Me too. However, my current macro models show that by the end of december we wont be above the year end close of 2004 - dow and nasdaq. Now of course my models do change their predictions as they get more data but right now this is what they are saying.
That pertinent fact should be in the back of every traders mind right now. I see no capitulation, no worry, and no "BLACK ***DAY!" threads. I do see a lot of conditioned dip buying and fear to sell into rallies. I'm also a historian who knows the last time we saw a new Fed Chairman we "crashed." I don't see a scenario where we come off 21% in a day like 1987 but I do see the possibility of giving back half the 2003-2005 gains over the next few months. That said I too have support at these levels although 1163 SPX would be the more solid. If bought one had better quickly motor out of Dodge if we penetrate support. There's no reason to think the market can't move as hard and fast down as it did up last October and May.
fugget about it...babar doesn't do that"i'm wrong" thing. his ideas are so general, he will always have cracks to slime through. as for this thread, dgabriel and babar see a low? what a joke! all we need is lithium capital to complete the terrible trio. if i were a long, hearing babar and dgabriel say we are close to a bottom would scare me. read what pabst wrote above. he knows more than the three monkeys combined. he took the words right out of my mouth (again), capitulation is 3 billion shares, and wild swings in a day. we haven't come close.
As posted yesterday . . . for short-term traders on the thread entitled, "How Come There's No Capitulation" Registered: Jul 2004 Posts: 1215 10-13-05 01:59 AM "IMHO, 1172.65 in the SPX will be a key pivot point for Thursday." http://www.elitetrader.com/vb/showthread.php?s=&postid=866457#post866457
i bet there will be much capitulation when you take Charlei Gow up on his generous offer this SUNDAY and meet up with him and his women. below is Charlies generous offer to apex capital/waggie.