I'm looking at my charts today for usual supp/res levels and I can't find anything except for dow at 7500. I have never seen anything this bad, I even had to swith a couple weeks back from trading the NQ and YM to the qqqq and DIA because the volatility is so huge and risk of loss unbelivable. Even on the short side, because of the size of the swings. I average into all my positions and tend to usally hold 1 to 7 contracts at a time. Not in this market, for me at least. I am now averaging in with the ETf's, less risk, even though the commisions are 10 times as high though.
What we are seeing now (past 3 weeks) wil lbe talked about for centuries to come. We can all write about it in 30+ years time... "the great banking swindle of 2008..."
Extend the time frame. The support level uptrend line is back in 1980-85 period. Extrapolate from that point and DOW should = xxxx today.
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<i>"I have never seen anything this bad..."</i> In which case you weren't around in 2000 or 2002. A few of us were... we've seen this before.
this is way worse...then it was nasdaq that smashed everyday like this not nyse.The nyse got hit too but it was more gradual.This time its massive and fast just like nasdaq slaughter.
We are at support. Now if this fails we have a big problem, next support near 700. I am going to start buying I don't think we go to zero.