Your replies are always one of the ones I look forward to......thanks You are right. I probably started this thread in the wrong forum and it should have been under Economics. Maybe the moderator might be kind enough to move it. One quick Q regarding your last paragraph. When talking about clearing or IB organization, you are referring to ones brokerage right? IB stands for Investment Bank? Going to read up on Fox and would love to hear any other posts regarding the subject.
the market does not have to fit any pattern. it is very unlikely we see anything close to the lows for years to come. what senario could generate the panic that it took for us to reach those lows? [/QUOTE] I found it. http://southcoasthomes.freedomblogg...ct-1-million-to-buy-you-much-in-laguna-beach/
Thanks for the charts. In the 2003 weekly chart, there was one more leg down before breaking on up. I did think we were going to break below 800 before possibly taking out the 950 level. That is if we are going to have a U shaped bottom here/H&S. Another thought is that this bear market might have 3 legs down which is typical from my understanding. The first leg was Oct 07- march 08, Second leg was June 08- march 09, and the third final leg could be the next one down. If this is the case, this final leg could be the death march. These legs might most easily be seen on a monthly timeframe. So many possibilities....
Technically speaking, in October 2007 the party ended and as a result of our sinful ways we were placed in a hand basket and told to go to Hell. Despite several valiant attempts to repent and reverse our trip, the downward spiral continued, culminating in our arrival at the devil's doorstep (666). The devil took one look at us and said, "You and your party hat mortgages, CDS's, incomprehensible derivatives and $11 trillion deficit...get out of here! I don't need this!" Technically speaking, this definitely indicates a bottom.
Just an FYI . . . ET member Jumpshot and Michael Waggie are the same person and have been banned. This idiot was literally talking to himself in "back-to-back" threads.