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The X-Files on BMT


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Updated by Tiberius
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The X-Files on BMT

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  #1 (permalink)
Market Wizard
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This is a journal to follow the Stock Market: SPY. In this journal, I am going to use the theory that the banks and the semiconductors (includes big tech) lead the direction of the market. I am going to chart XLF, the financials ETF and SMH, the semiconductors ETF. I will also include: XLK, big tech. I may look at utilities (income): XLU. Energy: XLE. The main focus is swing trading and trend trading.



This is the chart I will be using (until I improve it) to analyze the market. The daily stochastics is the swing, the weekly stochastics is the trend.

So, if the banks and semiconductors can't hold their recent lows, the SPY can trend down to 125.

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I also maintain a daily spy for market view, more to the down side

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Market Wizard
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XLF is important. JP Morgan's balance sheet is a lie; don't know when the other shoe will drop. But, I look at charts.



XLF needs to hold the 200MA.



Not getting enough data for SMH. But price is far below all 3 MAs.



And the big techs are looking better helped by Apple, trying to get a change of trend.

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Market Wizard
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cory View Post
I also maintain a daily spy for market view, more to the down side

@cory , thanks for the chart. don't be a stranger; your perspective and charts are welcomed HERE.

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Market Wizard
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Always interesting, XLF bounced off the 200MA. Just when you thought it would, it didn't. Break...........

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Market Wizard
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Big Tech fared no better:


The market still in a down trend:


SPY on the 200MA

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Market Wizard
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See if "They" work back above 200 MA to stall the down trend.


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Market Wizard
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"They" engulfed the doji to close above the 200MA. Maybe a small gap on the day chart, let's give them the rest of the day.






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Market Wizard
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The word on the Street is this is a short covering rally. A "V" bottom, need to confirm with a "W" bottom.


Gap open never filled.


The "Banks" jumped back above the 200MA.

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November 14, 2012


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