China down 6.5%. If Gann were alive today, he would say that today is a turning point for the S&P (and ES). Next Support - 975. Bounce up to about 1015. And all hell breaks loose. Just MO, of course.
This morning is a buying opportunitiy, buy the early morning dip and sell mid day when they push the markets green, no need to worry about china being down 5%+, arent they in a bear market now, I thought China was going to pull the global economy out of a recession.....just keep buying stocks, buy anything you can, buy every pullback especially in the emerging markets.
Looks like I was correct. Maybe not. This week will tell, but I'm buying Nov 95 Spy puts anyways tomorrow.
I think we should be topping out in this quarter. Economic problems should come home to roast by quarter three. If earnings season isn't the catalyst, swine flu, high crude oil prices, a weak dollar, or massive prime mortgage and deft defaults could send us back down until sometime in 2010. It is interesting to see what everyone is thinking here. On another site that I use more often, I started forming my personal views, only most of the commenters on the other site were looking at the market technically speaking Here is the thread link for that one: http://www.freetradingvideos.com/forum/forum_posts.asp?TID=2607
The futures are attempting to take out the days' lows anytime now. Should be a good gap fill in the morning and the start of the next short term leg down.
But the key is, is that short term leg down going to get bought. This is the most sketch market ever.