A lot of people trying to pick this bottom...this is a dangerous game. personally i would suggest confirmation of a bottom.
Me too! The last few "bear market" confirmed rallies failed. . .but initial LONG (test) exposure was light with STOPS! Eventually we will get a follow-through that will be coupled with more institutional buying along with leadership. Until then. . .DO NOT do the impossible: try to catch a falling knife. :eek: <b>JB:</b> Are we gonna see your levels soon?
Don't think you will see new levels from JB today, he took a vacation day and will be back Monday. His old line in the sand from two days ago at 698.25 worked fine this morning. A happy weekend to all.
By the way, at about 9:25 EST we had a nice short from his 681 number right down to his target of 668.75... almost to the tick (the levels numbers from 3/4/2009). That was right after price action bounced off the 200 sma and dropped below the lower value area... and with that.. I am outta here for the weekend. Happy Trading
Sorry.. the "we" in that case was just traders in general. Also a correction to the post prior to that one.. I referred to 698.25 as being a line in the sand number when I think it was actually a break-out level instead. My apologies.
Hey all back from Disney, was a great time ! looks like we went to where I was looking to the devils numbers 666 ekkkk that is a scary number, even more scary being the S&P at that level. I will post the levels tonight !! Take care , Joe Baker
Glad you and yours had a great time. Yep, given all that is happening in the World right now.. that 666 level was kinda spooky. I just hope that with all they are doing that they don't totally dislocate the markets and ruin trading. Other than that I can accept and live with most anything. Anyway, good to have you back. Happy Trading