This market needs a 7-10% single day drop to clear out these sellers, this slow grind downward is just getting too much for any individual trader to handle. The SPX is setting up for a new closing low in my opinion, it would be great to get a total wash out and drop towards the 650 area and create somewhat of a definite bottom but who knows. I believe there is a trade on the long side setting up sooner than later. Lets see how the close looks, last friday the dow just barely closed above its 11 year low, today however I dont think this is going to happen.
Agree, The rally to 14k as I have said numerous times was all created with plenty of leverage, easy credit, low interest rates and plenty monopoly money. The rise back to 14k will take more than a decade to achieve, maybe even longer.
Looks like we got a 50 point bounce off the bottom with huge volume. A green close is a very strong possibility go long
If you're still scratching the 3 cents you have left from each dollar of your original portfolio, and are still making noise, we've got a lot further to fall. Thanks for being the best fade there's ever been anywhere, at any time.
Even if these 5 companies did go to ZERO it would only be worth a few hundred dow points however seeing these drop to ZERO would put even more extreme fear into the market causing major market panic selloff and probably bring the dow to around 3000, I want to say 1000 but im being nice with my 3000 prediction.
I am using him as an indicator myself, I have his posts integrated in my trading platform, looking to automate soon