Nah, I meant that as support for the following day. We're going to retrace a lot more over the next few months, but right now the market's still above the pain threshold....therefore any support should be substantial enough to hold the market.
Congrats. Im happy you made money. You made a good trade, however for anyone to say that the market's been oversold and the problems are over and we'll be seeing 52-week highs are more than likely dead wrong. Myself: Long ETFC from friday afternoon, short ARD. Holding ARD, and out ETFC @ 5 today on a technical sell point. Nope, im just playing the dead cat bounce on ETFC. There was support there Friday and i just rode on the big fish. HOWEVER, IMO ETFC has more downside left and the buyer(s) now could see another leg down. Everyone thinks ETRD will be bought. The problem is they're not worth the current price in the current condition and any buyout should be sub $4.
Hey look fellas. No one is saying that THE bottom is in, ofcourse, nobody knows that one (except Santa Claus), but my point is that stock trad3r is far from feeling suicidal with the market at these levels. If anything, he should be building cash positions for the future. The current business cycle isn't over just yet. JJ
When was the last time we had two separate high-VIX panicky dips within a four month time span? Anyone? Anyone? Bueller? The answer: This is the very first time it's happened since the 2000 top. I <i>had</i> been bullish on U.S. equities for years, and this week I finally switched my bias to neutral. I'm not saying we won't get back up near the all time highs- actually, we probably will, since triple tops are far more common than the double variety. I'm just saying, this is certainly the toppiest looking market I have seen in years. Fade me at your own peril...
"Fade me at your own peril... " I'm not that brave and I don't believe in luck. precursor: Projecting those impulses forward it should be one hell of a one-two punch. From the slope the first one hits and about rips your head off. Just as your starting to believe you actually might survive...the second wave hits. The only question is...how much time (buffer) between the waves?
When the market is ready to bottom we will see confluence of reversal signals across most if not all indexes. Until that happens I would consider calling a bottom a simple foolish comical prediction. Anek
Your not going to get in on the top and your not going get in on the bottom. Your will get in someplace in between. We are here for sure . All we need a a decent pull back in oil and this market is off to the races. This has been a fierce sell off for that matter a fierce year. I dont believe this year the s&p will close down. All this stock stuff is just a calculated BET.. Thats it!!.. It the retail numbers come in half good next week and get a rate cut with a leveling off of oil we go back up REALLY FSAT..
As far as sales goes. I have never seen so many people piling into Ckt City. (NY) Buying?? Walking out with droves of plasma's Lcd's etc.. big dollar items. The sales line was around half the store!
However, the sky ain't fall'in quite just yet. I started posting on this thread because I thought that saying stock trad3r was on a suicide watch was just a bit over the top, even by ET standards. However, looking at the chart, I'd say we're primed for St. Nick and his Crew, and while they ain't Bulls, they're gonna do the job just as well ... so he don't need no help from me. Good trading, JJ