well, i entered some very low orders, and got filled. after 2 days with a total of 10% or more down, seems like a bounce may be in the cards. bear markets historically have had sudden, sharp rallies. no, the bear market will end years from now...that is the long term term. seems like we are due to interim bear rally....remember March/Feb....there was no fundamental reason for the rally.
10-15% rally may happen as soon as this friday. it is hard to imagine this market getting more oversold.
[ the majority of the explantions below in this post are borrowed from RFT's financial traders blog. I am not including the URL as I do not want to be accused of spam] I agree with you shortie. Also, check the hourly chart and daily chart, you should be able to see the left side of "V" or "Y" ("Y" written by a greek/chinese/arab so that it looks curvy). V stands for victory, Y stands for "Yes" or a "V" with a stick added at the bottom. That stick should depict the proverbial "stick" that bears may have gotten in their lower backs, but would not feel till it starts rising and hurting during its northward advance! Good friday should be tomorrow. If there is a selloff, then the "Y" dictates a selloff larger than today. My numbers tell me it would not happen, but one never knows what scared people can do. And even if there is a sell off, the nature of "V' is such that the right part will give the profits for those who bought during the left side of the "V". Those who make the most, buy at the bottom of the V. The others make less. For XLF, the top of the V is around 11.75. I bought XLF-equivalent today at close at 9.39. A trip to 11.75 is 2.35 gain, which is 21%. Not unfeasible for this high vol environment. PS: As you know in my PM to you, NDX at 1050 area was not out of the possibility, but what my analysis told when I wrote few days ago was that if it gets there it would be the beginning of the bull leg! The bull leg was predicted to start in week or a touch of the 1050 area which ever comes first! The one week from the time I wrote is Monday or Tueday. That is why I am agressive, and going ahead of my analysis. I feel blood might turn to green, and I do not want to be out of the space shuffle when it blast off, at the expense of possibly not nailing it right at the bottom!
Well, everything is up at the moment... dunno why though... HSI up 1000 pts since open, but I closed my long way too early
Threads on the Asian market today: http://www.elitetrader.com/vb/showthread.php?s=&threadid=145638&perpage=6&pagenumber=1
it is incredible how shorts are making a killing in this oversold market by shorting every single little bump.
Launch time is announced at RFT's blog at 2:17PM. The stock market shuttle is about to take off! All on board? 9, 8, 7,....
Ah yes,just like the shuttle,it has exploded in mid-air and in your face again?houston we have a problem...idiot at the controls.