Discussion in 'Trading' started by joeyata1, Aug 17, 2007.
got out of the rest of my shorts yesterday but this will fail. its a massive act of desperation
It's a symbolic attempt to restore confidence and calm the credit markets. But I agree it will fail because the root problem is not lack of confidence, it's, simply put, too much debt in the economy in relation to interest rates.
there is`nt a more conservative sell zone on the chart than that spike zone......missed some of my resting GTC sell by ticks on that spike....looking for a retest.
i`ve been waiting for the top of this daily channel for quite some time to ride the lightning & figured it would need a catalyst to get there.......bingo!
Sure it can fail.
In the mean time we should see > 1500 in the next week.
That's why they lowered the rate, didn't they?
man i just remember the futile attempts by the fed in 2001 to stop the markets from falling and it didn't help.
They didn't lower the more important target fed funds rate.
& this storm is a category 5 compared to `01`s tropical depression.
I am bullish, but >1500???
the market will go wherever it wants to go. fed action is futile. what a great shorting opp
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