Friday, October 24, 2008

Clarifications

I thought I'd clarify a couple of things I put up today, number one, when I talked about monday and tuesday being bad, I'm referring to the LAST monday and tuesday in October in a bear market, that's just what I heard, and it came from Art Cashin. Art, by the way, was really cool this morning, he was sooooo pissed the market went straight up out of the open.

And speaking of the open, I put this chart up in the premarket:

Now, I pointed this out before, in another chart, but if you were wondering what helped the open be positive, we had another huge divergence in the money flow vs price, you can see money flow went up all the way into the open during the premarket, that's the gold line above the bottom white arrow.

I also wanted to point out several King and Queen set up's on this one little chart. The red arrow at the far left points to a true King and Queen, IE, you want the "bodies" of the candles to be the same length, this was a red King followed by the green Queen (don't ask me why they were chosen as such, I have no idea). You can see it only worked for one bar, but hey, we are in a stinking bear market.
The blue arrows point to a couple of "marginal" Queen and King candles. The one on the left didn't do to great, positive none the less, the one on the right did real good. These show up quite often, and work fairly well. Once in a while you get some thing like a Queen-King-Queen, not very often, but they work just as well.


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