i may be a day early on this but better early than late if i'm a day early the downtrend may, repeat may begin at the end of the Asian session beginning of the European/London start this next downturn may have already started breakdown should occur in other index futures and currencies - can you say SHORT while the $ will obviously continue its rally BUY the Feb 16/24 dates are only target dates and the channel lines are subject to change
maybe he's just an Ox sans y- moron Ox definition (per wiki): An ox (plural oxen) is a bovine animal trained as a draft animal. Oxen are commonly adult, castrated male cattle, but cows (adult females) or bulls (entire males) may also be used in some areas. Oxen are used for plowing, transport (pulling carts or wagons or sometimes for riding), threshing grain by trampling, and for powering machines for grinding grain, irrigation or other purposes. Oxen may be used to skid logs in forests, particularly in low-impact select-cut logging. Oxen are usually used in pairs: light work such as carting on good roads might use one pair, while for heavier work further pairs are added â a team used for a heavy load over difficult ground might exceed twenty animals. JUST KIDDING. seriously.....it never ceases to amaze me to see all "the top/bottom is in" threads on ET. no one knows....especially ETers. no offense to to the OP. my own gut has been saying we need to test lower prices to see if more bears come out...but on the other hand the vast majority of the financial media (not neccessarily CNBC, but all media including popular blogs) are saying this as well. and my experience tells me that when most of the "smart ones" are saying the same thing the market often likes to go the other way. it all reminds me of the big 'monumental head and shoulders' that was being talked about on CNBC, zero hedge, slope hope, and other media outlets last year...when the H&S got violated the market raced up so friggin' fast it was unreal, lots of folks caught offsides. as for me.....my gut says we go lower but my head says we may go higher. but my trading self says we are range bound for a long time. however, i really don't care whether i'm right or not. i trade what i see each day, not what i think is coming tomm.. the only thing i want is movement and nice big daily ranges.
Just keep in mind that there are no catalyts for this market, well wait a second there are, I just remembered the bailouts, free handouts, bubble Ben bernankes easy money policies and those great programs like tarp and talf. The list goes on and on and on. This economy is extremely addicted to these new ways, without any of this in place the economy is pretty much useless on it's own. There isn't any natural growth left in the economy. The big test is in march when the fed starts to ease up on it's policies, I am almost certain they are going to extend them. So all this upside in the markets is nothing but stimulus money running through the system creating liquidity to push asset prices up around the world economies.
I went long yesterday near the low, and I went long today near the low. Monday is a new day, we will see.