According to wikipedia, a correction is a short term price decline of 5-20%: Source: http://en.wikipedia.org/wiki/Stock_market_correction Isn't that what we're in now? SPY's recent high was just over 146. Five percent down would be $138.7, and its recent low is under $136. So might this be at least the beginning of the correction right here?
Seems today's gap up and further price increase was on much lower volume than the last few days, but pretty average volume overall. Does that provide any clues as to what price might do? I'm not good at interpreting volume but I know some people claim to be.
Dang it missed the move, none of my buy limits got filled in Fridays range but at least I'm still an ET billionaire.
maybe 10 to 20%, but not from a spike, and a lot of negativity, more bears than bulls, talking on the mainstream news how hard it is for stock investors and what are they going to do? but I am only giving you my 2 cents worth from a long term buy and hold investor point of view, not a trader but if you're a trader, it's good to know how the investors are thinking, and we are certainly not thinking bottom, but are nervous about a top
============ T j-HI; Well sure it could be ''a''bottom area; $60 area is a long term 10 year candle chart.$62 area is ALL TIME 50% sale off ALL time hi of $120 area. Parabolic montly is still a ''buy'', seasonalsa re bullish; so probably.Not a prediction, simply probabilities. BUY [green] volume is bearish.Long term trends are bullish.
Wearing a bearish hat coming into year's end is not very wise, some of the drops were Xmas gifts in November. Market seasonality is one of the easiest ways to make money in the markets.
Jack, maybe the missing attachment clarifies your anticipation for tomorrow but are you really suggesting that the daily bar for QQQ CANNOT have a higher high and a higher low tomorrow verses today? Of course it might not, and maybe the brief long comes to an end today, but how can you say right now with certainty that the brief long you described "is ending today"? -river
Short answer: I have figured out a comprehensive Holy Grail. I can say this based upon completing a deductive comprehensive process. In ET there are several trader mining threads. Were I to play there I would destroy the flawed and scouting techniques. Why bother. Long answer. The chart would have shown the matter and the conclusion. My pop up blocker on this computor over rode my being able to actually attach a file. I gave up on circumventing it. In a complete and comprehensive system (Holy Grail) you gain the definite advantage of knowing the future and how the future unfolds. When this event has happened*, then you can assure that you are at a place to reverse to get on the correct side of the market. In logic that is comprehensive, you use a circuit to do a "time out" to signify that this event has happened. Most systems do NOT have this ingredient. The reason is that they are incomplete. You noiced that another person posted a chart at that time and stated a parallel thought (to an extent so to speak) he does not know the implications , as you do, of what I said. He is blocked, reasoning wise from ever getting there as it turns out. Summary. The long FBO ended as I said. The short has resumed.within a slower ractal comtainer of this short trend. On the fast fractal where I "resd", the first price range has now occurred since two newer bars have completed this band on QQQ. That is we have a P1 and a TI in sequence. The next bar has two possibilities which are mutually exclusive. Neither will end the short slower fractal nor the fast fractal inside. We will, therefore, not reverse on Wednesday nor Friday 's partial day. Friday will have a bar, In price, that will prevent a measure in volume to forward any trend. I know people have beliefs about alll kinds of market characterisitics. As a consequence they bet and deal with the risk of their bets. I do not have risk nor do I bet. This means my mind is not affected by the emotions that are ever present in the CW world of trading in the Financial Industry. This emotional setting of CW makes it impossible for the workers of the FI to perform. As a consequence the FI does not perform to take the full offer of the market. *The TA details of the matter. Bar by bar the fast trend move began: P1, T1, P2. this was a pt1 on P1 and a pt2 on P2 in price terms. Pt2 had to be following "clean page 4"; it failed. So aFBO occurred. The logic equivalent in volume measures was the value of the bar following the P2; it was less than P2 AND T1. this is a violation of the theory I have for volume bands in trends. A violation creates an End Effect of a trend. Final Comment. The contemporary world view held by all but very few is incorrect. You can sort the two groups by reviewing infrastructure change. An example in the past was the Agricultural based infrastructure exisitng and then coming to an end. Notice 70% of labor was required to provide food during this infrastructures axisitance. To day the labor for food is 3%. We are NOT in the "industry" or "manufacturing" infrastructure. Jobs will not be created in this infrastructure sufficiently to solve the "suppossed" problems. The group that knows what is going on is not empowered to solve the problems we aren't dealing with. My alternative was to be "immune". Good luck. Your questions are very thoughtful and very important.