did those headlines say the market would tank or were they bearish on the credit situation?i've honestly seen no stock bearish headlines from cnn to cbsmarketwatch, watching cnbc or fox news and seeing 100's of guests on
Los Angeles Times: "Wall St. humbled by hedge funds" Chicago Tribune: "Jittery Markets Look To Fed" New York Times: "Central Banks Intervene To Calm Volatile Markets" and "Mortgage Losses Echo in Europe and On Wall St" Barrons: "Markets In Turmoil"
Overnight short hit trailing stop for a profit. Now short from 1561.00 with 3-tick stop. PT1 1452, then we shall see if the market reverses in the 48-51 area or if it keeps going lower. I'm not making any predictions, just trading what I see. EDIT: Attempted to add to short at 1460.00 on 9:43 ET re-test of highs but didn't get filled... EDIT: Looking for some support here at 1454 (yesterday's RTH LOD).
dmartin all those headlines say basically is the market is nervous. none say we're going to tank get out of the way. thats my pt. just like this board almost all expect a nice run back to 1500-1510. thats how all have been conditioned for so long. JUST AS ONE CAN MAKE A CASE WHY HAVEN'T WE TANKED ONE CAN MAKE A CASE THAT WITH THE FED THROWING SO MUCH MONEY AT THIS WHY HAVEN'T WE SKIED HUGE?its a coin toss were we go in the short run. huge tug of war at that 200dam on the spoos near 1450
Getting concerned here so lowered buy stop to 1458.25 (+2.75). PT is still 1452, but RSI and MACD histogram convergence suggest upmove ahead. EDIT: Just stopped out at 1458.25 for +2.75. Will consider re-entering short if resistance holds at 1460 (descending upper trendline on 240-tick chart). EDIT: Rookie mistake: faked out by a bear flag. Re-entered short from 1556.25, PT still 1552. B/E stop. EDIT: Took profit at 1452.25 for another +4. (Total +6.75 on shortus interruptus.) Now flat, watching price action as we enter the support zone at 51-48. That will tell the tale for today. EDIT: Interesting: Yesterday's RTH LOD at 1454 was support, is now resistance. If it holds here, we're going down...
It's all right here on the chart, as volent-00 noted, 50% retracement of recent rise is 1452, overnight low 1451.50, 8/10 (Last Friday) sideways congestion 1455-1444. If the market is going to head higher, this is the place it should attract buyers, have to wait to see. mbusch, what length bar are you looking at (that showed the divergences you became concerned about?