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Coolhand's Market Analysis

Higher Still

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by
coolhand
, 02-08-2011 at 05:18 PM (2681 Views)
Another rate hike in China seemed to cause some direction-less trading early on, but as the trading day worn on the broader market managed to chop its way higher and closed out the session with yet another 2-year high.

Treasuries continued their slump, which saw the 10 year note close above 3.7%.

The Seven Sentinels got closer to a confirmed buy today, but fell short by a relatively slim margin. Here's the charts:

PAYPAL-$namo-jpg

NAMO and NYMO are still on buys, but more importantly, NYMO is now within 4 pts of confirming a new buy signal for the Sentinels.

PAYPAL-$nahl-jpg

NAHL dipped just below its 6 day EMA causing it to flip to a sell, but NYHL remained on a buy.

PAYPAL-$trin-jpg

TRIN is flashing a buy, while TRINQ is on a sell.

PAYPAL-bpcompq-png

BPCOMPQ ebbed just a bit higher and also remains on a buy.

So technically the system remains on a sell, but I'm not bearish and expect to a see a confirmed buy signal soon.

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Comments

  1. WorkFE's Avatar
    You are a rock CH but I know your trigger finger is itchy.
  2. Boghie's Avatar
    CH,

    I've got 17% in the 'G Fund' waiting for a confirmed signal. Played the other 17% on the expectations.

    I think that is how I'm going to use the Seven Sentinals. Confirmed and I'm all in. Sell and I'll be at least 34% out. Leaning will be half in half out.

    Should be fun.
  3. coolhand's Avatar
    Tom mentioned in his blog this morning that this is not a trader's market and I agree with that.

    I do have both my IFTs so I'm ready for any opportunity that presents itself.

    Quote Originally Posted by WorkFE
    You are a rock CH but I know your trigger finger is itchy.
  4. coolhand's Avatar
    It's a good strategy in this market Boghie. I'm fully invested in my ROTHs so I am getting some benefit from this relentless drive higher.

    But I have to tell you, it's unnatural, and the further this thing goes without correcting the bigger the fall when it finally happens. That could be many months from now though.

    Quote Originally Posted by Boghie
    CH,

    I've got 17% in the 'G Fund' waiting for a confirmed signal. Played the other 17% on the expectations.

    I think that is how I'm going to use the Seven Sentinals. Confirmed and I'm all in. Sell and I'll be at least 34% out. Leaning will be half in half out.

    Should be fun.
  5. KennyBoy's Avatar
    Since that high you are looking at in NYMO was more than 28 days ago now, doesn't that make it a buy? I know a couple of the other 7 are now on a slim buy, but I thought NYMO only had to be at a 28 day high, and the high you keep waiting for it to pass was on Jan 3... Can you help me understand? I read your posts everyday, and love your analyses, and have used that and Tom's posts to be up over 36% over the last 12 months! Thanks!
  6. coolhand's Avatar
    It's not 28 calendar days, but 28 "trading" days. And right now I'm within 2 days of exceeding the Jan 3rd high, otherwise the bar gets lowered for NYMO and it flips to a confirmed buy anyway. The way this market is going it's looking like I'm going to get confirmation one way or the other (barring a hard decline out of the blue).

    Quote Originally Posted by KennyBoy
    Since that high you are looking at in NYMO was more than 28 days ago now, doesn't that make it a buy? I know a couple of the other 7 are now on a slim buy, but I thought NYMO only had to be at a 28 day high, and the high you keep waiting for it to pass was on Jan 3... Can you help me understand? I read your posts everyday, and love your analyses, and have used that and Tom's posts to be up over 36% over the last 12 months! Thanks!

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