Tuesday, June 27, 2006
Market Forecast
Despite the market being up today all my newly developed indicators are pointing the same way - down. Some other indicators and the chart pattern too are ambiguous. The NDX (NASDAQ 100 index) would need to rise around 14 points I think to reverse this. Something unexpected can always happen. I'm thinking now when I do reverse position I will set up main position using stock after all. This is so I can do an after hours trade if neccessary - you can't trade options outside regular market hours. But the position in my Roth IRA will remain in options. Will be interesting to see how the two approaches work out.
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2 comments:
You may be right on going down short term. A lot of reasons, lower trading volumes, less accurate data, too much to drink in the hamptons but beware of September, I feel the sense of stupid frothy upside buying is close to the surface. There is a lot of cash oout there.
Right now we are on an up trend. This model changes direction every week or so. On Friday there is an expected trend change to down. Longer term it is possible to read the charts lots of ways so I am agnostic at this point on whether Friday would be the start of a major downtrend or just a small pullback.
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