Thursday, 9 October 2014
Wrong buy signals
I was surprised since yesterday seeing a lot of big names calling for strong buy signals and new all time highs. The entire rally was caused by a FED meeting which said nothing new but telling the same "keeping the interest rate low for a considerable time" over and over. So I don't know why all these people took it so seriously. RUT, FTSE and DAX were already breaking their very long term supports before this meaningless rally. Today the decline resumed and the rally is faded entirely.
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Good job Bourag. Like your charts, keep it up. I was one of those bears who had to bail yesterday but this triple bottom on SnP you mentioned is what makes me salivate :) I should also add that on top of yr trendlines, DAX is breaking from a pretty good looking daily H&S formation
ReplyDeleteRegards,
Abror
Hey again Bouraq. I have to say that since I have been reading/following your blog my trading/investing is starting to improve. I hardly read any other blogs now because you seem to have the whole world mapped out perfectly. You add a sense of security when I open a position. thanks for all of your hard work, I shall try and re-direct as much traffic as I can to your blog.
ReplyDeleteThanks Abror. I don't think a new all time high is probable anymore. They all look oversold but oversold may get more oversold as the tide is turning.
ReplyDeleteHi David. Your comments are very flattering. In fact, this is the best compliment I had for my blog. I don't know about the mapping the whole world but I get things right more often than not. And when not, I have my stops and I tell everyone that I was wrong. Not very common among bloggers/advisers. All new traffic to my site is welcome. Thanks.
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