LeeWhee Posted August 10, 2007 Report Share Posted August 10, 2007 my gut instinct is to go long. a guy in OZ has had a secondary correction target on the Ords at 5650 which looks like it could match that LW target on the SPOOs around 1380 598276[/snapback] 1387 is the number I'm looking for. Sure feels like it's coming our way. A move below 1432 will cinch it, IMO. 1387 is the 78.6% Fib retrace of the whole 2002-2007 move and, not coincidentally, the technical bottom from March07 when you look at the weeklies. So the 1387-1432 zone is pretty much the whole technical topping and bottoming enchilada from Feb/Mar07. If they take 'er up instead, then 1387 will have to wait until later. In that case, the usual suspects apply: 1448-1453, 1476, 1505ish, 1532ish. 598280[/snapback] Looks like the inverse of 78.6%. A 78.6% correx would have it down in the 800s, right? 598332[/snapback] Right. But the standard Fib tools list the first level down from the top as 78.6%. The 1387ish zone on the SPX is the first Fib level from the top. It is also the technical bottom from Mar07. And it was also the last line of defense prior to the 2001 waterfall. And it represents a 10%+ dump from the peak. So it has major technical implications on a number of levels. As mentioned, the next break of 1432 will bring the 1380s into view where I would expect a massive goal line defense to form. On the linked weekly chart, you can see how the 1387-1432 zone played out in Feb/Mar. So if 1432 gives way, down we go to the bottom of the Feb/Mar07 pattern which happens to be 1387. Also worth noting that Rusty has already tagged its respective "78.6%" level when it spiked down to 742. That is the first Fib level down on the retracement of the entire 2002-2007 rally. Interesting that Rusty remains well above that level this morning (771) while the SPX is threatening to make lower lows for the move (below 1427). Also note that if Rusty comes back again to its 78.6% retrace at 742, that would be 3.8% lower. If the SPX followed suit, it would fall to...you guessed it....1383. Hmmm, I love it when a plan comes together. This scenario will unfold on a break of 1432 that sticks. If the crooks hold the line at 1432 this morning, as it appears they are trying to do, we may have to wait until after OpEx for the move lower. Link to comment Share on other sites More sharing options...
LeeWhee Posted August 10, 2007 Report Share Posted August 10, 2007 Looks like the crooks are focusing on 1432 as I am. This is the level that will determine whether we head straight for the 1380s or whether we will have another intervening rally. Girleboolz are free to buy the SPX at 1432 with a tight stop in case the crooks don't want to give up the ship pre-OpEx. Link to comment Share on other sites More sharing options...
Black Prince Posted August 10, 2007 Report Share Posted August 10, 2007 At 9:44 went long QLD at 91.94 Link to comment Share on other sites More sharing options...
LeeWhee Posted August 10, 2007 Report Share Posted August 10, 2007 Schtick-save in progress on the Industrials (XLI) at 38. This group looks like it has about 5-7% more to go on the downside. But if they schtick-save it today at 38, it is likely a sign that additional poopage will have to wait for another time. Link to comment Share on other sites More sharing options...
DrStool Posted August 10, 2007 Report Share Posted August 10, 2007 qqqq hit 3 day cycle projection of 46.93. That doesn't mean that this is the end. I noticed a couple of our wrong way Corrigans are throwing long here. That's probably a good indication. Link to comment Share on other sites More sharing options...
linrom Posted August 10, 2007 Report Share Posted August 10, 2007 Cramer gets his wish: the discount window is open. 598339[/snapback] The Man Who Saved the Free World . - Not yet Link to comment Share on other sites More sharing options...
DrStool Posted August 10, 2007 Report Share Posted August 10, 2007 I'm not talking about our master scalper Mr. I A Madness. Link to comment Share on other sites More sharing options...
DrStool Posted August 10, 2007 Report Share Posted August 10, 2007 qqqq 3 day cycle indicators are on the buy side. No confirmation yet in the 5 day indicators. Link to comment Share on other sites More sharing options...
DrStool Posted August 10, 2007 Report Share Posted August 10, 2007 Price is above the 1 day cycle MA at 47.12, but below the 3 day at 47.39. Multiple resistance lines between 47.25 and 47.50 Link to comment Share on other sites More sharing options...
DrStool Posted August 10, 2007 Report Share Posted August 10, 2007 spx smashed the 3 day cycle projection of 1440 (was 1445 last night at the close) but is coming back to it, so it may just been a bigger than normal overshoot. 3 and 5 day cycle indicators remain very weak, and the 1 day cycle MA is still way above, but dropping like a knife at 1455.75. It would take a far braver man or woman than me to try to catch it. Link to comment Share on other sites More sharing options...
DrStool Posted August 10, 2007 Report Share Posted August 10, 2007 3 day cycle buy signals on HUI. Not yet on the 5 day. Just rangebound noise there. Link to comment Share on other sites More sharing options...
crazy_ate Posted August 10, 2007 Report Share Posted August 10, 2007 Picked up the following: FRO NAT VLCCF On Sale.....today only..... Link to comment Share on other sites More sharing options...
LeeWhee Posted August 10, 2007 Report Share Posted August 10, 2007 qqqq hit 3 day cycle projection of 46.93.? That doesn't mean that this is the end.? I noticed a couple of our wrong way Corrigans are throwing long here. That's probably a good indication. 598354[/snapback] Count me among the Corrigans. I went long SSO on the SPX tag of 1432. This is a critical level. I believe, as you do, that it will go bye-bye. But I don't know when. So at this point, I'm taking it level by level. Still short some udder stuff. So the SSO is a schwang trade. Looking for 1440, then 1448-1454, then 1476, and so on. The SSO play is what I consider low-risk since the levels are so well-defined. What's nice about this tag of 1432 is that the bools can now view it as "the re-test of the low". And maybe we will ramp up from here. But it also likely means that the next time down (to 1432 and below) will be the Real McCoy. Link to comment Share on other sites More sharing options...
DrStool Posted August 10, 2007 Report Share Posted August 10, 2007 qqqq hit 3 day cycle projection of 46.93. That doesn't mean that this is the end. I noticed a couple of our wrong way Corrigans are throwing long here. That's probably a good indication. 598354[/snapback] Count me among the Corrigans. I went long SSO on the SPX tag of 1432. This is a critical level. I believe, as you do, that it will go bye-bye. But I don't know when. So at this point, I'm taking it level by level. Still short some udder stuff. So the SSO is a schwang trade. 598362[/snapback] OK Mr. Corrigan. Turn on your Skype and lets give the folks an earful. Link to comment Share on other sites More sharing options...
DrStool Posted August 10, 2007 Report Share Posted August 10, 2007 Of course the difference between you and them is that you also have a stop just below 1432, if I am guessing correctly. Link to comment Share on other sites More sharing options...
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