If we take out the low of 4/1 with increasing volume, that would be 1315 ish on ES we got trouble. Other than that we could just bounce around. It takes a lot longer for a market to put in a bottom, if it is one, then it does for a top to form. If those of you are convinced that there is going to be a market collapse then mortgage your house and go for it. I am joking but you get my point. So ppl. on this thread and forum act like they have a crystal ball. Me I view the current market condition as one that attempted to go from bear to bull transition which is showing some damage. Unless we take out the lows of the 1/22 and close low on greater volume who knows what will happen?
I am using just basic EOD data from Sierra chart, I will check? But they show 1315 with volume of over 2.3 mil for that day.
Thats right Holygrail. Gasoline is going back to a dollar a gallon, INTC is going to 70 and there will be no recession. There is no bear market!!! Hahaha. Whats going to happen to you when the doors to all those conference rooms during earnings swing open? We have been in a huge downtrend for the last 6 months coming off a large year long head and shoulders? You dont think there is a downtrend? No bear market? Oh man, where do you work?
M3 money supply is creaping into some of the print conversation hyperinflation vs. deflation race is on... http://seekingalpha.com/article/72116-m3-money-supply-and-inflation-got-gold?source=yahoo
This chart says it all. If you dont think we are in a bear market, then you need to sit down with Pabst and give him $500 a month. What dont you understand about this chart? We are in a waterfall selloff of epic proportions. You need to re-evaluate. Your on the deck of the titanic watching the band play while us wise traders decided to jump ship when it hit the iceberg. I dont think we'll see Holygrail anymore once that account implodes from his decision making.
OMFG you are Sooooo right. I need to liquidate my assets, get all of my money out of the bank, convert everything to gold, head for the hills and prepare for the impending apocalypse. Thanks so much for setting me straight. Before I go do you think you can predict for me when the mutants will start attacking? I want to make sure I have enough ammo stocked up. Thanks again bro.
You are so right. Bernanke+ Paulson commando units will be interecpeting any low ball trajectory on SPX. It will stop on a dime around 1270 levels, and than shoot back up mysteriously.
http://www.elitetrader.com/vb/attachment.php?s=&postid=1881997 Just look at the chart. You know price isnt going to suddenly turn around and go back up from here. The next stop is the low 1200s and then a little rally and then down to the target area of 1150. It wont be an apocalypse, just mass unemployment, high inflation and the other little nice things that characterized the 1970s. Maybe it might be like the 1930s. The roaring 90s are over and now we are stuck in this huge churn. Here is a good example of why you should worry. The Nikkei hit near 40000 in 1990 and has since never returned, never came close, to that old high and remains stuck in this endless churn with the propensity to go lower on a dime. Right now Im looking at the Globex and shaking my head. What if there was some type of disaster then this thing would really get red. If the Globex is this negative right now, what happens when really bad news comes out. I dont want to imagine.