L like watching the line at Starbucks, long line this Sunday I'm a buyer, short line, look out below. ...Rennick out
imo Black Monday is more likely to be next week than this coming one... There has to be a belief that the panic is over before the real panic can begin. The News is just beginning to report that "the correction" is over... so we'll see.... btw, love how the media is proclaiming it was a "correction"... this before any retest of highs. http://observer.guardian.co.uk/business/story/0,,1691880,00.html
i just dont see a catalyst for a 'black monday'. dollar hasn't collapsed. oil hasn't spiked. housing and consumer confidence hasn't blown up. earnings have been weaker but earnings growth last year didn't reflect in the market so there's some slack there. a recession is on the horizen, but its too early for a market drop based on that. it was good to see the pullback, especially on big names like google. if i turn out to be wrong, i'll enjoy select stocks at bargain basement prices.
The market might trade around 1500s-1600s for next week, Technically speaking, it has a lot room to go down trend wise. The big drop was not unexpected by many. Compare these two charts, there are some striking similiarities. TA wise, the last drop several weeks ago was a pullback, notice CCI didn't drop below 0 and bounced back. Now CCI is dropping below 0, this is no longer a pullback, this is a serious tank, the trend is about to turn, short into any rally. The bottom chart offers a clue about where the market goes for the next month or two. http://charts.dacharts.com/2006-01-21/Z_52.png http://charts.dacharts.com/2006-01-21/Z_54.png
Are we still bearish? Trading 4 Living, 1500s-1600s ? what market were you referring to ? NDX? and how are things looking now after mid-week? Russell 2K putting in a new high (even today??) seems at odds with the bearish scenario. or is it the last index to peak? Like to hear what your view is now.
$RUT's longer term trend seems to be slightly up, but in short term (1-5 days) a pullback is likely (channels, divergences). And the squeeze seems to announce a sharp one.
yes I have been watching the SP500 vs $RUT and agree that $RUT is getting squeezed big while SP500 is trying to not breakdown...
I have posted it several times already! GOLD will be the catalyst!! PS: Don't just look to the Dow Jones/$ chart. Study the history of the Dow Jones/Gold chart and it's evident what will be the outcome!
i know about the dj/gold chart. but i just don't see a blowup just yet in the stock market. risk is up there right now but i don't see a dip until later. it's not gonna happen in the immediate future