If we close here, we'll be making a helluva lot of new lows in the days to come. I'll be cheering for ya bears!
So the ugly duckling is finally coming home to seek revenge. Some heads are gonna roll to your delight I hope.
whoever listened to me made bank...i had a order end but it ran from me i wasn't finna chase. oh well 4 more days
I think 780 is 50% from the all time high and 760 is 160 pts from the dragon failure, so a target between 760-780 for the low of the year and bounce sounds good....
I've been saying that for months. I am concerned that 7000 is no longer the floor, due to news events coming in early 2009. But for now...
Forget the fib. Instead concentrate on the 2003 low, which stands at mid 760-ish. There will surely be a buying frenzy by the same delusional bulls we've witnessed of late.
I just posted a chart comparison between 1929 and 2008 here: http://elitetrader.com/vb/showthread.php?s=&threadid=145173 The market after hitting -50% in 1929 November rallied for 5 months up to -25% before falling further....
Isn't it falling a tad fast though? I expected a decent bounce before falling further. Also, with everyone eye-ing 760, wouldn't people jump the gun?
I've been in an AH trade slump recently... gotta hang tough though. Long ES 848.25 stop 846.50 target 855.25
EXPIRATION PROBABILITIES I cannot remember an option expiration where the markets devlined during 8 or 9 consecutive days prior to expiration Friday. As of today the markets have declined 5 of the last six days ( or 6 of the last 7 days? it was mentined on Bloomberg). It is highly probable that there will be a bounce - maybe not a gap up and ADU day but more likely intense selling to SPX 800 or thereabouts and then a sharp reversal for at least 2 days. Traders should be on the alert. You can get the MAX PAIN values on several web sites or search ET.