anyone else looking for big red tommorow?

Discussion in 'Trading' started by empee, Aug 28, 2007.

  1. empee


    I say we get a good rinsing tomorrow -- will support hold? Do we go into freefall? Either way, I think we get a big down move tomorrow, I would think the most bullish scenario is a big gap down and we hold.

    IMHO, I dont think its going to happen. Not sure if we hold tommorow (I think we're in a bear market) but I think we see some monster red, at least intraday.
  2. Hold what levels? 13,000 for the dow?
  3. Brandonf

    Brandonf ET Sponsor

    Nebraska hasnt been a powerhouse in a long time, and college football doesnt start for a few weeks. :)

  4. Why do you think the market will tank? What triggered today's sell off were the minutes from Aug. 7. Everybody knew about the housing and the sub prime debacle before today, so it was not an earth shattering news.
    It seems once the market got the momentum on the short side it free fell. What event is it going to push it down further on WED?
  5. We had an amazing Lunar eclipse last night (A Blood Moon) in Sydeny last night do you think it a sign?
  6. Toro KMA

    Toro KMA

    I wouldn't be surprised if we were down hard tomorrow.

    Instill a bit of panic and give 'em something to think about over the 3 day weekend. lol
  7. Cruzan


    I tend to look at it from the opposite side, i.e. what was so fundamentally good about the news to cause the Dow to pull back up more than 500 points in a week from its Aug 16 close? Beyond the discount rate cut, there was nothing particularly rational about that exuberance. All that has since happened is that well over 300 of those points have now been given back. And that has come with a litany of bad news: mortgage company layoffs, housing prices down, consumer confidence down, and the apparent last straw, no mention in the Fed meeting minutes of talk of another rate cut. I think we're back to facing the clarity of the situation, namely at least a mild recession at some point ahead versus bull talk of an oversold, under valued market, though even on this point there's disagreement:
  8. Milk a little more out to the downside tomorrow morning, cash in new short positions from Monday, buy the dip under 13k. Take the next sucker rally over 13k on Thursday and Friday. Short the boat going into labor day weekend (if a significant rally by weeks end)
  9. Precisely,if so much bad news until now did not really tank the markets, then maybe "cooler" heads will prevail, and push the market up on WED.
  10. College ball starts tomorrow! Lines are open!!!!

    #10     Aug 28, 2007