Thread: MrJohnRoss' Account Talk

=:-O

Originally Posted by Whipsaw

=:-O

Whip it... whip it good.

Here's an interesting perspective on the market - the NYSE Composite Index, which is all NYSE listed stocks. Some possibly troubling signs here:

1) The Index is having difficulties retaking the uptrend line that goes back to June of 2012;
2) The Index has not broken above the downward sloping triple top line, and failed at it's latest attempt;
3) Possible head and shoulders formation taking shape;
4) Death cross of the 50 and 200 SMA

Other than that, things are looking nice and rosy here. Heh.


NYA.png

Originally Posted by MrJohnRoss

Here's an interesting perspective on the market - the NYSE Composite Index, which is all NYSE listed stocks. Some possibly troubling signs here:

1) The Index is having difficulties retaking the uptrend line that goes back to June of 2012;
2) The Index has not broken above the downward sloping triple top line, and failed at it's latest attempt;
3) Possible head and shoulders formation taking shape;
4) Death cross of the 50 and 200 SMA

Other than that, things are looking nice and rosy here. Heh.


NYA.png

Perhaps a potential setup for an inverted head & shoulders, but that would mean we need a 50% retrace of the previous up-wave, roughly an additional -4% drop from current price. From that perspective, I'd like to see the neckline get tested again (for symmetry) before the next drop.

Originally Posted by JTH

Perhaps a potential setup for an inverted head & shoulders, but that would mean we need a 50% retrace of the previous up-wave, roughly an additional -4% drop from current price. From that perspective, I'd like to see the neckline get tested again (for symmetry) before the next drop.

Yes, I don't see any bears coming out of hibernation (yet). The bull market continues, although it is an aging bull. A -4% correction sounds reasonable at this juncture. Apparently Mr Market still wants to stomp around some more before he goes down.

Been quietly trimming some of my stock positions. Taking some money off the table, a little at a time.

Of the 10 most active stocks on the NYSE, Nasdaq, and AMEX, nine of them are down today. NYAD and NAAD are both lower as well.

I have one position with a very big gain; ARDX. I'm up 57% since my purchase on 10/3, and it's now my largest stock holding. Keeping a close eye on this one, as it's very overbought.

Originally Posted by MrJohnRoss

I have one position with a very big gain; ARDX. I'm up 57% since my purchase on 10/3, and it's now my largest stock holding. Keeping a close eye on this one, as it's very overbought.

Wow, that happened really fast. Sold ARDX at 33.60 for a nice +52% gain. Looks like it's gonna print a shooting star today.

Let's play that game again sometime, shall we?

The MOSI for most of the indicies were down again today. The exceptions:

XLY - Consumer Discretionary
XLF - Financial
XLV - Health Care
XLB - Materials
XLK - Technology
XLU - Utilities
S&P 100
S&P 500

Some of the above are "just barely" above a sell signal. So yes, there are some select pockets of strength. This market is not going down easily.

Originally Posted by MrJohnRoss

Wow, that happened really fast. Sold ARDX at 33.60 for a nice +52% gain. Looks like it's gonna print a shooting star today.

Let's play that game again sometime, shall we?

Just an FYI, not all of my trades were this successful. Got rid of a few stinkers in the portfolio as well. Doh!

The "good" news on the job report was a little bit of a market mover. Dollar much stronger today, causing metals and miners to go down. Interest rates up, which means bonds are down. Stocks up slightly - not much of a poop, I mean pop...