Discussion in 'Trading' started by stock_trad3r, Jul 26, 2007.
(market down 120 points at the time of this quote)
Whew...at least the hurting stopped the last hour of trading. I lost a spleen or something - just about maxed lev with ER2. When is that turd gonna turn around? Maybe I'll make it back tomorrow and them some. Looking for a bounce!
17 point SP rally from the low to the close, over 1% was impressive. In the last few years rallies like that from the low have indicated a bottom.
There is actually a technician here. 1480 is very critical. Doesn't really matter if SPX fluctuates below on a 5 min chart. Looking for confirmation of a break down through that support. It will likely take a couple days for that to happen, but a selloff into the close tomorrow would be a pretty good indication.
I don't like to make calls, but if RUT doesn't hold 780, since it blew past 800, this is more than just a correction to around 760. 700 is highly possible if 780 fails. Free fall every 20 points. Happening since 840.
Even with the 06 correction, RUT hasn't moved this hard since down since 9/11 days.
Stock, sorry it took me a while to respond to you're asinine comment about a rate cut, but here goes. There are 3 guarantees in life: 1) death, 2) taxes and 3) there will be no rate cut for the foreseeable future. When equities tank there is a little thing called "flight to quality". Not that treasuries have all that much quality anymore, with the dollar getting crushed day after day, but that is what happened. The fed cannot cut rates, if they do, you can kiss our dollar goodbye, which in turn will bring on MUCH HIGHER rates. Sorry to burst you're bubble, but eventually you may understand how the markets work.
Its time to get back into the traditional safehaven stocks like CROX, AMZN, F, AAPL, BRLC, CFC and BIDU. These seem like the only stocks that will weather out this market correction.
Time to dump the super speculative stocks like Goldman Sucks, Caterpillar and Exxon.
Separate names with a comma.