Friday, February 07, 2014



How Ya do'in, hahahaha, sigh, I haven't posted any thing this week because, well, THERE'S NOTHING TO TALK ABOUT!!! If you don't realize that, well, your trying to push it to hard, just my personal opinion of course. I've been day trading and doing some weekly credit spreads, but only on "stuff" I KNOW, like BAC, AA, POT, etc etc etc, it's just not a conducive environment for "Swing Trading, again, just my personal opinion, that's kind of backed up by people I respect, like Ivica, he's been quiet all week, also "The Chart Swing Trader", I have his post's on the blog list on the right side, he's been in cash all week accept for some day trades, he updates on Twitter a lot so it's better to follow him there.
ANYWAY, talk about "pushing" it, any one who is trying to convince you that the "markets" are OVER SOLD, is full of ABSOLUTE BULL SHIT!!!!! We aren't even CLOSE to over sold on most "metrics", or "breath" indicators, like the A50R's on the indexes or the $NYMO, if they use some of the traditional "indicator's", like STOCH and RSI, well, just remember that they can STAY over sold or over bought for LONG periods of time.
I thought I'd update the $NYSI ahead of the pay roll report this morning, kind of my personal "timing" tool, even with the big bounce the last two days in the indexes the daily at the top has not even HINTED at trying to turn up, although it has started to slow it's decent a little. The one I'm looking at though is the WEEKLY chart at the bottom, using a 5,3 setting on the STOCH has worked decently in the past, as shown on the green vertical lines, and as you can see, NUMBER ONE, not only is it NOT sub 20 on the reading, it's just triggered a SELL signal by coming out of an OVER BOUGHT reading, I mean, we have a MILE to go before it even get's "Over Sold", much less triggering a new buy signal, hell, the MACD is just now threatening to trigger a sell signal as well. As you can see on the chart once the Weekly starts to trend down it tends to trend for weeks at a time, most of the new buy signals happen in the -300 to -400 "areas", so at PLUS 285 I'd say that, aaaaaahhhhhh, we have a ways to go.
This is NOT to say the "markets" won't go up, hell, they can and probably will, you can hardly see the "MASSIVE" drop on the $SPX chart in the top frame of the weekly chart, hahahahahaha, sigh, wad ever, if they do go UP it will probably make things WORSE in my opinion, I'd sure like to see them get decently over sold before they start moving higher.
Good luck to you out there in La La Land.

Brett Steenbarger is going to start blogging again, you can follow him on Twitter at , just a personal note here, I stopped following him LONG before he quit blogging before, because, since most of his posts are about the PSYCHOLOGY of trading, HE MADE ME FELL TO DAMN BAD ABOUT MYSELF, hahahahahahahahahahahahahahahaha.............................

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