I'm not ready to buy yet. Maybe next wk. Smartest thing I heard all day - including those voices in my own head.
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Post by crumbdon on Oct 2, 2014 17:09:19 GMT -5
So whadd'ya guys think...if market were to fall into the close/tomorrow, would that exhaust the bulls? No way they would come back and buy again, right? I'm more inclined to think we will soon exhaust the sellers. They've been very busy trying to make up for lost time
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Post by jacksrbtr on Oct 2, 2014 17:38:44 GMT -5
So whadd'ya guys think...if market were to fall into the close/tomorrow, would that exhaust the bulls? No way they would come back and buy again, right? I'm more inclined to think we will soon exhaust the sellers. They've been very busy trying to make up for lost time Die Market Die!!!
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