Everyone starts these threads after 1 or 2 big down days, so why not start one when it's more likely to happen? I"m bullish long-term, but it looks like we're hitting short-term resistance around 1450 S&P which is just under the 200-day MA. Looks like we're ripe for another run down, though we could consolidate here a while longer. Another drop or two that tags the 1370-1400 area may clear out the shorts. A drop beneath the March low (1360ish) may be bad news, but we'll address that if/when it ever happens. So let's have it for a black (actually just a big red) Wednesday...
I think the market is headed lower for one reason. The big boys want a bailout rate cut and the only way to get one is to bring this market down.
You know, this is an interesting place. First big downturn where I've been hanging around here. Very good place to fade on a downer; I've never hung out at a place where being a bear was so utterly fashionable. Y'all keep wearing them bearskins. Just as long as you do me the courtesy of letting me know when you get bullish. Which is the problem. Seems you can't be a BSD around these parts without thinking the world's going to hell, rates should always go higher, and, I don't know. What else? Oh, forgot: the Fed's an EEEVIL private corporation, but it's also bad because it's public and interferes with the market, but it's also bad because... Oh, whatever. It's too tough to keep up with. Do any of you guys actually make anything this way?
With Monday and Tuesdays price action, thrid down day may be a charm and may also be forever known as: Black Wednesday.
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