The Dow Jones is down 6.4% from its 52-week high and on a historical basis ( from 1900-2004 ), corrections after big upmoves have lasted 46 days with the median down-move being 8.6% Currently, we are 28 TD days from the closing Dow high of 10,737.70 and the closing SPX high of 1157.76 both made on Feb. 11th, 2004. Next major fibonacci support: 1087 SPX.
So what is your point? Or do u just like to report the news? Are you saying to buy this dip? wait? short? or just bored and have no life? --MIKE
Trend Fader, in contrast to your ridiculous "gloom and doom" news reports about unsecured consumer debt ( which is a totally meaningless and lagging indicator I might add ) that you posted today, as if none of us actually have internet access and can obtain the report from Yahoo Finance ourselves, I actually post specific statistics about where we are in this Bull Market Correction . . . statistics that I might add don't come from the absurd news reports that you enjoy posting from Yahoo. That's right. I said Bull Market Correction. Since you are such a perma-Bear, I dout that you can figure out what it means when we get to the 46th day from the Dow peak.
from a day trading perspective it was much easier to make money selling OB levels for the last 5 days and I will continue to do so but I still think we will test new highs this year - if msft and csco sell off further tomorrow I would start buying these 2 names .
Waggie thinks that his factoids have some kind of use in trading. He looks at average corrections and rallies and thinks that u can actually make money off of junk like that. The truth is that in reality evey rally and decline is unique and u cant use averages or such things and linear oversold and overbought... doesnt work and will never work. Look at the Nasdaq rally and decline .. u cant use averages to measure fear and greed. --MIKE
Trend Fader, are you always so adept at showing how much of a total moron you are on ET? Let us know when you actually post some specific numbers as to what we can expect of the market, rather than your absurd talent at "cut and pasting" news reports from Yahoo Finance. You talk about rising oil prices, terrorism, and consumer credit card debt, and all sorts of "gloom and doom" . . . yet you have never once cited a specific support/resistance level or market indicator that might actually add some value to members of ET. You really are a piece of work, aren't you?
Are u long or short right now? Ever since about a month ago I came here yelling that the market was gonna get hit.. some people listened when I was yelling fire and thanked me for it. Every time I started threads claiming how the market was gona drop u blasted me and continue blasting me.... performance speaks for itself.. nasdaq and S&p got whacked.. u slice and dice any way u want.. but the bottom line is that i have been making money and so have most of the bears.
i dont have any specific numbers or some magical fibo support resistance bullshit like your SMH predictions and nadaq factiods. I trade what I think and what I see. Right now we will be going down and the smart money will be fading the pops. How low we go who knows. There is no measure that can forecast it. Not your fibo projections nor your support lines.. and not your avg correction studies.
Sure you can. Fear and greed are the same as they were 100 years ago, no? Compare a chart of the '29 crash, '87 crash, 2000 crash and the aftermath, even throw in NIKKEI crash, notice the similarities? That's because fear and greed repeat in predictable patterns