Mike
03-12-2012, 06:15 PM
We are at exposure count +3 (75% invested) with a distribution count of 3. The Power Trend switch is on.
Today was a quiet day. I was glad that the secondary offering news on KORS was not a reason to sell it off.
I added to postions in LNKD and BWLD this morning. I sat on my double position in KORS.
Looking forward we could see a B7 accumulation day buy signal at any time if we go up 1.25% on higher volume and finish in the top quartile of the range. By Wednesday close we could see a B4 (trending above the 21-day buy signal) as long as the NASDAQ lows remain above the 21-day. We might also see by Wednesday or later a B8, close above a marked high buy signal. The most recent NASDAQ high at 3000.11 will be marked on MarketSmith at tomoprrow's close if we don't make a newer high tomorrow. Any close above that level on Wednesday or later would then see the new buy signal.
On the downside a close below the 21-day by 0.2% porosity threshold would cause a S5 sell signal.
The way the market and leadership is acting I expect more upside action. With the Fed announcement tomorrow it is anyone's guess.
Today was a quiet day. I was glad that the secondary offering news on KORS was not a reason to sell it off.
I added to postions in LNKD and BWLD this morning. I sat on my double position in KORS.
Looking forward we could see a B7 accumulation day buy signal at any time if we go up 1.25% on higher volume and finish in the top quartile of the range. By Wednesday close we could see a B4 (trending above the 21-day buy signal) as long as the NASDAQ lows remain above the 21-day. We might also see by Wednesday or later a B8, close above a marked high buy signal. The most recent NASDAQ high at 3000.11 will be marked on MarketSmith at tomoprrow's close if we don't make a newer high tomorrow. Any close above that level on Wednesday or later would then see the new buy signal.
On the downside a close below the 21-day by 0.2% porosity threshold would cause a S5 sell signal.
The way the market and leadership is acting I expect more upside action. With the Fed announcement tomorrow it is anyone's guess.