ST floor to this Bush fiasco crater is coming on Monday... ...take it to the bank (but don't leave your money there)! Like I said in my one and only "bottom" thread (now in chit chat) 7900-8250 is a floor... take it to the bank remember one thing, this shakeout is actually good for the long term economy with oil and gas down and other prices likely to fall. it may take a while but this is the best thing that could happen. let's hope we get better leaders in positions of power and authority who make better judgments. the new president really isn't the answer it is the morons in the SEC and Fed and other government regulatory agencies that are total greedy incompetents and allowed this mess to accumulate. I hope half of wall street loses jobs and finds out what's it's like to actually earn money the old-fashioned way like millions of people do each day, and are still happy ! .... a little more humility will save this Country's downward trend into oblivion!
There is an entrance fee A long, long week ago, I can still remember how the market used to make me smile. What I'd do when I had the chance Is get myself a cash advance And add another tech stock to the pile. But Alan Greenspan made me shiver With every speech that he delivered. Bad news on the rate front; Still I'd take one more punt - I can't remember if I cried When I heard about the CPI; I lost my fortune and my pride The day the NASDAQ died. So bye bye to my piece of the pie; Now I'm getting calls for margin 'Cause my cash account's dry; It's just two weeks from a new all-time high And now we're right back where we were in July, We're right back where we were in July. __________________ ...now this is ugly, you have become part of the market and you can never leave. I GOT THERE FROM SOMEWHERE A COUPLE YEARS AGO, NOT SURE WHERE
That's the point. Much better than 4000 threads of sludge. Of course we'll still have the threads by the boneheads who can't comply.
Here's what my signals are telling me: We'll have an interim bottom in the Dow at 7500. It will go flat for 2-3 weeks, after which it will fall off a cliff and drop straight down to 3000 in under a week. It will rebound sharply off of this low, and start an uptrend that will reach the previous all-time highs above 14,000 in about 3-6 months. At that point mom & pop will get back into their 401Ks, and the market will top out at 15,000, just before the most vicious bear run in all of history takes us to 0 in under 2 weeks, at which time the gods descend and declare that it's all been very amusing, but it's over now. Save this post, and remember.