tag:blogger.com,1999:blog-11789233.post114808240326709020..comments2023-11-02T03:53:15.874-07:00Comments on The Slope of Hope.....with Tim Knight: Next Week's Golden OpportunityTim Knighthttp://www.blogger.com/profile/02142044637710306701noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-11789233.post-1148148878799630692006-05-20T11:14:00.000-07:002006-05-20T11:14:00.000-07:00Anyone who wants a solid lock will wait until ebay...Anyone who wants a solid lock will wait until ebay prints a white candle above its 10 SMA on the weekly charts. It has a bit of a ways to go.<BR/><BR/>Short term if it prints a white candle above the 10 SMA on the daily charts. Still a ways to go. Before that happens I don't think I'd touch it. Goog is in pretty much the same condition but it probably will go over its 10 SMA on both charts before ebay does.<BR/><BR/>I hate Islands In The Sky which is what Bidu is printing right now. It has more potential to implode back to 50 before it goes to the heavens. Keep in mind that Baidu is Goog's competition in China. It isn't much use here in the U.S.<BR/><BR/>NTRI is another Island In The Sky (oriental reference for "mirage"). They always bother me because "all gaps will be filled."<BR/><BR/>Anyway, 'Cane, I like your attitude. I'm still buying at 3:45 and selling at 9:45 and scratching out a living. As long as it keeps working I'll keep doing it.John Wheatcrofthttps://www.blogger.com/profile/07035854131151519369noreply@blogger.comtag:blogger.com,1999:blog-11789233.post-1148126278969358022006-05-20T04:57:00.000-07:002006-05-20T04:57:00.000-07:00Tim - don't you think that if there is any appreci...Tim - don't you think that if there is any appreciable movement to the upside (and Friday wasn't it) that there will be a super short squeeze? What Friday showed was an insane market with high volatility throwing itself this way and that overreacting to every rumor and half baked idea out there. (E.G. a .5 basis point raise in June). I was able to make my daily bread but it meant being very nimble.<BR/><BR/>What I see on the weekly SPX is simply more pain to come for the bull case. Although the stochrsi suggests an oversold condition it can stay oversold for weeks at a time, the MACD is only just turning down and the RSI is just crossing 50 from above. I think we're going to have to pierce the 50 day in a significant manner before an upturn is possible. That might take another 2 weeks to achieve (unless something bad happens this weekend). <BR/><BR/>Remember rule 1 is always - Preserve Capital.John Wheatcrofthttps://www.blogger.com/profile/07035854131151519369noreply@blogger.com