You scalp anyway so it doesn't really matter anyway, right? But since I am not a troll( a troll is trying to get a response) I believe the market will rally and will fade.
So what if I scalp and the direction of the market does not matter to my trading. The topic still interests me, and it does not give you the right to disparage me. Now get lost troll!
OK, what is it with you guys with this "we are so superior to you" attitude?!? You guys pop into threads to belittle people and have a laugh, and for what reason exactly? Please take my advise to the other trolls and get lost!
Whoa. I was seriously defending your post from the moderator who grouped it with the doomsday and 100% up day threads. Yours has a chart with a specific pattern. A legit post.
Sorry, I thought you were being sarcastic. The other disparaging posts have given me a negative bias I guess - my bad.
I think there is merit to a rally here. About this level is a 3X% retracment if you look at the last big wave ('03 - '07). The January low on a closing basis is what, 1310 on the S&P, we traded down to 1320 intra-day today then rallied on volume to close flat. Closing flat adds a high volume doji to the mix, and this could be a level to trade up from. Pop culture contrarian points out that "recession" is everywhere - when pop culture is on board, time to switch sides.
With regards to the "big up day 3/4/08" I agree there's technical logic to support that. And there's logic to support doomsday. Here's my observation of how it's working of late since all this volatility began. The strong armed criminals in the futures market who create false price all day and night every day and night just want to steal your money; they don't care how they get it. If there's heavy selling, they run it up (yesterday afternoon is a great example). They want you to believe the market will sustain the bad news to get you to go long. Once everyone reverses their shorts and goes long, or at least takes the shorts off, they'll take it down a leg. Was there really logical and believable reason for the rally that took us to 1390? Absolutely not. But did you hear the "experts" on tv day and night saying buy this and buy that? Gee, then it went down...I wonder why... When we have big selling like we did yesterday afternoon, the futures markets only defer the spike down so they can take your money. They have their trades on the table all the time but if you trade with them and you're right and they're wrong, they'll create false price and steal your money to knock you out of the market and take your money. Yes it's criminal behavior and yes they're conspiring with each other (and that brings RICO into it) but CFTC allows it to go on for whatever reason. Nobody has been charged and it appears nobody will. So with with regard to the "big up day 3/4/08" be very careful. It very well could just be a deferral of yesterday's selling to get you on the wrong side of the trade. There could in fact be a very big spike down today. I agree 1320 is support in many regards, but that's where they can get you on the wrong side of the trade. There's even logic to take it to 1352 but I don't see that happening. My opinion? The SNP shouuld be at 800. Will it go there? No. The futures will keep it up. In the early 1970's very good companies traded at 3x and 4x earnings during the worst of times. Let's see where this financial catastrophe takes us this time around.