Option-Ally

Friday, May 9th

2008-05-09T11:12:00.002-04:00

I was asked to put up a post for the sake of having a place to chat today and it seemed like a good idea. It gives everyone the opportunity to express their thoughts about the market action and hopefully keeps winace from having to put together a post when he has other things to do.

In the interests of giving everyone something to chew on, consider these two charts of the Dow; one displaying weekly candlesticks and the other with daily candlesticks.

There appears to be a lot of significance to the 200 and 30 SMAs. The [daily] Dow dared challenge the 200 and got smacked down for its effort. Then it fell back to the 30 and stopped dropping. The 200 is continuing lower, arguably a signal that the market is still in a downtrend while the 30 is angling higher. Keep in mind that if and when the Dow challenges the 200 it won't have to move so high to do it. Instead of 13150 it needs only get up around 13k.

Of course, something of the reverse is true for the weekly sticks. The 200 is supportive while the 30 is offering resistance. Is it noteworthy that the 200 week SMA is continuing higher? You be the judge...

Saturday, April 26; raw daily DIA, IWM, QQQQ and SPY

2008-04-26T13:22:00.005-04:00

Greetings ...

This is a weekend post with some daily charts for everyone to tear apart and talk about. Here are the DIA, IWM, QQQQ and SPY.

I can see a few things of interest but I'll refrain from offering them up right now so that you can can submit some of your own unbiased observations. I will present my own twisted views in the comments section.

Also, after we've had the chance to tear apart the 'raw' charts, we can post some that have a fewlines drawn that might present some clues of what we can all expect next week. For now, I think there's an awful lot to be seen without adding any lines; trend, fibonacci, or otherwise.

Thursday morning

2008-04-17T09:18:00.003-04:00

Winace has put up a blog post this morning; hence Carlton and MichaelD will be blogging over there today [4/17]. See you at http://www.channellines.com

The Blog Is Up And So Are The Markets

2008-04-16T12:42:00.003-04:00

Greetings and welcome. CarltonL and I were spending a lot of time on Winace's Channel Lines blogging site. As you may know Winace has fallen on tough times. In the interests of keeping the conversations going we are posting this blog. Thanks to him for his effort in slapping this together in short order.

My first contribution, lame though it may be, is a chart of the Russell 2000 [$RUT]. This is a 45 day chart displaying 30 minute candlesticks. I don't usually chart the RUT very much; preferring to spend my time on the IWM. Right now my IWM chart looks like a herd of chickens tracked mud all over it so I'll post this one which is slightly less confusing. Some of these lines are more significant than the others. The green ones are where my attention is focused.

Happy Trades

EDIT- added chart of the QQQQ

First Posting

2008-04-16T11:40:00.004-04:00