Thread: Bquat's Account Talk

I C a Curve forming in the S&P

Have we hit that Glass Ceiling again??

Originally Posted by FAB1

Have we hit that Glass Ceiling again??

More like transparent aluminum, stronger...

Originally Posted by RealMoneyIssues

More like transparent aluminum, stronger...

Some kinda of Trekkie are we? Oops, how did I KNOW that?

OK...Broke that 1323 for a second today before butting that ceiling over and over the rest of the afternoon. Looking at just under 1323 for the close. This afternoon gave us a little head and shoulders so I am looking out for a breakout (direction?) in the morning. I am hopeful that with oil prices calming, Saudis talking pacification, and earnings reports looking good that the breakout will be up.

Originally Posted by Mcqlives

OK...Broke that 1323 for a second today before butting that ceiling over and over the rest of the afternoon. Looking at just under 1323 for the close. This afternoon gave us a little head and shoulders so I am looking out for a breakout (direction?) in the morning. I am hopeful that with oil prices calming, Saudis talking pacification, and earnings reports looking good that the breakout will be up.

If we go down tomorrow and break the neckline at 1309 it would be the completion of the head and shouder.

But we have been getting higher lows lately and about the same highs which is forming a bullish pennant acording to Des.

http://freeonlinetradingeducation.com/

If we can break to a lower low like 1305ish and hold we will break the bullish pennant and complete the head and shoulders and be very bearish.

Even though I'm still bearish, I don't think we'll go that low. We still haven't broken 1330 yet where bulls will win and we couldn't even get up to 1327 resistance to build a high base like it did at 1318 today. Tomorrow maybe 1318 will hold or 1310.

Ok, today the market just finished with a ringing effect looking for direction.

It is now like a small pennant within a pennant. IT is like the coil is sprung and ready to spring out. Oscar is calling it the eleven day pattern which should of restarted up today. Des won't call up or down. Brion says watch levels for direction.

http://www.livewithoscar.com/DailyVideo.aspx

http://freeonlinetradingeducation.com/

http://www.thestockmentor.com/market-videos

But I did like the little spill Brion had on head and shoulders both a head and shoulders in the S&P and an inverted head and shoulders also. I recall once when Oscar said when you get head and shoulders within head and shoulders you're looking at a trend reversal, but I can't remember if they all had to be regular with no inverted ones.

I'm still bearish 60/40. We'll go down slightly again tomorrow and a drift waiting for news on Friday. I think more that the break will be down since we could't break back over 1322, but Oscar is a lot smarter than me.
1307ish maybe back up to 1318.

What you think Mc FAB take a shot at it.

If 1302 holds as resistance and we don't get back above 1307, it will be a bear flag and also break the neckline of the head and shoulders and also set another lower high.

Oil is going down but I wander if it will be enought.

Originally Posted by Bquat

The current consolidation channel for the last couple of weeks is between 1332 and 1302. My resistance and support levels for 2011 are:

1557 October 2007 peak
1425 May 2008 lower high before all hell broke loose.
1385
1343 2011 peak in Feb, strong resistance Extreme chance of double top
1332 Top of channel, (2 week) double top chance strong resistance.
1327 resistance
1322 Current S&P level
1318 support
1309 support
1302 Bottom of Channel, (2 week) double bottom chance strong resistance.
1297 support
1282 strong support
1275 suport
1270 support
1257 last chance support before major correction

Bump keep a eye on it today.

Originally Posted by Mcqlives

And 1312 is getting poked at again with 1/2 hour left. Trend is down but, if the 1312 can hold Monday should be a better day. If it breaks I hope the 1297ish can hold. If it doesn't I am out for a long long time.

For now I'm sticking with this idea (1297ish) and hope we will see a nice climb this afternoon. Also, I doubt that the oil going down will influence the markets much (think portion of GDP). It will take a drop of the price at the pumps for the market to really respond positively (think consumer spending vs. inflation/interest rates).

and...OH WELL! (Followed by a flushing sound)

Looks like a low base was formed at 1295. I'm not calling it a high base forming below 1297 because we settled to 1295 not rose up to below 1297. No bounce back up after hitting 1297 either.Bearish.

POMO and QE2 will both have to jump in and save this market and draw the line at 1280-82ish. Obama may have to say " I am going to open up the oil reserve", or " I going to enforce the no fly zone ( he may be too late to help now) over Libya" even if he doesn't. He has to nip the oil speculation (no real shortage yet) in the bud before this markey goes totally bearish.

Little rant: Watch the news he maybe has to act. Unlike Roosevelt who spoke softly and carried a big stick, Obama speaks loudly and is slow to act. Rant over.

Something will need to be anounced even if its just words.