NO Fear in Stocks = NO Bottom in Sight?

Discussion in 'Trading' started by shortie, Jun 26, 2008.

S$P500 Establishes Multi-Months Bottom at What Level?

Poll closed Jul 7, 2008.
  1. 1280

    6 vote(s)
    8.3%
  2. 1240

    10 vote(s)
    13.9%
  3. 1200

    4 vote(s)
    5.6%
  4. 1160

    9 vote(s)
    12.5%
  5. 1120

    6 vote(s)
    8.3%
  6. 1080

    9 vote(s)
    12.5%
  7. NO Bottom in Sight

    28 vote(s)
    38.9%
  1. I have absolutely no basis to say this other than most bear markets see about a 30% correction by the time all is said and done (barring any extreme shock events), but given the true state of the American Economy, the trend in rising unemployment, the fact that inflation is killing purchasing power (primarily due to the weak dollar), and because of large government deficit spending (offsetting private sector job loss - and government hiring can't continue indefinitely)...

    ...I think we'll bottom closer to the 30% mark, if not below it.

    That would take us to what, 1075 on the spooz?

    It sounds extreme, but it's about 30%.
     
    #21     Jul 5, 2008
  2. balda

    balda

    Look at the S&P chart from March low till now. Looks like a head and shoulder with a neck line at 1256.

    1440-1256 = 184

    1256-184 = 1072
     
    #22     Jul 5, 2008