Wednesday, August 24, 2011

Facebook request

There are several hundred visitors to this blog each day yet only 179 "likes" on the Facebook page. Why not navigate over there to see what sort of conversations are happening. Oh, and hit the "like" button while you are there.

click: Quick Takes Pro on Facebook


Amalan said...

Michael, it's hardly a conversation on Facebook. Mostly quotes and one liners and hardly a counter point.

Anyway, now that the dreaded death cross has happened on the EMA of SP500, the question is how low will the index go? If it breaks 1120, I suppose the drop would exceed the distance between the head and the neckline?

So far, 1120 seems to hold, and I used to think Bernanke might disappoint coming Friday, but it seems I wasn't the only bright chap out there! heh heh.. so many have commented on not expecting much, so I wonder if the market plunge would even happen.

Quick Takes Pro said...

Its not a conversation if you don't post something :-)

1120 is but the current support level.

Tier 1 said...

Hi Mike,

Can't remember what TA book I read this in (maybe yours?), I was wondering your opinion on the RSI. During a strong trend the overbought or oversold levels tend to shift. For example, since the March '09 lows, the +70 level on a daily chart was breached routinely, and on the other hand the 30 handle was respected, even during the flash crash.

With this most recent correction there is a very clear breach of the 30 handle on daily RSI. Obviously the market has the potential to bounce here, but I was wondering your thoughts; is this is a signal the market has changed it's character?

-Will L.

Quick Takes Pro said...

Tier - answered in next post (not comments)