17 replies to this topic

[U.F.O.]

Stocks from the 4 corners of the earth. Truly global in nature. Not a lot of history to work off of, as it's a relatively new index, but it does demonstrate a collective not readily available when staring for hours at the Shanghai or DAX etc. Two immediate things are apparent. 1st, we're currently just above a 38% Fibonnaci retracement of the 2002-2007 rally range, well within expected correction criteria after a 5yr bull run. 2nd, we are trading below the 200 week sma for the second week in a row. Bears keeping an eye on, pun intended. (1 chart)

U.F.O.

Edited by U.F.O., 24 August 2008 - 12:20 PM.

[K Wave]

So the Naz Comp would be a screaming buy here around the 2500 level then, eh?

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[K Wave]

55% haircut in 20 months...ouch.... You have to be careful at big pivot zones, eh? And yes...yet another example of the crash window working it's voodoo....

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Edited by K Wave, 24 August 2008 - 12:35 PM.

[U.F.O.]

Is that supposed to be some form of mensa juxtaposition K? U.F.O.

[K Wave]

Here's the current Naz Comp weekly... Solidly inside the jaws of the alligator, after an inverse H&S bottom off the 200 week MA. This has the potential to be an important longer term bottom, if we push out the top. I have seen more than one chart with a weekly formation like this that has led to a sustained advance. On the other hand...a violation of that right shoulder would most likely be a major sell signal, and there is nuthin' but air on the weekly chart until 1750 area.

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[K Wave]

The Naz Comp is also making the inverse H&S at the 500 MA at the same time at the 200, so it it doubly important. Here is an example of this formation off the 500....The Dow in 2003

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[K Wave]

The one in '62 came just above the 500....

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[K Wave]

Here is a daily look at that bottom in '62, compared with the Naz today. Once the 200 was cleared, it was off to da races.... Methinks a potentially BIG decision about to be made real soon.

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[U.F.O.]

K, back up a second. How did we get from me posting a world index chart with no "buy" rec anywhere on the post to the assumption that I think the NAZ is now a "screaming buy" and then a series of machinegun like charts demonstrating that we're in an alligator jaws crash alert? Did some of your connecting posts not show up on my computer? U.F.O.

[K Wave]

K, back up a second. How did we get from me posting a world index chart with no "buy" rec anywhere on the post to the assumption that I think the NAZ is now a "screaming buy" and then a series of machinegun like charts demonstrating that we're in an alligator jaws crash alert? Did some of your connecting posts not show up on my computer?

U.F.O.

I think if you look at the sum of the posts, a case could be made for either direction, and that decision will most likely be made soon.....

Right now, I do not know the answer to that question. I quit trying to tell the market what to do a long time ago. She will let me know what she decides soon enough...

I am just focusing on the Naz, because the parameters look pretty clear there.

Edited by K Wave, 24 August 2008 - 01:11 PM.