Just one giant headfake before the run

Discussion in 'Trading' started by blast19, Mar 5, 2007.

  1. blast19


  2. S2007S


    rally in the futures tonight, if the dow cant add 50+ points tomorrow thats just pathetic.
  3. Will they sell the rally?
  4. uh.. sure.. .100% uproom ...

    I'm sooooo much more confident now that the Asian markets have regained much less than half of what they gave up yesterday. :p
  5. Could be.

    I'm not a Fibonacci/Elliot freak or anything, but this has been a near perfect 38% retracement from the July 06 low to February 07 high. An nice opportunity for Wave 5 if you believe in such things...

    Even if you don't, it's been a serious enough correction to bring some liquidity and firepower back to the market. Those little 1-2% dips were great swing trades, but the market can't stairstep up like that forever.

  6. Neet


    If you dig deep enough you will find infinite reasons to be bullish or bearish, that's why the market usually has a buyer and a seller at any given point.

    However, if I pull up a 1day bar chart, I see a bear flag :)

    Needless to say Im a daytrader, and I dont care if it goes up 500 or down 500, either way I will do my best to ride the trend the best way I can.

    Good trading.
  7. all bullish from here

    dont get wrapped up in the technicals

    waves and fibinachi numbers are useless
  8. blast19


    IT WAS A GIANT JOKE...but even a broken clock is right twice a day....yada yada yada.

  9. easy there, i am with u but it's not time yet...we will consolidate/distribute here at best...test the averages down below at worse.
    #10     Mar 6, 2007