Wednesday, September 13, 2006

Come On, Toshi!

This market is now pushing the upper boundaries of all the lines. Check out the $OEX and see just how high it is:


If you look close, we are at the resistance level both from the trendline perspective and, though you can't see it, the long-term 50% Fibonacci retracement perspective.


Bold souls might want to short aggressively at these levels. This is bananas!

10 comments:

Anonymous said...

It is bananas, in early May did anyone really think the top of the s&p 100 was in around 604 area?? When is the last bear going to become bullish, because these rallies are just incredible, feels like when we had those continued sell-off days, day after day after day back in June and July. Now the bears know what its like to see a continued up trend.

We may see this upward trend for a little longer, but I do think the markets take a breather. There is no way they make a run into the end of 2006 without any sort of pullback.

Trader 2006.

chart trader said...

'Come on, Toshi!'

Good one, lol.

J said...

Tim:

Didn't you complain about GOOG did not move a few days ago? Check it out now, it gaped up 2 days in a roll on huge volum.....it feels like we are in a big hurry to the promised land.....now it is above all moving averages......marching towards new highs?

stockshaker said...

Trader 2006, I agree with you brother! Am I the only one who sees the divergence between the recent price action and the MACD???

I don't know how far this thing can go, but I would not be getting itno anything long until things start jiving again...

Anonymous said...

stockshaker thanks,

Im not going to lie, im a little worried about Friday, if the number comes in lower than the actual core, these markets may rally another 1-2%. That number if hotter than the core, we could be headed back to 11350 on the dow by friday afternoon.

Trader 2006.

Anonymous said...

Whatever happen to September crash?

Anonymous said...

It's not allowed this year; November elections, you know.

Anonymous said...

THis market is so ridiculous.... that not even the best technicians in the world can predict what is going on...... why is this? Because the US markets contain the greediest of greedy...... and are unable to sustain more then a 7% correction.....

Look at every other market around the world in the spring..... not the US. Its election time, Hedge funds gains suck so far this year, so we must all pretend like the economy isn't slowing at all..... this is a joke.

How can the markets be near the highs. Companies like AMZN, WFMI SBUX are all back to where they started before last earnings which they BLOTCHED. So let me guess things are hunky right now...no problems what soever....

PATHETIC.

Speaking of which take a look at SNDK today...down...it is going to hit the 55 strike for Friday I think...it failed to break its uptrend line today. Which was nice.....

Of course stupidheads are thinking that low oil means good things.....A HIGHSCHOOL STUDENT COULD TELL YOU THATS CAUSE BUSINESSES CAN'T AFFORD IT ANYMORE.

There is a reason why cycles exist.... they trim liquidity, allow for That is Pathetic.

Everyone vote for the Democrats please and end this corruption.... from a happy investor from Canada.

stockshaker said...

personally, I am a technical trader to the core. and for some reason, I think everything gets reflected in price. I guess if it goes up friday, i doubt things will sustain at that level, because we are still in overbought territory. resistances are getting hit.

If things break thru resistances and volume supports the move, then yes, I will be worried for friday.

I guess you guys must be daytraders then?

Anonymous said...

2:44pm

great post. Agree.

Its all greed. Many of these traders and others need their "7 FIGURE" BONUSES by the end of 2006. ha 7 figures, makes me sick.

The drop will come soon. People are waiting for september and october for the drop, guess if doesnt come then will get a santa clause selloff rather than rally going into 2007. Im expecting another pullback that may look like the selloff we had in June and July look like nothing didnt even happen.

Trader 2006.