Thread: MrJohnRoss' Account Talk

Failed breakout from the bullish rising wedge:


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Gap down at the open, and rally attempts throughout the day failed. Prices have now broken the uptrend line from Aug 2. We also closed at the LOD, which is very bearish.

You would think that with oil trading higher today, stocks would follow suit. WTIC was up 1.84% to $46.58/barrel. Another bad sign for stocks.

All of this may mean nothing if the CB continues to pump the markets higher.

Utilities look like they are sliding down a slippery slope, even though interest rates aren't going drastically higher. What's up with that? Not a good sign.


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Composite system now stands at -3, a strong sell signal.

Daily view of the S&P. It just looks like the market can't get any traction here, and looks to be stalling. A little higher, a little lower, but basically going nowhere.


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The PPO had a bearish crossover at the end of July, and it's looking like it's accelerating downward lately. Only 58% of S&P stocks are above their 20 DMA, and 68% above their 50 DMA. Those numbers look to be falling each day. To me, it sure appears like momentum is waning a bit.

WTIC notched another 21 cents higher, so the climb continues. That has helped prop up the market.


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WTIC is now hitting the upper BB, so we may see a pullback or consolidation soon.

Composite system remains at -3, a strong sell signal.

MJR how you feeling ol man? I often get up from sitting and find myself saying ol man, why I don't really know. Anyway hope your progressing forward. I mean ol man in the fondest way, after all ol is earned thru time. I'm in the same boat so keep on keep n on. Heehee

Daily view showing the 2% range we've been in for over a month.


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Mr Market seems to be biding his time, waiting for the catalyst to make him move one way or the other. Momentum continues to peter out.

The falling dollar is helping oil head higher, which has been about the only fuel for the market lately. WTIC up another 2.88% today.

VIX fell hard today, all the way down to 11.43, which caused my VIX system to switch to bullish. Also noted that the Utilities have put in a couple of up days, which is bullish. The Trannies are also moving a little higher, also bullish.

Composite system now at -1, a sell/hold position.

Good luck!

Originally Posted by GUCHI

MJR how you feeling ol man? I often get up from sitting and find myself saying ol man, why I don't really know. Anyway hope your progressing forward. I mean ol man in the fondest way, after all ol is earned thru time. I'm in the same boat so keep on keep n on. Heehee

Almost good as new. Thanks for the good words. AAPL is making a nice run.

Originally Posted by MrJohnRoss

AAPL is making a nice run.

Yes, it is ! I bought at $92 and I'm at a gain of 18% since April. I've read that some analysts think it will go up to $120 per share. I'm keeping a watchful eye on the price; don't want to get greedy. I think after Apple releases the new iPhone this fall it may be a good time to sell. Yay! More travel money!

Glad you're on the mend. Back injuries and knee problems suck. It's an awful feeling when you're immobile.

Originally Posted by MrJohnRoss

Almost good as new. Thanks for the good words. AAPL is making a nice run.

About time as far as I'm concerned it has some ground to make up this year.

Two year chart of AAPL. Looks like a bearish descending wedge.


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For those looking to sell, the current rally might provide a good opportunity. The big test will be if 111 can be taken out in a convincing manner. If it can, the bearish wedge would be considered toast, and a new long term uptrend could be in the works. If it fails, look for a re-test of the 90 area.

Very little time to post tonight, so I'll be brief. WTIC plunged today 3.46%, which may have caught the market by surprise. Mr VIX rose in response, and the market was somewhat mixed to negative.

Composite system now reads -3, a solid sell signal.

Good luck!

Today was a "pop and drop" day for the markets. Popped higher at the open, luring in the suckers, then spent the rest of the day slowly grinding lower.


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Seems a bit strange, because oil did just the opposite - dropped lower at the open, then spent the rest of the day moving higher, closing up 1.46%. Go figure.

In any event, the S&P was up 20 ticks, but still within the 2% range it's been in since mid July.

PM's and miners are looking weak. My guess is they're resting up for the next leg up.

Everyone's waiting to see what Yellen and Co have to say at Jackson Hole, so anything can happen with the markets. Say just the right thing, and boom, there it goes higher. Say something wrong, and you'll scare everyone away.

Composite system remains at -3. I may make an IFT to F Fund tomorrow, as AGG is looking like it's turning up.

Good luck!

IFT COB today 8/24/16: 100% F Fund.