Monday, August 23, 2010

Market wandering aimlessly..

Just sold my short positions. I took a very tiny loss maybe 50 bucks...Until the market shows some conviction either way, I'm out...


Anonymous said...

hey Mark,

Disagree on aimless wandering. This is just the reverse of the "marvelous monday's" we watched on the way up. Who in the &*ll are the daboyz selling to throughout the day? How do they so closely match their sell volume to these few brave people / sheeple doing the buying through the midday hours? It's like watching them peg a stock for options expiration.

We've all got charts with indicators we eye for timing. We get used to using them. I can say my shorter term 1 minute and 10 minute charts are clearly confused. Or, maybe I'm confused!!!

My hourly, daily and higher order charts, on the other hand, still suggest (and are getting close to screaming) the market is PRIMED for a big drop.


mlytle said...

Hi Anonymous,

It's not that I don't expect a drop, September is not far away, and October behind that so we're in the season. The problem from my standpoint is I have the three charts I've been looking at (I'll update and display tomorrow er.. later today), we've been bouncing in between them for a few days now, edging lower but without much oomph. It's almost as though all we have left out there are bots playing each other, and they're in no hurry to do anything..

I can see the hint of the drop you're speaking of on monthly charts of the Russell 2000, but on weekly I think I can almost see positive divergence on some indicators. This is what's making me say 'lack of conviction', I see different divergences on different time frames and indicators, though longer term it does looks more Bearish to me then anything else....

Truthfully I did pull out too soon earlier, my small loss could have been a small gain, but I didn't like the intraday charts..