Posted by 8 January 2006

Waiting for a Better Entry

I just finished going through my scans and while I (obviously) saw a lot of strength there was nothing that I’d buy right now. I think the easy money was made buy getting long on Tuesday. After a 4.55% move in the Nasdaq over 4 days I think it’s wise to wait for some weakness before I put new money to work. (I’m not talking about day trades.) How much weakness before I become a buyer? Ideally, on the Nasdaq, a pullback to the old resistance/new support around 2,275. But a few days of sideways action may do the trick as well. I’ll just have to be patient and see what develops.

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Comments

  1. Posted by downtowntrader on January 8, 2006 at 10:23 pm

    I think you’re right for the most part on initiating new longs, however, Oil services and silver/copper may be exceptions. I posted some charts on my blog tonight that show some possible plays.

    DT

    http://downtowntrader.blogspot.com

  2. Posted by Karin on January 9, 2006 at 9:14 am

    How can I make the charts readable?

  3. Posted by Michael on January 9, 2006 at 9:21 am

    KArin,

    What are (aren’t) you seeing? The charts look fine to me

  4. Posted by Karin on January 9, 2006 at 1:55 pm

    I was refering to downtowntrader.blog (any help?)

  5. Posted by jeff on January 10, 2006 at 9:14 am

    I agree- I can’t read them either…when you click them to make them larger they are not readable…and if you don’t click them they are too small to read

  6. Posted by Michael on January 10, 2006 at 9:20 am

    I’ll leave a comment on his blog to let him know.

  7. Posted by downtowntrader on January 10, 2006 at 11:23 am

    I can see them OK on my browser, so not sure what the issue is. When I click to enlarge I see it fine. What browser are you using? Thanks,

    DT

  8. Posted by downtowntrader on January 10, 2006 at 11:29 am

    I tested with IE and It worked, but you have to move your mouse over the lower right hand side and wait for the maximize button to appear.. I will post an example on my blog.
    Thanks again,

    DT