Interesting Chart Patterns To Monitor In Coming Days...

[DuaneG]

Thanks very much Marc. It's good to see you back on the forums!

[jims_id]

Hi Marc!

It certainly sounds like you did a fantastic job down south! I can't even begin to imagine the devistation. Hey...could you send me an address where to get tickets for 'Project Kenya"? Should I just call Green HS and ask for info?

Thanks again Marc.

Getting back to Malone, we have several friends who have had kids graduate from there. They loved it. What's amazing is the breadth of the program down there (e.g., you can get a physical therepy degree, nursing degree, etc.)....not like your average small private school.

Best regards,

Jim

[MR]

Hi Jim,

You are right, Malone really is an interesting small college. Even Ben's major, Commercial Music Technology. The closest school offering something like that someone said is in Nashville. They even gave Ben a nice little merit scholarship without him even applying. Karen and I haven't even visited it yet and we are impressed.

They will be selling the tickets at the Green High School auditorium box office starting before the show. Here is the address: 1474 Boettler Rd, Uniontown, OH 44685 (City of Green). We might go earlier and try to get tickets, then go get something to eat and come back before 7.

[jims_id]

Hi Marc

Hi Marc:

I just checked with the cruise director (my wife) and she informed me that we are already scheduled to attend St Patty's day party on the 11th (my former partner does this every year, so we've got to attend).

We'll take a raincheck if that's OK. Have fun at the concert!!

Regards,

Jim

[MR]

Jim,

No problem... hey, I am 1/4 Irish, so totally understand!

Marc

PS- the market could be tough this month... keep an eye on short-term investments.

[MR]

I created a File Share group called New Orleans so others can check out photos
of our recent trip to New Orleans area. Will add more photos as soon as possible.
Here is some background information written about the community we helped:
Six months after Katrina, St Bernard Parish needs volunteers
Louisiana parish still in ruins

[MR]

Jim,

Here is an update, see attached Nasdaq 100 futures daily chart (symbol = ND #F). I tried to make it extremely easy to understand, as i can. I defined a possible trading range to watch for. Any move outside that range shifts momentum that direction is my guess. Hope this helps, will try to get more as soon as possible.

Take care,

[jims_id]

Hi Marc!!

Howdy Marc!

Thanks for the update on the NASI 100. Very timely because that's the index I'm focusing on. I still think I will stay on the sidelines for a while.....but a gap fill on the QQQQs (around 39.50) might pick my interest.

I have to say the last few months have been some of the most difficult trading times for me. Just when I think the bottom is going to fall out, wooosh...buyers appear. Then when I think we're headed higher, same old same old...sellers step in. I guess that's the ying and yang of the market.

All the best.

Jim

[MR]

Hi Jim,

Agree, totally! Tough markets. I am currently trading conservatively, waiting for safer markets myself, being more selective. Will post more charts here soon to see if it can guide us through options and futures expiration this month.

marc

[MR]

Re: Hi Marc!!

Jim,

You know, Jim, it does seem like more yin than yang lately!
Either way, it does seem like somebody out there has been playing
games with us traders, always 'yanking' us around! We'll get'em back!
What goes around, comes around again. Someday!

May the good force be with you!

marc

Originally posted by jims_id
I guess that's the ying and yang of the market.

[MR]

Jim,

Here is your QQQQ daily chart for you to use as a reference. Some might see a head-and-shoulder pattern. That gap is realistic to getting picked off this quarter under head and shoulder pattern break. Also, last two rallies reversed quickly, suggesting a still defensive market.

[jims_id]

Hi Marc

Hi Marc!

Thanks for the QQQQ chart. It sounds like you are skeptical of the possible H&S pattern....as am I. I think so many people see that formation that it often ends up being a bear trap.

I will say this, however. I think we are going to get a resolution of all of this chop next week if I am reading AGET's time clusters correctly. Up or down? I guess you pay your nickel and you take your chances. For what it's worth (and it aint worth much), I think this next move will be a shake-out move - cleaning out the weak longs or the weak shorts depending on the direction. I wish I was more certain of the resolution direction, but there's just too many cross currents out there to make a reliable prediciton (my wild-a** , 50.1% vs. 49.9%, guestimate is a move lower, but I aint a bettin the house on it).

By the way, an interesting development this week has been that the commercials have gotten extremely long the 30 yr bond...maybe their tipping their hat here on the upcoming market direction on a flight to safety bid.

Hopefully by end-of month or so we may get a better trending market.

Best of luck my friend,

Jim

[MR]

Hi Jim,

I hesitated to show that one MOB in the QQQQ chart because I do think it can be broken again and the next MOB higher is really the better test area. I only showed it to explain maybe why the dynamic pivoting action going on the last few months in QQQQ?

Yes, am suspect about this being a true head-and-shoulders pattern, but you have to respect what others might be thinking when things aren't reacting as expected. If we can only get a breakout of this trading range. The S&P (SP #F), for example, just made a newer high today and the $INDU is closing in on its previous high... the Nasdaq (ND #F) has tested three times now its 12/04 and 3/05 last highs and that support area has held, so who knows maybe it will eventually get going again too? Until we breakout of that trading range in it (see my ND recent post where that range is defined.) we will continue to waffle on what direction is best.

What is interesting is how European indecies such as Dax and CAC, others around the world had weekly chart patterns like the Nasdaq did until the last several months, but they they broke out, while our US market continues to hesitate? It is one of the reasons why I am still betting we end up higher more than we will end up lower before the year is up. It is one reason why I keep trying to get long. Just right now you have to be very selective cuz it has been tough trading. It is hard to overcome distrust of a market that keeps nickle diming you with little loses.

Originally posted by jims_id
Hi Marc!

Thanks for the QQQQ chart. It sounds like you are skeptical of the possible H&S pattern....as am I. I think so many people see that formation that it often ends up being a bear trap.

I will say this, however. I think we are going to get a resolution of all of this chop next week if I am reading AGET's time clusters correctly. Up or down? I guess you pay your nickel and you take your chances. For what it's worth (and it aint worth much), I think this next move will be a shake-out move - cleaning out the weak longs or the weak shorts depending on the direction. I wish I was more certain of the resolution direction, but there's just too many cross currents out there to make a reliable prediciton (my wild-a** , 50.1% vs. 49.9%, guestimate is a move lower, but I aint a bettin the house on it).

By the way, an interesting development this week has been that the commercials have gotten extremely long the 30 yr bond...maybe their tipping their hat here on the upcoming market direction on a flight to safety bid.

Hopefully by end-of month or so we may get a better trending market.

Best of luck my friend,

Jim

[jims_id]

Hi Marc

Hi Marc!

Looks like your bullish bias is proving on the money (as usual!). I thought I too would post a chart that perhaps validates or lends credance to a bull perspective (have to keep an open mind). It is an extremely simple chart ( I have an extremely simple mind) that just emphasizes that we are at the bottom end of a bull channel ***B-U-T*** it is still a bull channel. Unless she cracks I'm not going to do any aggressive shorting. Even if she does give way there's usually a retest to go short.

Best regards,

Jim

[MR]

Jim,

Here is something I posted at another site where I get paid to post....

3:20 PM, Wednesday, 15 March 2006-- Last hour of trading... Nasdaq just took out previous immediate high and starting to gain more strength. Dow Industrial and S&P taking out yesterday newer highs. Dow Transportation, NYSE Composite, OEX, $COMPQ, Valueline, Russell 1000 and 3000, $TSX-TC (Toronto exchange), $DAXI, $CAC, making newer highs, closing in on new highs, or about to take out recent new highs again, as well. (Maybe more but this is all I can review right now.) I am encouraged getting back Long the markets last week, and now being fully invested the last few days was a wise decision to make.

I will try to follow-up here more later when I have more time...

marc