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Ever So Faint Hints of a Down Market Today 10/28/20

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I'm not sure, but I think I see signs that the US markets might gap down this morning. One can never be sure about these things, but my 53 years of watching markets virtually every day gives me an advantage. I can see the faintest suggestions of market direction that other people can't. Although one can never be sure, can one? 

Anyway, this chart says that the 5 day cycle projection is 3310, give or take 10 points, here at 6:10 AM in New Yawk.  

Obviously, there are multiple support lines 3335-40. If they give way, should trigger a wave of selling. 

Click to engorge.
tvc_58a8abf0b92298605f2643d304da8172.pngtvc_58a8abf0b92298605f2643d304da8172.png

So, what do you think? Dicsucs! 

 

 

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As I go through my Metastock personal screens for good day trading setups, I have not found a single chart that looks like a good buy. Everything is sell, sell, sell. 

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Probably means we're close to a bottom. Any time things get lopsided, you can count on them going the other way. 

Many of the Technical Trader long side picks have gotten stopped out with small gains or slight losses. Unfortunately, had only a handful of shorts, and of course, they're doing extremely well.

I elected to make one new pick conditional on hitting a limit. It didn't. Too bad. From the opening price on Monday, it's down about 15%.  These picks are published a day before the market opens, so it's tricky, especially with a low priced stock like that one. 

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Have to ask myself why in the world, stodgy consumer staple stocks are suddenly acting so shitty. They're either breaking down, or on the verge of breaking down. 

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So, I'm looking at this chart that has gone from 6-20 since March. I'm thinking, must be some hot tech stock, right. Company name is Mosaic. MOS.  Yeah, hot tech stock.

Right. 

They make fucking fertilizer fergodsakes. They're a bullshit refiner. 

What a market. 

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Good grief. Look at this thing.  5 day cycle projection drops to 3270.

Trend support 3300.

Click to engorge. 

tvc_223ea58f5ec46812b7bedbf159fb8d4c.png

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3 hours ago, DrStool said:

Good grief. Look at this thing.  5 day cycle projection drops to 3270.

 

Got to 3275. Close enough for gummit work. 

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