Discussion in 'Trading' started by allin, Jul 11, 2008.
uh oh...here it comes!
not really seein the panic i expected from that maybe its in the works, all though the realistic side of me thinks save unfortunately but i'll still trade witha short bias
Where will we end up today. How about 10,290?
Things are looking up.. for the time being.
GSE rumor just killed a bunch of traders.
I think 8-9k is possible by years end.....look at the price of gas today and remember that the cost has not been priced into the profits ( loss) at all the companies.....
For some reason these 100-200 point drops dont feel like much anymore, so used to them by now. The markets still need a 500-1000+ point drop to signal some kind of bottom, these little 100-200 point drops are meaningless.
We go down 250pts and everyone wants to call capitulation. Sometime during the day we get some positive news and shorts start to cover. That news is later sold and the market ends the day near lows.
What all this movement does is lower the price of the VIX.
Stop making threads calling a bottom until you see the VIX at 35+ and the Dow down 800 pts.
Yea 200 point drop is nothing, its not doing anything but keeping the downtrend in place, the DOW dropping 1-2% in a day is NOT CAPITULATION, We need something of 5-10% to consider it being a short term bottom like have said, today would have been the day in my opinion, oil at record highs and trouble from 2 huge companies in the financial sector and the DOW is off 150+, not enough, this slow grind lower is upsetting. Also think a close down below 11k and next support around 10700-11800 should mark a short term botto also watching s&p at 1200. When the market does reverse on some kind of good news it might run 1000+ points in no time, bear market rallies when times perfectly can pay off greatly.
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