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post #67881 of 136697
6/23/10 at 5:24pm
Quote:
Originally Posted by ryangaines1 View Post
I think McChrystal just got fired.

If anyone doesn't like that this is off topic, I don't care.
Just announced not that it will impact the market any but Obama fires Gen. Stanley McChrystal: reports

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post #67882 of 136697
6/23/10 at 5:24pm
Quote:
Originally Posted by Blooey View Post
To those of you who have been doing this for 15+ years, have the markets always been this way? I mean, does it ignore news and just go where it wants quite often, or is this a recent phenomenon? It seems that for the past couple of years, news has had little bearing on the daily chart, even the weekly. Has it always been this way?

(Though I guess I know the answer to this already, since, wasn't it Jesse Livermore that said the market can stay irrational longer than you can stay solvent?)
Think of it this way,

if we are in an uptrend and good news comes out, we are going to run hard up.

if we are in an uptrend and bad news comes out, we sometimes tend to put it on the back burner until we switch trends.

take this for what its worth.
post #67883 of 136697
6/23/10 at 5:25pm
bought more nflx 105 puts.
post #67884 of 136697
6/23/10 at 5:25pm
Quote:
Originally Posted by Blooey View Post
To those of you who have been doing this for 15+ years, have the markets always been this way? I mean, does it ignore news and just go where it wants quite often, or is this a recent phenomenon? It seems that for the past couple of years, news has had little bearing on the daily chart, even the weekly. Has it always been this way?

(Though I guess I know the answer to this already, since, wasn't it Jesse Livermore that said the market can stay irrational longer than you can stay solvent?)
Yes, it's always been like this!
post #67885 of 136697
6/23/10 at 5:26pm
Quote:
Originally Posted by Blooey View Post
Just so I understand, because I want to learn from you and become a better trader...

The market always bounces at the 20ma, correct?
No but there are other indicators like the MACD and RSI indicators that are bullish which would lead to a bounce at that level..
post #67886 of 136697
6/23/10 at 5:27pm
Quote:
Originally Posted by Blooey View Post
Just so I understand, because I want to learn from you and become a better trader...

The market always bounces at the 20ma, correct?
No, the market doesnt always bounce off the 20ma,


the 20ma signals a point for buyers to return, it is a strong point on the chart.

We are still in a bullish trend, so when we hit the 20ma, I am pretty confidant that we would bounce, and we did.
post #67887 of 136697
6/23/10 at 5:27pm
Quote:
Originally Posted by Davecash77 View Post
No but there are other indicators like the MACD and RSI indicators that are bullish which would lead to a bounce at that level..
post #67888 of 136697
6/23/10 at 5:28pm
If the fed decision causes the markets to turn sour, we could test the 20ma again


wouldn't surprise me.
post #67889 of 136697
6/23/10 at 5:28pm
Quote:
Originally Posted by truthhurts View Post
bought more nflx 105 puts.
brave move gluck
post #67890 of 136697
6/23/10 at 5:28pm
Let's see here...

New Home Sales at Record Low As Tax Credit Expires
Mortgage Delinquencies Fall, but Foreclosures Rise
Judge Who Overturned Drilling Ban Has Oil Investments
More Oil Gushing Into Gulf of Mexico After Robot Collision

...and we're green.

I know what tonight's Yahoo headline are gonna read:

"USA World Cup Win Rallies Markets"

post #67891 of 136697
6/23/10 at 5:31pm
Quote:
Originally Posted by Mike Anthony View Post
IT HIT THE 20 MA

Im done arguing here,
not arguing here dude... and it didn't "HIT THE 20MA".. came close but didn't touch it.

sure the 20MA will act as support until it doesn't... it hit the 13 day MA, and it broke under the 10 day MA which is acting as the day's resistance.. imo none of this is really relevant... we will break the 20MA, that doesn't mean anything... only MA's that matter are the 50 and the 200 and even then just because it broke i wouldn't go on a full bear mode or bull mode because it went above it. these are INDICATORS and nothing more. just like the stochastics and the RSI...

what can you really determine from the 20 day moving average? that its going to break below it soon, and eventually it will break above it soon..
post #67892 of 136697
6/23/10 at 5:31pm
CAT really worked itself off the bottom today, that's nice to see.
post #67893 of 136697
6/23/10 at 5:32pm
Quote:
Originally Posted by Mike Anthony View Post
Think of it this way,

if we are in an uptrend and good news comes out, we are going to run hard up.

if we are in an uptrend and bad news comes out, we sometimes tend to put it on the back burner until we switch trends.

take this for what its worth.
i would have to disagree with this
post #67894 of 136697
6/23/10 at 5:33pm
Quote:
Originally Posted by Blooey View Post
Just so I understand, because I want to learn from you and become a better trader...

The market always bounces at the 20ma, correct?
blooey and i are on the same page.. lol i love this guy
post #67895 of 136697
6/23/10 at 5:35pm
Quote:
Originally Posted by charulz View Post
not arguing here dude... and it didn't "HIT THE 20MA".. came close but didn't touch it.

sure the 20MA will act as support until it doesn't... it hit the 13 day MA, and it broke under the 10 day MA which is acting as the day's resistance.. imo none of this is really relevant... we will break the 20MA, that doesn't mean anything... only MA's that matter are the 50 and the 200 and even then just because it broke i wouldn't go on a full bear mode or bull mode because it went above it. these are INDICATORS and nothing more. just like the stochastics and the RSI...

what can you really determine from the 20 day moving average? that its going to break below it soon, and eventually it will break above it soon..
This is the Stock Market, nothing is guaranteed.

Indicators work'd well for me today,
post #67896 of 136697
6/23/10 at 5:36pm
Quote:
Originally Posted by charulz View Post
i would have to disagree with this
Tell me why we are testing upwards, with significant bad news.

Curious to see your input, instead of disagreeing and not posting feedback
post #67897 of 136697
6/23/10 at 5:38pm
Quote:
Originally Posted by Mike Anthony View Post
No, the market doesnt always bounce off the 20ma,


the 20ma signals a point for buyers to return, it is a strong point on the chart.

We are still in a bullish trend, so when we hit the 20ma, I am pretty confidant that we would bounce, and we did.
OK, so the market doesn't always bounce off the 20ma.
In addition, my chart shows the 20sma still below 10200, so we didn't really bounce off the 20sma either, did we?
And we're just at the 20ema right now, so we didn't bounce off that...

I'm confused. If the market doesn't always bounce off the 20sma, nor the 20ema, nor the XXXema/sma, or anywhere in between, then how can they be used to predict anything until after the fact, (which is not a prediction, but a "postdiction").

Isn't it more likely that we just ignore all the times we're wrong and forget them (much less brag about them) and tend to remember all the times we were 'right'?

Honest question, if we had continued down through the 20sma, would you have thought, "oh, we could bounce at xxx" and then we continue down through that and so you think "might be at yyy" and then we continue through that and then you think "zzz will be it!" and then it bounces somewhere in the neighborhood of zzz and then you think, "see? I was right!"
post #67898 of 136697
6/23/10 at 5:38pm
Quote:
Originally Posted by Mike Anthony View Post
This is the Stock Market, nothing is guaranteed.

Indicators work'd well for me today,

It's a game of probabilities. I'm sure there are other hints of support. I have 2 important levels of support here on my multi time frame approach. Buy support in an uptrend...and YES we are still in an uptrend macro.

Don't let the room drag ya down or turn this into a pissing match. This thread went to $hit lately.
post #67899 of 136697
6/23/10 at 5:39pm
Quote:
Originally Posted by Blooey View Post
Let's see here...

New Home Sales at Record Low As Tax Credit Expires
Mortgage Delinquencies Fall, but Foreclosures Rise
Judge Who Overturned Drilling Ban Has Oil Investments
More Oil Gushing Into Gulf of Mexico After Robot Collision

...and we're green.

I know what tonight's Yahoo headline are gonna read:

"USA World Cup Win Rallies Markets"
Yeah, that's just ridiculous. Trading is a lot closer to gambling than I thought...
post #67900 of 136697
6/23/10 at 5:39pm
Quote:
Originally Posted by Mike Anthony View Post
Think of it this way,

if we are in an uptrend and good news comes out, we are going to run hard up.

if we are in an uptrend and bad news comes out, we sometimes tend to put it on the back burner until we switch trends.

take this for what its worth.
An accurate assessment!
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