XJO - Does anyone trade it?

[DTM]

XJO looks like its building to go up again. At the moment, its starting to move into overbought area and could be a weak movement up.

Next few days will tell whether its a weak movement up but up it is in my opinion.

OK, XJO seems to be in overbought country now and todays signal looks sickly.

Resource stocks looks sickly too. I'm in for BHP to go down short term ie next few days. I've been wrong before.

 

[RichKid]

Hi RichKid, here is an XJO Iress chart with volume, but predicting when a move might end is not one of my strengths so will leave that for more expert technicians!

Thanks sails! I forgot about that platform, will do some work on it soon to compare the two corrections if someone doesn't do it first, not sure if there'll be anything in the comparision but worth it just in case.

 

[RichKid]

Well! Has anyone taken their eye off the chart or is this the previous highs we've stumbled on again? Approaching with full steam too at that angle, to bust straight through or a consolidation or a retracement first? Let's see.

 

[markrmau]

Traders nervously eyeing potential double top..... Todays drop was small (xjo,-.36%) however, almost half of that came from approx 3:55pm-close. Need to wait for confirmation before shorting.

 

[DTM]

I took a quick look at the market today and it just strikes me as an odd day. No strong buying or selling.

 

[Kauri]

I don't understand the mechanics of it but the expiry date for options is due...

Stock option expiry dates to June 2006

24 November 2005
22 December 2005
24 January 2006
23 February 2006
30 March 2006
27 April 2006
25 May 2006
29 June 2006

 

[RichKid]

I'd like to see what it does with that recent, steep trendline. Will it retest it and collapse in a heap or form a consolidation pattern just shy of the highs before going through again? If it doesn't reverse in the next few days then I'm betting it goes up as that's the general direction overall.

 

[RichKid]

That double top is almost exactly at the same figure but it's still holding up just below resistance, not sure if it's accumulation or distribution yet. Overall uptrend still intact. Both charts below are dailies.

Apologies for the messy volume lines (I couldn't get an ema in there for vol) and the blurry candles but you'll get the gist of it. If this breaks topside I'm saying it'll be one powerful trend to be able to get on with it like that.
Also, the lines are just lines (what I imagine in my head, the thicker ones mean I'm more convinced of their significance- "all lines; lines, damn lines")....

 

[RichKid]

That double top is almost exactly at the same figure but it's still holding up just below resistance, not sure if it's accumulation or distribution yet.

Again rejecting higher prices today and again very near the prevous high, looks like distribution now, especially with that lower top (see the SPI thread for comments on the lower swing top) and todays bearish bar. Maybe our markets are following the US, similar bar on the S&P500....

 

[RichKid]

I haven't seen the volume figures for today but I'm guessing it'll be solid. Will post a chart of this recent run up if I get a chance; the moves lower were rejected around the minor support lines in the chart above and then the buyers slowly came through, so we didn't see the downward momentum you would have expected after the weakness in November.

Rembrandt, still with us or on hols?

 

[willow]

XJO and the RSI

Hope this is the right place for this thread. This chart is a weekly of the XJO from 1999 onwards. I was able to establish two trendlines catching the tops of the 39 wk RSI from the beginning of this period, the vertical bars are the points where the RSI and trendlines meet, on the right side of the chart the RSI tops can now be connected with a trendline also and the vertical bars are where the two meet also, as you can see the RSI has bounced off the trendline recently and all prior times before it were a mixture of minor and serious declines not long after. I know the only evidence here is momentum at the moment but my trading has taken a precautionary stance all the same. Daily chart and the RSI coming soon. Cheers.

 

[willow]

Re: XJO and the RSI

Here is the way I'm viewing the daily chart using the 65 day RSI. The last couple of times since mid 2004 the 30 day ema, trendline on price and trendline on the RSI were all breached near enough at the same time and the followed by a decline, now we have a similar scenario shaping up. Notice that prices are stepping up since this period and the RSI is stepping down. No confirmation yet but just something to keep in mind. Cheers

 

[RichKid]

Nothing wrong with this trend if you're long, it'll take a lot of fire power to end the trend. A solid run and doesn't look over-stretched, the odd correction every now and again isn't going to affect long term holders for awhile yet imo. It does look like it'll either break that upper channel boundary or move towards the 200 EMA as it has done before.
Wonder why this thread has died a bit, Rembrandt, where are you?! Have the times been so good that you have retired!??

 

[Boggo]

Certainly do Rich Kid.

Puts on the XJO are my insurance policy. Bought 50000 XJOWMV at 26c today.

Mike

 

[RichKid]

Certainly do Rich Kid.

Puts on the XJO are my insurance policy. Bought 50000 XJOWMV at 26c today.

Mike

Yikes, that's a fair few....this thread used to get more attention, maybe that tells you something, everyones just happy to go along for the ride now, soon as the next correction occurs this thread will get busy.....

 

[Dutchy3]

XJO -

Thought this might be of interest ...

Here's the XJO in a daily, not my preferred time frame, however ...

A break below 4950 or above 5100 will be a pointer for where we will be through to Xmas 2006.

I'll update and follow as time unfolds

 

[Dutchy3]

Re: XJO Analysis

Twice now at 5150.

How does flat returns sound for the ASX for the year ended 06/07?

Our market simply reacting to the beat of its own drum now. Little lead from overseas - not needed. Needs to look very strong at 4950 for me to be swapping super out of Aust property trusts at this point.

 

[GreatPig]

Re: XJO Analysis

Possibly forming a large head and shoulders pattern, with a target downside of around 4200-4300.

I think it would need to push down below 4900 to be seriously looking at that though.

GP

 

[Luke6450]

Re: XJO Analysis

ahhh crap lets hope that doesnt happen aye!

 

[Porper]

Re: All Ords - Do you feel Bullish or Bearish?

Update time: 51% bullish, 15% bearish so things have settled. Please vote if you haven't already, aiming for at least 100 genuine voters.

Looks bearish now.If my charts are correct regarding volume today, then I think we are in trouble, at least short term.

The facts don't lie.The Dow is within a whisker of all time highs, and where is the ASX ? If the Dow corrects I get the feeling we could tank fairly heavily.

The contrary opinion of course is that we are waiting for the Dow to make new highs and the ASX will play catch up.Doesn't seem that way to me.