Thread: MrJohnRoss' Account Talk

The McClellan Oscillator for the S&P 500 has finally produced a buy signal. For some reason, this does not give me a warm and fuzzy feeling. This market advance just feels like it could change at a moments notice.

I should be happy with the nice 54 point weekly gain for the S&P, and 378 point weekly gain for the Dow. All my investments are at record highs, so yes, I am thankful.

I think the big news this week is the dollar bubble bursting, or so it seems. The chart of UUP looked like a ski jump, so we all knew it wasn't sustainable. Sure enough.

Commodities are climbing as a result. Gold, silver, oil... you name it, have all turned the corner and are making a meaningful upswing. How long it lasts is the big question.

Super moon, total lunar eclipse, and spring solstice, all on the same day. Is this an omen?

Let's see what next week brings. Hope everyone has a nice weekend. I'll be moving dirt all weekend.

Originally Posted by MrJohnRoss

I'll be moving dirt all weekend.

Little too early to be digging your own grave, don't you think?

Originally Posted by MrJohnRoss

I'm sure you (and everyone else) noticed this, but I thought it was interesting... the last eight trading days have traded like a staircase: up, down, up, down, up, down...

This, of course, means that since today is an up day, Monday will be a down day. <===

Well, for whatever reason, the pattern has continued. Which of course means tomorrow will be an UP day! Yee!

Originally Posted by MrJohnRoss

Well, for whatever reason, the pattern has continued. Which of course means tomorrow will be an UP day! Yee!

The futures seem to agree with you.

Originally Posted by slayer72

The futures seem to agree with you.

Unfortunately, the market does NOT!

Updated graph of the 60 minute S&P 500:


spx.png

Looks like yesterday was a short term high for the market. Notice the PPO reached the 0.5 level, and the RSI got in the red zone. A cooling off period soon commenced.

Downside momentum looks pretty strong here. Possible support in the 2083 area, but wouldn't be surprised to see it head down for a re-test of the 2040 area.

The stair-stepping up, down pattern is now over. Time for Mr. Market to throw another curve ball for us.

Stocks are Overpriced, Overvalued, and Headed For Trouble, According to This Federal Agency ~ MarketWatch

Originally Posted by MrJohnRoss

Looks like yesterday was a short term high for the market. Notice the PPO reached the 0.5 level, and the RSI got in the red zone. A cooling off period soon commenced.

Downside momentum looks pretty strong here. Possible support in the 2083 area, but wouldn't be surprised to see it head down for a re-test of the 2040 area.

The stair-stepping up, down pattern is now over. Time for Mr. Market to throw another curve ball for us.

Good call...fkin IFT limits

Updated chart of the 60 minute S&P 500:


spx.png

That's a pretty steep and wicked waterfall we're going over right now. I wanted to make an IFT to the G Fund, but had a meeting that lasted just past the deadline. Dang. Well, maybe that's a good thing, because we may be close to a short term bounce here. RSI is in oversold territory, and any further decline will take us further away from the 50 MA. Markets tend to want to snap back if they get stretched too far. As I said previously, the 2040 area is the next logical support. If we break that, then the 200 DMA would be the next support, which is roughly at 2010. Let's hope we don't have to re-test the January lows, which are around 1980.

On a personal note, I work 9 hour days, get home, grab a bite to eat, then head out back with a jack-hammer, shovel, breaker bar and wheelbarrow. I work until it's too dark to see, then come in to shower and get ready to do it all over again the next day. Very little time to do much market research right now, so pardon my short posts. Someday, perhaps in the next month or so, I should have most of the back yard done (even though it's NEVER done).

Originally Posted by MrJohnRoss

On a personal note, I work 9 hour days, get home, grab a bite to eat, then head out back with a jack-hammer, shovel, breaker bar and wheelbarrow. I work until it's too dark to see, then come in to shower and get ready to do it all over again the next day. Very little time to do much market research right now, so pardon my short posts. Someday, perhaps in the next month or so, I should have most of the back yard done (even though it's NEVER done).

That's why I live in a condo! I only have enough energy to tend to my container garden after work. Have fun....I'm sure it will be well worth all the effort when you're done.

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