Downtrend line should hold

Discussion in 'Trading' started by athlonmank8, Dec 7, 2007.

  1. Based on what I'm looking at here, this was the last leg.

    Tweaked the system a bit. Just a test to see if I get a confirm on the trade.
  2. hu?
  3. rcj


    Heh Heh .... wunder whatz he doin ??:)
  4. S2007S


    many looking for a breakout to 14k+ again, I highly doubt it, especially between now and end of December, I think the market is getting ready for a pullback of at least 2%. Would not be surprised to see a 200+ point drop in a single day on the dow over the next week. To many people are hoping for the 50bp cut, if that doesnt happen say hello to dow 13250.
  5. ammo


    that upper 1510 downtrend line also has a 1480 uptrend line,30 point range,triangle is getting to narrow,has to break out soon,30 points is the spu daily range now
  6. Agree that a bottom needs to be retested and consolidated, but I also know that fighting the Fed is hazardous to your health.

    I'm not counting a .50bps cut out regardless of the latest jobs numbers. This Fed is totally inconsistent and anything should be expected especially since yesterday's Paulson speech had a Fed on the stage with him and Bernanke released agreement with the plan.

    There is clear organization between the Fed and Paulson which means they're probably going to overshoot rather than undershoot. It's all about saving consumer confidence right now.

    If we rally much higher, say above 13800 on Dow and can hold the 1490 - 1500 level on the SP, who knows how high this unconsolidated turd can float, only mean extreme pain in the late Spring, but I guess who cares, I'm just playing the moves right now.

    Bad news is no longer bad anymore, the last time that happened we set up for a nice 10% correction. There are still many gaps higher at much lower levels that remain a concern of mine, but hey, let's just eat cake until we have to throw up....... I guess. Reluctantly bullish until further notice, today might be the day though.

    Good Luck!
  7. Thanks. Appreciate it. I agree. I think we could go either way. Any fade of the trend here should be done at a reduced size (forgot to mention that). Still a lot of potential for upside, esp if the FED does in fact cut 50.

    SPY did pull back today however, so Im looking for a follow-thru monday. If we break previous highs, I'll be stopped out and probably reverse the position for a retest of 14,200.
  8. Yup, similar expectations here at the moment.
  9. Thanks Bernanke. You saved the day on this one.

    Weekly Trendline held.

    Solid day today. -300.

    Congrats anyone who traded short today. Obviously was a rally blinded by pumps.
  10. I was a little surprised of the magnitude of the sell off. I was expecting a 25 basis points cut just like everyone else, so I thought. No big deal, acclimated and kept trading.
    #10     Dec 11, 2007