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Old Nov 9th, 2007, 11:15 AM   #23455
StockyIrishman
 
 
Join Date: Nov 2006
Posts: 176
went to answer phone and missed the sell off. what's a good short entry, do we test the mid 60's again?
 
Old Nov 9th, 2007, 11:23 AM   #23456
StockyIrishman
 
 
Join Date: Nov 2006
Posts: 176
Quote:
Quote from StockyIrishman:

went to answer phone and missed the sell off. what's a good short entry, do we test the mid 60's again?
Guess that answers my question. but wonder if 65 is in the cards b4 another leg down.
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Old Nov 9th, 2007, 11:28 AM   #23457
Spectre2007
 
 
Join Date: Dec 2006
Location: NY, USA
Posts: 6,449
even the big money players are getting overextended, thats what the price action is showing, if they blow the support level definitively, attempts to cover underneath the liquidity wont be there, anyone who can be short is short...



lack of consensus zone is 1494.. :O
 
Old Nov 9th, 2007, 11:34 AM   #23458
mbusch
 
 
Join Date: Sep 2006
Location: Central coast of California
Posts: 1,615
Quote:
Quote from Spectre2007:

lack of consensus zone is 1494.. :O
Chris, can you explain what you mean by that comment? I don't understand it, but it sounds important.
 
Old Nov 9th, 2007, 11:37 AM   #23459
Spooz Top
 
 
Join Date: May 2006
Location: Mahwah NJ
Posts: 2,047
PPT hammer prevented that cascade.....also hovering on the dow weekly TL.
 
Old Nov 9th, 2007, 11:38 AM   #23460
Spectre2007
 
 
Join Date: Dec 2006
Location: NY, USA
Posts: 6,449
Quote:
Quote from mbusch:

Chris, can you explain what you mean by that comment? I don't understand it, but it sounds important.
it means the market can spring either way, at the current zone 1455-60 most everyone thinks the market will go down, the previous support is 1494, becomes resistance now.

at 1494 the market can bust through and run some major stops on shorts.

usually markets will touch those levels, since buy stops will be there too.
 
 
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