As I write this, NQ green. The market appears to have lots of support at or near here. Reiterating, while there is no reason to go long here, shorting imo is extremely dangerous.
I do see a wedge pattern. While we have not broken it yet, and the market forces appear relentless in trying to break support here, SPX holds against all shelling. I agree though, if we break this area (800 ish to 805 ish), I don't see how a retest of the lows can be avoided.
The news that was disseminated a few minutes ago, that TARP companies will not be allowed to issue dividends or buy back stock, is being taken very hard. In my strong opinion, we are going to test 800 in the next few days given the above news. The only positive imo is that NQ is holding tough.
Nitro is as lost as ever. nothing like reporting the news after the fact to stroke his moronic ego. Nitro, get a real life .
http://www.indexindicators.com/charts/sp500-vs-put-call-ratio-equity-20d-sma-params-3y-x-x/ + http://www.marketwatch.com/tools/quotes/options1.asp?symb=SPY&sid=9864&dist=TQP_Nav_options + http://www.marketwatch.com/tools/quotes/options1.asp?symb=GS&sid=147544&dist=TQP_Nav_options + http://www.marketwatch.com/tools/quotes/options1.asp?symb=C&sid=117685&dist=TQP_Nav_options + USD / JPY action + ZBH9 action = result.
Actually, that was a really good call. Don't be bitter because you got wacked being long shortly thereafter.
If you don't like nitro's calls...don't read them! ps: The way you are writing is...at least ...disgusting!!!