Are we at a short term bottom?

Many of my signals are telling me we just hit a bottom on IWM? Covered my shorts, and I am not starting to go on the long side. Bought at 64.70 area for IWM.

What do you think?

 

excellent time to go long

 

Says the dip buyer extraordinaire. Good luck.

 

Still can't think of any good reasons to go short. I'll let you guys know if I find any.

 

Absolutely NO signal or analysis can predict an EXACT bottom, have it for sure.

But, IMO my big picture/fundamental analysis indicates that even if we aren't at the exact short term bottom, we are very close to it.

I went long friday at the close, altough this time with modest leverage, and willing to wait for some days or a couple weeks.

 

http://www.elitetrader.com/vb/showthread.php?s=&threadid=120458

*****POSTED BY MR DODGE LAST NIGHT, THIS IS HIS POST NOT MINE*****:


- I-banks announce we are in a recession
- TMA goes bankrupt (should happen this week)
- ABK & MBI lose their AAA ratings worsening the credit crisis
- CFC investigation causes BAC deal to not go through
- Inflation comes in high and the Fed shouldn't cut but does for fear the credit problem will worsen
- Unemployment for March goes up to 5.2% - 5.4%
- Major funds implode as investors run scared
- Dollar keeps falling while commodities run higher ($1.75 EUR/USD is not out of the question)
- Gasoline hits $4/gal by June
- Food prices increase
- Major companies announce massive job cuts
- Banks afraid to lend to people with good credit standing
- Fed Funds rate cut to a low of 1.50%
.

 

if you went long Friday and are waiting 2-3 weeks I think you will see some buying back up to the 12k range.

 

Bottom is still holding. I took $0.48 on half the position. Placed stop at 64.30 on remaining half. If IWM pull back, I may rebuy the half I sold, and move up my stop. So, no risk on this trade.

The truck is backing up right now. I am watching it. wait for confirmation of the bottom, and then load some if you want.

 

You? Go short? HAHAHAHAHAHA!!!!!!

You couldn't even take profit on your longs a couple of thousand points ago.

 

I trade UWM instead of IWM and looking to add a position around 40-42 area, I think in the short term it is oversold, however I see it reaching new 52 week lows soon and will buy then for a short term bounce back to 44-46 area.