Feburary could be a great month- Stay positive

HedgefundTrader2 · Feb 1, 2008

Quote from Cutten:

1370ish was modest resistance - it was the prior lows from August and earlier Jan. On Friday we gapped up to that level and immediately sold off. I agree it's not heavy resistance but trading off that level would have been very useful on last Friday after the initial 115 point S&P rally.

Same with 1420-30 - the market stalled there earlier this month, so it's probably a good place to lighten up on longs.

In any case, levels on the S&P or any other index are always a bit more vague than for individual stocks or markets like commodities, forex etc. The reason is that an index value is dependent purely on the constituent stocks. So 1375 last month may have seen most stocks hit their individual support levels. But 1375 recently may have seen some stocks above resistance, and some below resistance. The index value is the same, but the technical picture for the 500 stocks in the index could be radically different.

This is why I'm always a bit cautious with using technicals on indices. With the VIX out there, there's less need to rely on precise levels anyway.
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Here is Market Analysis :

S&P 500: 1430--50-day simple moving average S&P 500: 1484--200-day simple moving average S&P 500: 1270--Support--01/23/08 low S&P 500: 1523--Resistance-12/11/07 high S&P 500: 1423--50% retracement of the 10/11/07 high to the 01/23/08 low.

bgp · Feb 1, 2008

now day77 pay attention ! i always put my $$$$ where my mouth is. feb. 6th

bgp

HedgefundTrader2 · Feb 1, 2008

Quote from bgp:

now day77 pay attention ! i always put my $$$$ where my mouth is. feb. 6th

bgp
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Oral ejaculations?

pma · Feb 2, 2008

Cmon guys-dont you get it? You should only buy the indexes-no selling for ANY reason-O.K.?

HedgefundTrader2 · Feb 2, 2008

Quote from EOD Traders:

Bears still abound
Time will tell

Doug Kass, founder of Seabreeze Partners, suggests buying the weakness that would possibly result from only a 25 basis-point cut and selling the strength that would possibly result from a 50 basis-point cut. "If there were a limited or opposite response to my two scenarios, I would do nothing,â Kass says.

Prudent Bear Fund manager David Tice expects the Dow will fall another 5,000 points and stocks will fall by as much as 60 percent. "Everyone has patted the Federal Reserve on the back for avoiding recession,â Tice told the San Francisco Chronicle. "The problem is, we should have taken mini-recessions along the way.â

Even gloomier, Euro Pacific Capitalâs Peter Schiff believes that the new financial capitals will be in Asia, the Middle East, and Europe.

"New York will certainly still have a role to play, but much like Detroit, it will be but a shadow of its former self,â Schiff says.

Resolution to the bottom of the market being reached
appears to be unresolved.
Today may have just been a YAHOO burst.
Next week should give a a clue.

Jeff @ EOD Traders
http://www.eodtraders.com/
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What else is out there? Celebration of doom and gloom.

Prophets of doom walking around with white headscarf around their heads and calling for the end of the world. The market is never coming back, real estate will never recover. Its a sickness for crying out loud.

Get off that national pastime of pessimism. I think I need to insert a rod up some body's rear to make my point.

my2cents · Feb 2, 2008

Senor Dia7793,

Tu cabeza es tan hondamente enterrado en tu asno usted debe poder ver las amÃgdalas ahora.

Justo
Mi2centavos

powerfade · Feb 2, 2008

Herr day7793

Sie sind die grÃ¶Ãte jemals moron Post auf ET. Warum haben Sie nicht aufhÃ¶ren Posting hier ewig und gehe zurÃ¼ck zu Ihrem Job bei McDoanld's?

street carp · Feb 2, 2008

January was a great month for me as a trader, too. I bet Warren Buffett, the ultimate long-term investor loved it too. Any time excellent companies lose significant market value is just a perfect opportunity to pick up more shares at great prices. (Panic and fear are the friends of the long-term investor as well.)

So the fact the markets have reasonably adjusted there is no reason to get as upset as the OP. Many are making attempts at discovering the hidden reason for his/her post in the 1st place...big recent personal losses from short term trading, mental instability, youth (or worse, an old fool), masochist, etc.

I came to this site originally for the hardware forums, but I like to read the Trading forum threads for the humor...mainly inane threads like this where humor is not the intention.

EMRGLOBAL · Feb 2, 2008

ASS CLOWNS, the dow is at 12800, there about and the highs were?

LOL, the current market volatility is signaling a "BULL MARKET?

Fucking retards. How the the idiots on this site make money?

Oh I forgot, all are "Trading Intraday" scalping for 80 points on the futures, taking down a point or two on equities and hitting the Spreads in Options to make their money. And all these ET hot shots have such a great commish rebate that their Profits actually beat their "commish" % payable per month, year.

LOL My arse off

street carp · Feb 2, 2008

I'm also trying to remain positive, but I doubt February could be close to as great as January was.