It might just be my imagination, but it appears we have somewhat
of a pattern in the NYSE. The price data
(I only charted Jan-07 to the present) seems to kiss the blue downtrend line
just after the “apex” of a parallelogram – then drops to the red support line
below. After that is anyone’s guess;
there are examples of both breaks to new lower parallelograms as well as
rebounds to new highs.
Should this pattern hold true, it would appear we are headed
to the 6600 range by about mid September.
Ichimoku Cloud Update:
Recent price action has put us back in the cloud (see
and that’s where we’re sitting:
Given these two charts together, I had entered some intermediate-term
short positions Thursday and Friday with relatively-tight stops above the upper
cloud. Although I have individual cloud charts for every position, the following is the NYSE stop data for the next few weeks (as of today):
Although my full-time occupation is hedge fund management, I also direct the feature set of my first-born child, ProphetCharts.
We've got some pretty cool features coming out soon, including the ability to place different sections of time on top of one another (like, oh, say, 1937-1942 to the present), perform really good watch list filtering (example: show me all the Chart Toppers, but exclude anything already in my watch lists), as well as some other goodies.
There were some things I was going to add – – like the Carolan spiral calendar – – but I've become so disenchanted with the efficacy of such things that I've simply dismissed them (2009 broke my heart in many ways, and many magic techniques were shown to be a big ol' stinking pile of crap). I therefore am eager to hear what you would like to see in ProphetCharts. Just tell me in the brand-spanking-new comments section, and I'll cull through those.
Speaking of ProphetCharts, some of you may be wondering what's new about the Second Edition of my book. Is it just a nice new cover and an updated copyright date? Nope. It's about 25% larger, three years more up-to-date with respect to features, and it has a lot more with respect to my own trading philosophy.
As I've mentioned, I'm happy to send you a signed copy of the book at a 20% discount. Just sent a $60 check made out to Tim Knight to the address 555 Bryant Street #711 Palo Alto CA 94301. If you'd prefer to use PayPal (which is much better for overseas folks), my account there is email@example.com