Mirror mirror on the wall

Discussion in 'Trading' started by innovest_11, Mar 9, 2007.

  1. Which direction will market go for coming weeks?
  2. S2007S



    about 90% of the posts im reading say up.

    Markets may head higher but I think they are coming right back down. I think the DOW heads back down to 12,000. Also anyone expecting a rate cut should keep dreaming because its not happening anytime soon.
  3. If today was the top, and that is a big IF, it would mean there is a good chance the s&P 500 would drop down to 1265. The dow would drop to 11050.
  4. S2007S


    Im looking for the DOW to drop below 12k and head to around the 11700 area.

    Besides that I have been pulling up article after article, each of them saying that this "minor" correction may be over and that new highs may be on the way. I saw maybe 1 or 2 people turn very bearish a couple of months ago. Tough to believe this market can run strong again, but anything is possible. Many forecasting 8-15% returns again this year. Next week we get CPI and PPI both may be a bit higher than expected. Also earnings from the big brokers. Even though I continue to read how bullish everyone is I think the markets head lower. I would wait for at least one more 5%+ correction to start buying.
  5. I'm just using standard fibonacci projections. They work surprisingly well as long as the original "top" premise is correct. A standard abc correction would go to the levels I mentioned. Obviously the higher we go from here the higher the bottom projection would be.