I hope the bottom falls out of this son of a bitch tomorrow - I will go "all in" on the short side - take a bunch of cars against the /ES and take a $$$ ride! It's Hammertime! p.s. - Page 16 ownage!
S&P500 index - head and shoulders target on weekly chart is 1172 and this level should provide some temporary support. SP500 futs last price 1169.
Shortie, there is no need for a pump job. Market fluctuations are naturally overdone. Once corporations start rolling out their earnings numbers this fall, some good money will be made by those who ignore the negative noise and look ahead from here. I had my wife bail out of her TSX Index fund at 14,000 earlier this year ( entry point 13,000 ). The idea was get back in late summer. So now is the tough decision, the entry point. I am convinced that longer term, any buy right now is a winner at today's levels. I usually don't like fighting a trend though, so I'd like to see some sort of confirmation the drop is over before I re-enter TSX. Maybe I'm overthinking this, and she should buy today, but August usually isn't great, and there might be several opportunities to buy this month. Bottom line, sitting in cash saved her 16%, a fair bit of money. Which shows you that playing seasonality is perhaps better then the "buy and hold forever" strategy that some analysts push.
OK so this has played out more or less like expected. Still much fear about Europe. Not everyone is so willing to buy this bottom. Bottom pickers get sticky fingers. The lowest risk trades are the squeeze that's created by the Failed failures. Also called traps. Yes the BEAR TRAP might have already sprung but if Europe shoots a double Bogey this suckers going lower. Tonight's futures action is looking like today's close was a BULL TRAP. On the other hand there are buyers spiking price up around 1100. Interesting few weeks....
Dayum.. you are throwing in the towel already b/c the futures are negative? You could wait at least until 11,800, the next resistance level. Tomorrow is a buy day with low risk. We just formed some kind of bottom.
Equity counter trend rally breaking down in aftermarket. Will it be rescued later today ? Futs last price 1159. The uptrend since March 2009 was a bear market rally contained within a much larger downtrend that started in 2000 â According to my indicators the March 2009 lows will not hold. stockmarket618.wordpress.com