As I had mentioned in my earlier post this market is trying to break-out to the upside. There was a decent selling yesterday but the buyers came in again. We saw the same thing today. ES made an intraday low during the regular hours but closed near the high. My other indicator has already broke-out to the upside, so I'd expect this move to continue higher.
December, so far has been the best month for me this year.
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5 comments:
Nepali trader, can u tell some more about that indicator. I, too,believe that market is going up from here. Hope to see some santa's rally this time.
Dipesh,
I basically created the indicator. If you get the book called Computerized Trading Systems edited by Jurik, you'll find one chapter about Inter-market analysis....that's where I got the basic idea. I just changed the variables for the current time.
Thank u nepali trader for yr reply.
I will definitely look into that book.
I have been looking for a nice book to learn some more inter-market analysis. None really impressed me so far. If u know something, please let me know. I will really appreciate that.
Have u noticed natural gas breaking out on friday. Watch CHK, DVN and other nat. gas plays. I think they r ready to shoot up.
Thank u and have a great holiday.
Dipesh,
I haven't looked at the NG stocks. As you can probably tell that my macro-trend analysis is much better than individual stock picking, so I concentrate on that only. We are in an uptrend so the best bet is to go long here. I'd suggest buying QQQQ, OIH and SPY for long-term.
Nepali Trader,
I am already long on couple of nat. gas stocks. I have been buying the break-outs as suggested by u long long time before.
Thank u for yr advice.
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