And one day we'll be hearing/reading that "the sub-prime scare was way overblown..but this new ______ crisis is the worst thing we've ever seen!"
Very true. The SPX charts don't follow any textbook chart pattern - maybe it can best be called a deformed triple top but the key thing is that the retracement lows were taken out which indicates significantly lower prices to come.
Sounds like Jesse Livermore... "Wall Street never changes, the pockets change, the suckers change, the stocks change, but Wall Street never changes, because human nature never changes."
Nice post Wags. I don't know shit about finance. An S&P chart to me is no different than Bonds or Soybeans. My shorts off the highs were PURELY technical. BTW: I sold ZN today before GDP and their reluctance to catch a bid off the weakness in stocks tells me the "flight to quality" trade isn't going to take yields much lower.
Shortly after the China sell off in Feb Gartman declared "A global bear market," so this wouldn't be the first time he is premature... but who knows...
You use conjecture (the market is trading technically, according to the rules of technical analysis, whatever they may be) to refute conjecture (fitting a fundamental backdrop to a couple of days price action). I would suggest that neither you or the newsreaders are correct. However, i would be very gratefully if you could tell us what the rules of tchical analysis are. Your posts seems to imply that they exist, can be quantified and can be followed. Many think differently and act accordingly.
Don't lose your a** for the "technical"s. Commodities aint always what they seem, technically speaking.
In regards to a "bear market" I was wondering what everyone's thoughts were about the removal of the uptick. Doesn't this contribute to the market going down since anyone can just short? Will/should the uptick rule be put back into place? Thanks guys
I'll follow-up on my remark. Commodities should not be traded without an awareness of their fundamentals. With commodities, the technicals always, in the end, reflect what is happening fundamentally. Again: Don't lose your a**.
Why don't you start a thread and post your thoughts on what you like to study, If I'm not mistaken you like Elliott Wave theory. I am guilty of alot of silly chatter here on this forum, I have made a decision to stop. I have noticed over the last 6 months a flood of new ET members, along with that a lot of meaning less chatter.