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Investing/Strategies / Short Term Trading
|Subject: My market view FWIW||Date: 2/16/2002 12:39 PM|
|Author: amilian||Number: 20157 of 36700|
Haven't posted much lately, with the bub being such an excellent distraction :-)) But I've been lurking when I can and but thought that I would go out on a limb and add my 2c worth today about what we could/might/maybe see as far as market direction in the short term.
Personally after witnessing market forces over the last few days, I can't help but have a bearish tendancy right now - for the short term anyway. That's after having considered both compx and Nqs using those whacky Bollinger Bands I use (oversolds being ignored), plus considering excellent reviews of Nqs support/resistence (many thanks Janny and Stevie - who by the way do not get praised enough for their hard work, generous spirit, and willingness to go out on a limb to be shot down by those very few snipers who don't share the rare vision and TA expertise that they both have developed). Both would probably modestly and politely disagree with what I say, but I know that many here - and on other boards - would not. Assets to this community - and great people to boot!
Seemed to have strayed from my original intent in this post - sorry, couldn't help it. Back to the subject:
IMO it's a significant technical occurrence that VXN/VIX has turned up from a test of the historically significant 22.00 region at the same time that NQs/Compx support levels start failing whilst oversold conditions for both are being ignored (as I see them using BB's of 100/2 with RSI of 10 on 15 min chart). Also of significance is that on an hourly chart, COMPX and NQS failed at BB midline (otherwise known as 100d sma) The lower BBand on hourly for NQs currently at 1382 and for COMPX 1743. I think both lower levels will be reached early next week. And if that happens, that means support recent support for compx of 1772 and NQs of 1406 will have failed and here we come September lows - all IMHO :-)
Sorry I can't post a chart for interval charts I've mentioned - stockcharts only allow free dailies now :-(( but if you are able, use the settings I've suggested and check it out.
As for the daily perspective: Lower BBand