the natural thinking is that G7 will save the market at least temporarily. However, market will never care about what you think or wish, it will again just drop like a stone on Monday despite all the hope for a short term releif. I am out of the market now and happy to be so. black monday coming, dow will drop 500-1000 again!
you know what, i think there are plenty guys out there thinking exactly that way... i will try to pick up some stuff of them at early trading after the open tomorrow.... when they are just happy not to have sold on the bottom (as well as the long guys who added all the way down, and may bank a small profit or break even),... this will probably keep the market too low in early trading hours or lead to a short sell off after open... and this time i buy into it, and not short it lower... i will also have a look at european equities and try to buy dips there as well... or pick up some cheap stuff in first hour(s) of trading
Black Monday or not, go with whatever the day, or your time frame brings..........or simply stay out. The way this market is swinging intraday and the fact that there is every fundamental reason to head lower and not higher, use Friday's intraday chart to get your S/R levels and trade accordingly. If you were to use a 5 minute chart of the DOW and treat it as tho it were actually a weekly chart, you'd probably want to short the shit out of any rally........jmho Steve
I know its early.....but according to Bloomberg....Dow Futures are up: http://www.bloomberg.com/markets/stocks/futures.html
yup, that's right... i mean i trade only based on momentum anyway, but i usually am biased a bit, and today i prefer on missing out short moves and looking for long opportunities, when market seems just right... (eg. "low" open and strength... or "high" open, fall back to fridays trading range and bottoming and fast moving back up... then jump on the train...)... we will see...