Thread: Bquat's Account Talk

Mommy time. Got to go.

Well kind of thought we had it. I'm a little bearish since we didn't get back into the little channel but nothing's broken yet. I have to watch the post market videos to see what happened.

$106 oil happened - but energy stocks are participating.

Mentioning that I'm a little bearish for tomorrow, I drew some support lines. There is a lot of support below us. The 5, 13 and 20 day moving averages, Two support lines, the bottom of the channel and the first Fib retracement under the 20. We can even go up from here. A retest of the 13 day and bottom of the channel could still be a positive thing for this market. I don't see any evidence of a mass exit. Remember the channel is less than 2% wide. 1341 is about a 2% correction. So I'm still holding on and looking for a lower high and lower low. I only have the G option left and don't want to exit because we only have one week until a new month. I would like to have more options next month if I can stay in.

Originally Posted by Bquat

Remember the channel is less than 2% wide. 1341 is about a 2% correction...

Yes, but we're holding S, and that has proven in the last couple days to be unfortunate. We might have to take a 4 or 5% haircut.

Originally Posted by Sensei

Yes, but we're holding S, and that has proven in the last couple days to be unfortunate. We might have to take a 4 or 5% haircut.

I don't see a 4 to 5% drop. I see 2.33% at the most.

I see that we need to break 1364 or see a Head and shoulder. Many say a short term H&S is a continuation pattern. I'm still not getting any Spidey sense here and remain bullish midterm and only slightly bearish short term. I have an appointment prior to the deadline and may have to make a preguess and if I can get back in time maybe a late guess. So I will try to make a good preguess. Hummm??? Ok I got about 40 minutes here.

This and all my charts brought to you by the QB freedom of information policy.

Ok this is my honest opinion. Some are taking this as a topping pattern. I think not. We are still in the high base area and consolidating while waiting for the 5 day to catch up. Even if we do dip, that's what people were complaining about. No correction to buy in at. Big money may be waiting for this kind of dip. A retest of the 5 day is always a good thing.

Am I too bullish? Make contrary posts here: For the worried. You have 15 min. to convince me.

My preguess is that I'm staying in. If this H&S causes a down move it will test the 13 day and if that holds we bounce back up and more enter the market. Even Oscar says buy the dips. So good luck guys. I have to go.. Here's your chart with worst case.

So no contrary post about being too bullish. Ok here's a redraw of the small channel showing 5 day acting as support. Trying to stay a little bullish here. Still have the 13 day as support also.

Originally Posted by Bquat

So no contrary post about being too bullish. Ok here's a redraw of the small channel showing 5 day acting as support. Trying to stay a little bullish here. Still have the 13 day as support also.

Well I've been bearish for all of 2012 so far, and you see where that has gotten me. My little bear is saying we will bounce off of the May 2011 high here and go back down. How's that for doom N gloom? I'm staying out.