tag:blogger.com,1999:blog-6135767210188526078.post6525277692692072232..comments2023-07-28T11:28:55.153-04:00Comments on pebblewriter: Anatomy of a Short - Day Twopebblewriterhttp://www.blogger.com/profile/11324367600914701000noreply@blogger.comBlogger4125tag:blogger.com,1999:blog-6135767210188526078.post-2293890134866981822011-07-24T16:04:07.190-04:002011-07-24T16:04:07.190-04:00Hook: check out today's post -- Tale of Two T...Hook: check out today's post -- Tale of Two Tops.pebblewriterhttps://www.blogger.com/profile/11324367600914701000noreply@blogger.comtag:blogger.com,1999:blog-6135767210188526078.post-5225101603571079052011-07-24T16:03:12.525-04:002011-07-24T16:03:12.525-04:00DM: the latter. It's a suckish stock in a su...DM: the latter. It's a suckish stock in a suckish sector in a suckish market. I don't follow PNPFF, but from looking at the chart, seems like a good candidate for a downside bet. It only managed a 23.6 fib retracement off its 2008 lows and seems to be stuck a rising wedge since then, and in a downward channel since Feb 2011. Looks like those two patterns intersect at the end of August at 2.36 or so. I'm very much expecting the next leg to be down, with this past week representing a lower high. While we could test it again, I think the 1370 high will not be broken.pebblewriterhttps://www.blogger.com/profile/11324367600914701000noreply@blogger.comtag:blogger.com,1999:blog-6135767210188526078.post-90997611770873682072011-07-23T15:44:49.012-04:002011-07-23T15:44:49.012-04:00NDX/Q's did not make a new high on Dec 21, 200...NDX/Q's did not make a new high on Dec 21, 2008 (or early Dec). Also the A/D line was in a downtrend since the summer. These are some differences....maybe need more time to set up the turn?The Hookhttps://www.blogger.com/profile/09663409569521261853noreply@blogger.comtag:blogger.com,1999:blog-6135767210188526078.post-52918990800717617702011-07-22T22:20:03.498-04:002011-07-22T22:20:03.498-04:00So, it seems to me that you are using BAC as a lea...So, it seems to me that you are using BAC as a leading indicator for the S&P, or are have you just identified BAC as a ripe short?<br /><br />I use PNPFF:US (Pinetree Capital) as my leading indicator for legs down. PNPFF looks to be in a solid rising wedge since early June. Certainly it could break the pattern to the upside, but it seems to me that hot money in the juniors space is getting cold feet.<br /><br />I know that John is going long Gold Juniors, and I feel that he and you have been dead on the last two months. Do you have any comments regarding PNPFF, and using it as an indicator? Also, are you still leaning towards your past medium term charts for another leg down around 1340-1350?dmhttps://www.blogger.com/profile/04459498616445220273noreply@blogger.com