TA: Long term trend: DOWN Dow Transport & XLF made new lows (LL) in Jan. 09 Indices failed to break new high (HH) FA: Job market continues to bleed - housing wont recover until this stop bleeding Major banks are living on life support stock_trad3r, a perma-bull, is still bullish. (Market bottoms are marked by abandoning of hope, which we have yet seen)
I think Congress only authorized TARP $350 billions + the automakers' shares. The rest of $350 billions has to be authorized. And TARP II that Geithner proposed will have to go through Congress again....which can be tough to sell.
Yes, now that is something I can sink my TA into. The news seems so overwhelming to me. So emotional. Shouldn't I ignore the news as a newbie? And just focus on the TA?
Well, when I say I'm bullish, that's not neccesarily for more than one day, or an hour or two past the open. The markets can turn on a dime, and so can I, I stole that phrase from a trader I watch. I also find it interesting that we are starting to stairstep up to the 50 sma. Interesting to see if we'll hold that high swing low or not.
new lows ever so close, anyone think we head towards a triple bottom and start the new bull market everyone is talking about.....
That chart to me is more like a consolidation level where the market can breakout/breakdown either way.
The market eventually trades to the SIZE of the 819.75-816.75 delta net long holders zones, and punches on through (we had two bounces off this zone the last two days prior to punching through, and now today we trade through this zone as the resting inventory was neutralized). I had my profit target fill at 817.50 tagged, so now all my 872.50 entries are covered. My remaining 873/874 short entries are still being held with targets at the 803.00 and 793.00 levels. Now we have the very significant Delta NET LONG Holders zone below us at 800.75 to 797's......this area is critical for the BULLS to hold, or imo we will have a drastic acceleration of the selling as the market liquidates to NEW YEARLY LOWS! :eek: