If you look in hindsight everything is green. The future might reveal something else. The point is the retreat - how deep will it be? An easier one: how will they explain it? Give the explanations before they give them. The only valid explanations are the ones ahead of time. Anything after the fact is not valid.
More than 50 views, and not a single soul on ET believes in a retreat. Isn't ET traders the best of the best?
It is a relative term, and timing is what makes your question meaningful. When After reaching 2007 highs or 12K ... you catch the drift ..?
I know that when the market was at the top (when this thread started) it may have seemed strange to discuss a retreat, but now that it is in the red maybe people's minds would be open to discuss the down side. Any new assessment?
Dagong Global Credit Rating Co., the Chinese rating company that was recently rejected in its bid to be an officially recognized bond rater in the U.S., just downgraded the entire U.S. http://blogs.wsj.com/marketbeat/2010/11/09/chinese-credit-rater-downgrades-us/
Support and resistance in IWM: We bounced right off resistance at 74.05. First support for me is at the slow MA I use, the pink number, 72.06. Second support is at the price level represented by the bottom red line, 71.64. You could figure out the percentages from the figures. Adjustment to the SPY and SP500 would be needed for their somewhat lower volatilities.
Fed is hinting that they'll back up the economy/market, the retreat isn't going to be that deep. The problem is fear. We are all afraid one day that the market is dive. In reality, S&P is way above 200EMA and we're a long way before it tanks and causes street-wide panic selling.
This thread started when the market at its cucrrent 52 week high. So I understand that the pros in here could not speculate on the downside, when everything was green. Now that once can see the market lower, could the pros tell us something about this retreat? Is it over? Is it time to short? Is it time to take profits on shorts?
SPY now at 119.90. Within less than 1 point from the bottom before a higher move to try to test the highs?