A low is not the closing price, but the lowest price. If the S&P goes from 850 to 500 then closes at 800, then the low for the day, week, month, year, and decade is 500, not 800. P.S. don't bash stock-trader too much, we will need him as a contrary indicator to mark the bottom.
In this market you dont need any such basis, its not a real market anymore... This market trades where ever the F$$K it wants to trade, so 6500 is my number and im sticking with it. IF you are not happy with my opinion come up with your own so I can see where you stand.
Cutten: there you have it. He said "awful day". Is it contrary enough? If yes the close of today is the bottom.
See that's just it. You won't see me pulling numbers randomly out of my ass. If I'm informed or educated enough to understand where I believe the market is going to bottom at, and I can back that up with some technical or fundamental explanation of specifics, so be it. Even if I'm wrong, it's still better than throwing out nice round numbers each day like you do (and different numbers at that). Anyone can pull numbers out of thin air.
finally, a definitive break to the down side....surprised to see the eft's close down the last few minutes. according to my sources should go below 750/7500 or so....then a sharp massive rally for several weeks/months. perhaps we will get a santa rally....just for stock trader!
There isnt any need to apply any kind of TA to this market, its worthless at this point. I have seen the talking heads on cnbc try and do it and get it totally wrong, just last week carter worth was trying his best to be all positive about the market and actually was bullish on GOOG and MSFT well fast forward 1 week and he looks like a fool. This market is about to break down, the worse thing for this market tomorrow is if it rallies even 100 points, anyone cheering for a positive move higher isnt thinking right, these markets need to sell off to get every last seller out and the only way to do it is to have a significant drop tomorrow of at least 5% or more followed by another drop going into friday, a low of 6500-7000 is a short term bottom in my opinion.
Agreed, market needs to puke up everything at this point. Just get it over with. It wants to go lower and everyone wants to pile into treasuries for safety.