SPY making a triple bottom + hammer?

Discussion in 'Trading' started by IronFist, Nov 13, 2008.

  1. Is today the bottom? [​IMG]

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  2. I think so. There are major positive divergences. Just about all the indicators show positive divergences.

    I'm back long from 866.

    PS: This is a temporary bottom. I still think we'll revisit the 2002 lows but not until next year.
  3. Hahaha I don't think so, a bottom for a month if we are lucky
  4. I agree with the divergence...big time! And not just your RSI, MACD and stuff (which I don't count for much anyway).

    More importantly, many asset classes and important indicators didn't make a new lower low today: oil stocks, gold stocks, carry trade pairs, riskier bonds, VIX (far from previous high and clearly breaking down on chart), etc.

  5. Go long this rally and get blown out when the GM bailout isn't passed.
  6. asap


    dont need to wait that much.

    this market is not for the faint of heart.

    a reversal is under way already just a couple of minutes after the so called long term bottom has been established here by the technicians.


  7. go long for the next 14 months and do nothing.

    buy stocks I recommend like GOOG AAPL RIMM BIDU

    dont overthink this market

    dont trade in and out
  8. That's the thing that has been working like clockwork in this market actually. In and out until it stops working.

    Then it's back to trading breakouts out of solid bases.
  9. this is pure panic buying

    cover now

    the're gonna jam this higher all the way till 4:02
  10. gravity pulls hammers down because they are heavy
    #10     Nov 13, 2008