Thursday, April 27, 2006

Crummy market !

I think this market has been as crummy as i have seen in a while with no conviction to move either way.

Anyway with all the excitement that we saw today, my system never went to a buy. NDX remains on a daily sell. SPX which has been relatively stronger than NDX, which was close to making new highs coudn't generate a buy signal. Worse among the lot, DOW made new highs today and still remains on a daily momentum sell (I think this is as crazy as it gets). NQ might double top around 1752 area. But that's about it for that sucker. I don't think NDX will make new swing highs in this swing. Call me a skeptic. The odds favour some downside fireworks starting anytime here. The bottom pickers got their azz saved today - thanks to Fed obesssed programs !. All the technicals i watch, says down. If the markets trumps all those technicals, i won't fight it, but won't be obsessed with it either.

No comments: