INDEX:NASX   Nasdaq Composite
236 13 2
Notes on chart
claydoctor
2 years ago
Spoke to a friend today about this, manages several hedge funds... Turning point for the market, bounced off ceiling a few times, next few days will tell, if it breaks up lookout, if it breaks down 7.8% or more is realistic. Previous pull back should have been a correction, maybe this time it will be.
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KLang PRO claydoctor
2 years ago
It hasn't actually bounced off a ceiling - it's making higher highs, that's why the broadening pattern. It's not unusual, tho for price to hit the top of the trendline and pull back - faking everyone out into thinking we're going for the bottom trendline and reversing mid-way. As you know, these patterns can break up or down. I'll try to keep an open mind. And by the way, another sector could take the lead...
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claydoctor
2 years ago
I agree. His sidebars were interesting... individual investor finally getting back in, margin accounts at record levels, his favorite sectors loosing momentum, he is a bull, but he is taking out insurance now. Also the chart on TZA is interesting channel trending up from an all time low. Wondering your chartology thoughts on IWM.
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KLang PRO claydoctor
2 years ago
I posted IWM a few days ago. It has an IHS on the daily - so there's some room up on that one.
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claydoctor
2 years ago
Yes, but I agree with your most recent qqq chart. See, I think the pattern of higher highs has been breached. And if you overlay QQQ with XLF I think the Bull in XLF is exhausted, it cannot sustain the taper, no matter how euphoric investors feel. I shorted OCN before it started down, and did well. The banks have sold their mortgage servicing, and a friend who is a banker told me banks are done lending real estate money, and servicing it. OCN's sins of the past have not been reckoned with yet, and Wells Fargo just dumped a huge vault of their mortgages to service, and they can't handle it. XLF may be that leader down, and if financials go down, the rest will follow, even IWM.
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KLang PRO claydoctor
2 years ago
My theory is different. We've rallied before (early 2011) for a good while without banks and we can do it again. Other sectors will take the slack - perhaps ags (weather related) and OIH (climbing oil prices). Let's not forget the insane biotechs and the XLU. None of these bode well for the economy. But they can lift the market.
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KLang PRO claydoctor
2 years ago
What most recent QQQ - the only one I see is from late January.
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claydoctor
2 years ago
QQQ

agree, so many changing parts right now, literally anything could happen. i.e as soon as the olympics are over tomorrow night, the Ukrane could fall apart and tanks roll in.
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KLang PRO claydoctor
2 years ago
oh that chart is totally invalid
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claydoctor KLang
2 years ago
Oh, OK.
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claydoctor
2 years ago
and at some point fundamentals will rule the day. If oil does spike, tax on economy, and bothered by earnings , some big guns missing a but many had forward guidance down, and if the market bakes in 6 months ahead, that can't be good for bulls. And then there is the WFM chart. It bounced, but if it goes south of 50, there's no floor beneath that. Now that is an interesting chart for sure. I always have WFM on my radar, not to play, but what it says.
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claydoctor claydoctor
2 years ago
all that and I'll say even more the need to focus on individual stocks and their charts. Just can't read this market as a whole, and I am not alone, thanks for all the charting, really appreciate it.
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newsdesk PRO
2 years ago
you better extrand your suppout
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