Oversold....overschmold. Support at 650...at 600...at 550...bla bla bla. A bunch of baloney. This market is collapsing on FUNDAMENTALS, which is completely rational. Technicals play no part here.
Very interesting, but it begs the question: What were the odds of this week being positive after 3 consecutive down weeks?
It's unravelling at the seams......step away from the computer and don't turn on the tube..is the only way to go long here...i just went long the 3-4 days ago and im feeling the pain already....in order to stay the course I will have to go into a vacuum
How many times can black come up in a row on the roulette wheel? Keep doubling down....Red just has to come up? Right? That strategy has wiped out many a gambler.
I agree with just sitting back and being a witness to this and keeping your hands off the trigger until at least a few up days. It reminds me somewhat of the crash in 2000-2001. Even getting short is difficult because of lack of entry points, and the risk of a quick backlash. Cash is king. Patience is a virtue. For anyone willing to take the plunge, a few well-selected short puts may be in order on crushed blue chips. There are some nice premiums to be had looking a year out. I would take the bet that a year from now we are at least even or better.
Uh, I doubt that. At this point, most people have turned off the tv, cashed out (if they were going to) or gave up on looking at their 401ks for another few years (or until this turns around). Only traders, fund managers, etc., are playing now. If the Dow drops another 1000 points, the average Joe who has little or nothing in the market is just going to go, "yeah, it sucks". No one is going to take to the streets.
Every trader knows about the 12 month moving average. Why not wait to get long when price finally goes over the 12 month moving average? It worked back in the 1930s...it worked in the 2000s...why doesnt it work now? I guess this time is different and we have to play the hero predicting bottoms. You can still make money on the way up when price gets over that 12 month average. Why not play the role of a professional trader rather then that of a professional gambler and bottom picker?