I feel it in my bones,all the signs are there. the market will drop hard and trick lots of fools into buying with the false hopes of the 3:00 rebound(we won't get it). Lehman is not getting bought out by a korean bank and thats what lifted stocks on friday;now the ugly reversal that will break through support and trigger tons of stops. reality has once again set in and i am just going to watch all the red from afar with a drink in my hand.
i was ALMOST right guys. it was a big drop but not a crash. i was spot on about not getting the fed induced 3:00 rebound.
Look at the volume. Everyone is out in the Hamptons . . . Even the FED. The Brits had their "Bank Holiday" today too.
Well said... The volume was extremely low and the market was very volatile (.vix). I was listening to trade the news guys from the futures pit and there was no excitement or panic. nor any major action. Lehman also only fell about 6.5%. That stock has been either going up and down in that range many times. Had it dropped 10 or more percent, that would've been a more significant signal. Also look at what Fannie and Freddie did. They were both up and Freddie rose by 17%.
Fundamentals are still bearish, and technicals have just turned extremely bearish. Who's gonna be last in line to sell this time around? We're going to 10,000 get outta the way.
Any real trader would have known there wasn't nearly enough volume today to cause a major sell off. Too funny.
Lot of bargains lately. Baby being thrown out with the bathwater. I love to short but There seem to be plenty good opportunities for a young investor to buy up a bunch of good Warren Buffet value plays. I love bear markets, the most profitable times in my opinion are bear markets, go long on the good stuff, short the shit.