All this debate and the sheer quantity of people on ET calling it a contrarian indicator makes me think.. A number of people for a while have considered ET as a contrarian indicator, most kept their mouth shut for a while, then someone speaks about it and eventually a majority here start believing it. Kind of reminds me like an Uncle of mine, my personal contrarian indicator.. He's never believes in an uptrend but decides to get in when people have made their money and then refuses to believe in a downturn and finally gets drained out and decides to get out at the bottom, being the 3rd generation of traders in my family I can confidently say we have enjoyed his sorrow for years, its a good thing he never gives up, but imagine if we had to tell him that he is a contrarian indicator, he would definitely loose his gift. That gets me back to the thought: Is the fact the a lot of people (The mobs and trolls too) here on ET believing that it is a contrarian indicator has itself a contrarian indicator. Did we kill the golden goose?
tel aviv delays open and descends 7 plus % http://www.reuters.com/article/rbssFinancialServicesAndRealEstateNews/idUSLC67458020081012
TA-25 now down about 3.8% almost came back all the way. Don't know if it is still trading. http://www.tase.co.il/TASEEng/Marke.../IndexMainDataMarket.htm?Action=1&IndexID=142
Well, so far, NQs stopped cold at Fridays high and ES not strong enough to make it to Friday's high - - the night is young tho. Steve
Suspect they won't sell. The authorities basically committed to "throw everthing they have" at the problem. If sellers were to dump after this, there wouldn't be much else the authorities could do. If necessary, the PPT would be buying ES to prevent the appearance of rejection.