Sensex

Saturday, February 06, 2010

Re: [Technical-Investor] Today's data

 



Prashanth,
 
I agree, but what about some stocks that rose 5-7% today?
 
I accept, 18th May might not be a good comparison, but Diwali day certainly is. That is an even shorter session - every year.
 
AP
 
----- Original Message -----
From: Prashanth
Sent: Saturday, February 06, 2010 9:01 PM
Subject: Re: [Technical-Investor] Today's data

 



AP,
 
I believe there is a wide difference btw that day and today.
 
That day, Buyers outnumbered sellers and hence we closed early. Volumes were low since there was hardly anytime to have any trade. Also since in hindsight we know that the level sustained and did not fall back the very next day when full day was available, this trading session though shortened can be assumed to be valuable in terms of data.
 
Today on the other hand, we were open for trade the whole 1.5 hours and it was only in last few minutes that markets shot up. Last 2 occasions when we had trading on Saturday, nothing happened.
 
The question that hence comes to mind is whether this upside can be held on Monday. Of course, on Monday we shall have other factors which will affect the opening such as US Futures, Hang Seng and any news coming out of the Eurozone today or tomorrow.
 
On the other hand, there is no saying that this is a invalid session since time duration was short since we topped out recently on another shortened session (Muhurat) and if that's important, why cannot this.
 
One of the reasons I believe that markets were positive today was the fact that US markets recovered from the lows of the day with high volumes. If yesterday's low marks a short term bottom for US markets, we too can expect Friday's low having a similar effect in India.
 
On the whole, for me Trend (on Hourly / Daily and Weekly) is still weak. It would be interesting if today's move was indeed a reversal move since that would make Saturdays trading as important as any other regular trading day.
 
Cheers
 
Prashanth
 
 
 
----- Original Message -----
From: Abhijit
Sent: Saturday, February 06, 2010 20:46 PM
Subject: Re: [Technical-Investor] Today's data

 



Chockkalingam,
 
By the same logic, trading lasted only 2 hrs on 18th May last year, the upper circuit day.
 
Should that data be taken?
 
I agree with you that such data will not help as far as volumes is concerned, but the price candles will need to be taken into account.
 
 
AP
 
 
----- Original Message -----
Sent: Saturday, February 06, 2010 8:17 PM
Subject: Re: [Technical-Investor] Today's data

 

Thanks JK and AP

AP, my point is it is a truncated day with even lower than normal half hour volumes.So, whether today's candle has  the same weight as a full day's candle as far as interpretations are concerned was my doubt.

JK  must definitely have some very good reasons to confirm in the affirmative. He has posted a nice chart. Only thing is that I have got a long way to go before I fully understand the kind of charts he posts.

Thanks again to both of you.

--- On Sat, 6/2/10, Jayakrishnan <jayakrish2001@yahoo.com> wrote:

From: Jayakrishnan <jayakrish2001@yahoo.com>
Subject: Re: [Technical-Investor] Today's data
To: Technical-Investor@yahoogroups.com
Date: Saturday, 6 February, 2010, 5:22 PM

 

"Yes" is my answer.

And it assumes an importance, in short term trading point of view, that Fridays close is a place to exit short calls. And today's up confirms that.  I expect the market to go up on Monday also, a small retracement up to a minimum of 4800 levels and from there it might continue its downward journey again.

All said and done, opinions are subject to change, you know -without prior notice :-)))

Jk.

Attached chart is not updated with todays data, but at Fridays close MACD cross over changed the bar into green which was short trade exit point.

--- On Sat, 2/6/10, chockkalingamn <chockkalingamn@ yahoo.co. in> wrote:

From: chockkalingamn <chockkalingamn@ yahoo.co. in>
Subject: [Technical-Investor ] Today's data
To: Technical-Investor@ yahoogroups. com
Date: Saturday, February 6, 2010, 4:47 PM

 

Dear All

Would like to know whether today's data should be considered for various TA calculations

Chockalingam



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