-------------------------------------------------------------------------------- Quote from l2tradr: How are you playing it? Targets, short entry? Time frame? -------------------------------------------------------------------------------- well, this specific trading call sure is shaping up nicely didnt expect it this fast in this new month, the 200 month moving avg is recalulated UP 3 points to 1022 the call was based on the 200 month avg, 1019 was where it happened to be at the time
Feels like one of those 5% down days when everything just totally falls apart by 3pm and markets drop 2% the last 30 minutes into the close.
although this call was primarely technical, even if you think the fed is fueling this as 'part of a big conspiracy', what's a more important use of fed fuel? going past the 20 month? or holding the 200 month? I think the latter is far more important. I think running it to the 20 month was more a matter of getting 'well over' the 200 month with 'good measure' they didnt want to sit there at the 200 month avg for a month dumping more and more fuel into it. it's not a coincidence that all of the 'whew' in the country came when the market cleared the 200 month avg going past the 20 would be a waste of fuel, with a solid retest of the 200 month still on the 'to do' list the government and the fed are fighting a massive bear market, but they're using the tactics that caused it that's why i took such an attitude with people lecturing me about 'the power of the fed', because i think such lectures failed to consider the fed's technical predicament. And that's to hold the market over the 200 month avg without printing so much so fast that the dollar collapses. <img src = "http://www.elitetrader.com/vb/attachment.php?s=&postid=2591672">
below the 200 month is 'the abys" THAT'S what they're worried about! <img src = "http://www.elitetrader.com/vb/attachment.php?s=&postid=2591678">
and to all of the pinheads who put this thread down WITHOUT offering anything more than vague condescending platitudes, I'd like to open a can of "I told you so"
its not like the stock market just went back down to the lows moron. Its correcting and longs are covering. Its healthy, don't lose your pants to fast here.
We are at an interesting place. I have the weekly SPX trendline at 1025.50 and today's close was just barely above that, so as far as i'm concerned the trend is still intact, and under more benign circumstances i would think we should watch for a bounce. Since however, we are bumping our head on the SPX 20 month MA; it's October; some of y'all have called a top, and the economic news sucks, I guess I need to be expecting a close below the trendline soon. Bottom line: got to wait and see. P.S> the spell checker is objecting to "trendline"; wants it to be two words. That's just stupid.
Market is now moving lower on bad news. Big problem. I'm still be patient about selling because I tend to get in early. can anyone give any figures out the volume today compared to similair breaks in the market? It seemed like we had really good volume here, so that would be a red flag to anyone buying. this correction would still have room to run to the downside. 9000 DOW looks like a nice support area bears need to get through.
The majority of "traders" on elitetrader couldn't make money if it were gift-wrapped in front of them. They're a bunch of idiots as evidenced by the responses to the original poster (who's right) along with the several others...(3 of which I called the top, bottom, and hopefully now the top again) Fought the same battle you did big guy. It ain't worth it. Let them lose. Top: http://www.elitetrader.com/vb/showthread.php?s=&threadid=106444 Bottom: http://www.elitetrader.com/vb/showthread.php?s=&threadid=154882&perpage=6&pagenumber=1 Top (sept 11-now) http://www.elitetrader.com/vb/showthread.php?s=&threadid=173447&perpage=6&highlight=top&pagenumber=1 You saw this one....... http://www.elitetrader.com/vb/showthread.php?s=&threadid=177873&perpage=6&pagenumber=1 If you go thru them....all the post responses are the same. Hilarious how stupid ppl are. See the same thing in this one.