Discussion in 'Trading' started by shortie, Sep 30, 2011.
The slow crash going into Friday close is very unsettling!
Black Monday next week??
This is the 64k dollar question: what was the volume like on the selloff? Both the 1929 and 1987 crashes were preceded by a big Friday selloff on unusually high volume.
EOQ selling is what we saw. On Monday I am going out on a limb and saying we open +150 with fundies putting new money to work. I am long 300 116 spy calls that expire next Friday with that being said. I will play my chances for the pop.
I believe the volumes were light due to the Jewish holiday, probably a reason for all the swinging around, low volume.
SP500 8 hr chart at blog shows price converging towards apex.
It should drop out of triangle soon and resumption of downtrend.
Market is screwed. The market cannot have a sustained rally without a Greek default. It is inevitable part of the bottoming process. Kicking the can only keeps the Greece monkey on our backs. A Greek default causes short term panic and a bottom which would immediately rally world markets HUGE. Before then, we'll have more shortable rallies. Breaking 1100 is a matter of time.
Greece is like 2% of the Euro GDP...the real problem is Italy :0
Please, don't tell us that you are related to stock777!!!
the market is overvalued . global economy is in crises. the market is complacent. expect a selloff of spx down to the 1070 range. these moves have been bs lately. let's get some real panic selling. fear on the street would be good for a bottom. new year lows are in order.
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