Thread: MrJohnRoss' Account Talk

Originally Posted by MrJohnRoss

Call it: Is this a fakeout, or a breakout?


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Well, we had a breakout... or should I say breakDOWN. But what I find interesting is that the Stoch STILL hasn't breached the 20 level, so we're still not oversold on a daily basis. RSI is only at 38, which is a long way from being oversold. Short term oversold, yes, daily, no.

What we need is a good washout day, to flush all the bulls down the drain, then we can plant some footing and begin anew.

Originally Posted by MrJohnRoss

Well, we had a breakout... or should I say breakDOWN. But what I find interesting is that the Stoch STILL hasn't breached the 20 level, so we're still not oversold on a daily basis. RSI is only at 38, which is a long way from being oversold. Short term oversold, yes, daily, no.

What we need is a good washout day, to flush all the bulls down the drain, then we can plant some footing and begin anew.

Yeppers, that 2 days up really jacked the indicators, I reckon we need to shave another 1-3% to get those oversold reading we are all looking for

Since I just put skin in the game on Friday close prices, I would prefer some sideways consolidation. Unless I am off, Monday should be fairly stable (we all know Citigroup) and earnings should move markets on Tuesday. JTH - Isn't that why you picked Monday entry? I picked Friday because of a possible DCB in advance of earnings on Tuesday. I also had one IFT that you lack.

Maybe I am getting old, but these market moves at these levels don't seem the same as I remember as a younger lad. Less than 1% on the S&P on Friday and people are singing the blues?

Originally Posted by JTH

Yeppers, that 2 days up really jacked the indicators, I reckon we need to shave another 1-3% to get those oversold reading we are all looking for

Originally Posted by OBXTrader

Since I just put skin in the game on Friday close prices, I would prefer some sideways consolidation. Unless I am off, Monday should be fairly stable (we all know Citigroup) and earnings should move markets on Tuesday. JTH - Isn't that why you picked Monday entry? I picked Friday because of a possible DCB in advance of earnings on Tuesday. I also had one IFT that you lack.

Maybe I am getting old, but these market moves at these levels don't seem the same as I remember as a younger lad. Less than 1% on the S&P on Friday and people are singing the blues?

Honestly, I'm not watching earnings, there are just too many variables I can't correlate to Index price action. The Monday IFT projection is based off of seasonal data and the charts in relations to this data. I'm also looking for specific oversold conditions, don't ask me what that looks like but I'll know it when I see it (or I'll be wrong).

Originally Posted by JTH

Honestly, I'm not watching earnings, there are just too many variables I can't correlate to Index price action. The Monday IFT projection is based off of seasonal data and the charts in relations to this data. I'm also looking for specific oversold conditions, don't ask me what that looks like but I'll know it when I see it (or I'll be wrong).

I agree. A good hard down day to shake the bulls would do the trick. Then build a base and start back up. Unless, of course, it's the beginning of a major down move.

As a side note, there's a lot of talk of the four upcoming blood moons being an omen of a "world shaking event". There is also the alignment of the Sun, Earth and Mars, which only happens once every 778 days. Some people are calling for "the end of days", as called for in the bible, because of the "tetrad" of the four blood moons and the planetary alignment. See this New York Post article for more info. (Yeah, yeah, I know... it's the NY Post).

Heh.

Originally Posted by MrJohnRoss

I agree. A good hard down day to shake the bulls would do the trick. Then build a base and start back up. Unless, of course, it's the beginning of a major down move.

As a side note, there's a lot of talk of the four upcoming blood moons being an omen of a "world shaking event". There is also the alignment of the Sun, Earth and Mars, which only happens once every 778 days. Some people are calling for "the end of days", as called for in the bible, because of the "tetrad" of the four blood moons and the planetary alignment. See this New York Post article for more info. (Yeah, yeah, I know... it's the NY Post).

Heh.

Where is TSPIntel when you need him? He's the authority on celestial alignments and market performance! :toung:

Been working 11 and 12 hour days, including weekends, so my time here is very limited. Anyone think the bottom is in? I don't. At least not yet.

Originally Posted by MrJohnRoss

Been working 11 and 12 hour days, including weekends, so my time here is very limited. Anyone think the bottom is in? I don't. At least not yet.

Perhaps a short-term bottom but from my perspective this market will go down further this year.

Just getting a chance to post a quick look at the S&P. Looks like we're back inside the box again. Anyone want to guess which way it breaks out? My guess is up.


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"Thanks to a longer market contraction, about a dozen IBD 50 stocks are forming bases, making those stocks worth a closer look."

Read More At Investor's Business Daily: IBD 50: Auto, Other IBD 50 Stocks Forming Bases - Investors.com

Originally Posted by MrJohnRoss

Just getting a chance to post a quick look at the S&P. Looks like we're back inside the box again. Anyone want to guess which way it breaks out? My guess is up.


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If we keep going with the recent pattern, we'll get a small pullback on Monday followed by a decent or strong Turnaround Tuesday