How many tests of the S&p low will there be?

Discussion in 'Stocks' started by stock777, Oct 28, 2008.

  1. testy, teste
  2. many as it takes to make a new one.....LOL! :D

  3. From another threas:


    Registered: May 2006
    Posts: 398

    10-28-08 12:36 PM

    Quote from Trader5287:

    For the 3 of us on the planet thinking rally:

    Art Cashin, on floor of NY Stock exchange. (Source: CNBC)

    "Q: We're feeling the bottom again, Art. What's going to happen?

    Cashin: I would love for a little bit of an up move today - maybe go up to 8750 or 8800 -- that would be a textbook Elliott Wave move -- and then you'd get that big washout / selloff. I was hoping for it by the end of this week, guess it's going to be pushed into next week. A dramatic climax looks like it's very near at hand here.

    Q: Yikes! That could be scary. I guess if it was early November, that's not much different than making a low in October, is it Art?

    Cashin: Well, in 1929, you made the low on November 4. I prefer to keep them in October. ...

    I'm looking for a climactic bottom, down from here obviously, and that could carry through for several months [i.e., lead to a rally for several months], and then maybe in May, we'll get to know the full effect of the recession, and see how things look then. ...

    I don't want to scare anybody. You could get an overtrade, You retest the original lows around 7850, you could go to 7400, you could go to 7000, you could even overtrade that. But it will be quick. Get your basket out, and be ready to catch the bargains when they come your way."

    From one of the 3 on Planet Earth looking for a rally:

    Agree with Art ( my all-time favorite market commentator).

    Looking for a ST rally to SPX 950/975 then the climactic leg down, ending somewhere around 740/760 SPX.

    In the end, GS & CITI may be one; GM & Chrysler merged; with several other mergers & acquisitions, and after the dust has settled there will be a drastic change in financial landscape.

    Japan may turn up before US markets.

  5. lol, howz your shorts? lol
  6. ==================
    Thanks for Cashin quote;
    Art Cashin usually has some helpful insights.

    If thats a current Cashin quote, looks like the bear rally may struggle up a bit more:D
  7. THEY ROCKED.....held since last November....flat near the current bottom, guess I nailed it there skipper! :cool:



    Registered: Apr 2002
    Posts: 2341

    10-24-08 08:26 AM

    Quote from AMT4SWA:

    Covered roughly 18% of my remaining Rydex 200% Inverse S&P500 position as the DOW is printing just below -200.00 ......will hold the last 15% for any additional downside price action.

    I will cover the last 15% of my Rydex 200% Inverse S&P500 position today in scale out groups as I see how we blast out of the open!

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    Registered: Apr 2002
    Posts: 2341

    10-24-08 09:44 AM

    Flat and covered all remianing positions in the first 15 minutes after the open. Intraday ES action has been excellent so far....lets keep it wild today!

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