Live Blog Chat-room 2

Thursday, January 7, 2010

Donato Loscalzo, Here is that Russell chart in the 30 minute format you asked for. It has the same count on it as I have on the longer time chart for the last week or so. You can find it in the second page of my public charts now. Thank-you for prompting me about this, it was one the many things on my need-to-do list, LOL.

Just how much further do you think the BKX can go in a parabolic move like this, LOL.

Here is a very telling chart, NYSE New Highs-New Lows, after a high reading of 417 issues yesterday, today there were only 304 although there were new highs on the indexes. Also look at how it peaks in concert with the indicators.

After the close, Very interesting day today, we might have a completed"C" wave, and if not, it is only a couple squiggles away. Sporting a nice looking bearish wedge with divergence across the board and weak market internals. The trend is still up, as we made a higher high today but I believe that is close enough to topping that the bear in me is happy again. Whatever upside might be left is no longer worth the risk to me to want to be short-term bullish now. Breaking 1138.73 should get the ball rolling, with 1131.52 followed by 1130.13 will be signs that the trend has reversed to the downside.
Breadth for the day ended at a high of 1.58:1 advancers. Really weak. I can not wait to see what the charts look like after they are updated later this afternoon, and I am planning on posting some of the important ones then.
FWIW, I went from 50% to 100% short in WSS this afternoon after the SPX hit 1142.43.

7:50, Updated Russell chart, and I am still seeing the need for one more quick rally up to complete the whole "C" wave. The vertical dashed red line is where the MACD and RSI both peaked, normally that marks the iii of 3 wave, then diverging afterwards. The Russell has now joined the other indexes sporting a rising bearish wedge.

Click here to view an updated chart!!!
7:24, The SPX started the morning off with a 6 point drop, but so far has stayed with-in the same sets of Fib fans. 1130.13 and 1130.55 are the first two levels of minor support from previous lows, numbers that need to get broke before even considering that the up-trend may be in jeopardy.


  1. Dear Michael, thanks as always for the great, great charts. Believe me I vote for them!!!!!
    I agree with you as well on the overall count........I took out the long hedges too.......ready to roll.......let's hope that the guiding lights may be with us!!

  2. Michael, sorry for adding a request. I love your RUT charts. Would it be too much of a problem for you to show them also on a 30minute ? Computerized trading programs are now benchmarked on the 30minute time frame. Thanks a lot, really!!

  3. Donato, I will work on putting together a 30 minute chart of the Russell!!!

  4. The Hook, the WSS is, My WallStreet Survivor Account I started this so you can track my trades and the link is
    It is something that a few of us started together so people can track our trades. Sort of like putting our money were our mouths are. It is the best thing we have found so far that is user friendly and is as close to the real thing as possible.

  5. The Hook, PS, you can find the link in the right hand column for WSS :)

  6. nice update col

    maybe finally actually getting close to a top

    and more dollar charts please! ;-)

    thanks col

  7. Michael, you are a true trooper, as my midwestern wife loves to say!!

  8. so is this the start of the correction, seems employment dissapointed which coincides with charts at the end of therope