Discussion in 'Trading' started by noddyboy, Jun 29, 2007.
My bets are down!
Today I bought heavy into SDS so I must say I agree. I think so.
I hope so.
Hope it gets real ugly. They are just opening the Pandora's box:
I want it to get real bad like 80's savings and loan scandalous but I doubt it.
I think too many people are anticipating downside so a major drop doesn't occur. The markets are just on borrowed time IMHO.
Is it just me or has the forums got a lot more quiet....I wonder if it is a sign...
I feel good if I can anticipate the price action for the next 2 - 3 5 minute price bars. Let alone a whole week.
But FWIW the late day reversal Friday looked awfully strong to me so I'm thinking that was probably at least very short term bottom. Should see some follow through to the upside at some point Monday. Ideally after a minor pull back so I can get long to enjoy it.
I concur, this is not the time for a major sell off. It does seem to be getting closer everyday and the similarities are uncanny.
I just watched an online video recently by some folks that follow Gann's cycle theories and it reinforced my thinking that another '87 is just around the corner...but when is the high $$ question.
They did present some definable events that must occur first.
It's likely to go down for the week, altough it can rebound up a little monday and perhaps tuesday.
Plus the terrorist attack in London will definately bring the bears out in full force.
As much as I'd like to see the DOW plummet this week or any week for that matter, I don't think it will rattle the markets too much at all. If that Glasgow event happened in the middle of the trading day, it may have induced some panic.
Nevertheless, it will be interesting to see how the shortened trading week plays out going into the 4th of July.
I'd still like to see some kind of Asian Contagion start tonight funneling over to the other markets. One of these days we'll open to heavy triple digit losses in the DOW from some unforseeable financial disaster out of Asia.
The only market reaction to the pathetic Glasgow "attack" is that the pound is slightly stronger so I doubt it will have any impact on the markets. The beginning of July is historically a time of strength for stocks and the daily chart is looking similar to early March before the 1000+ point Dow rally. It all comes down to earnings though which kicks off next week. It's foolish to make predictions but my bias is long. I can change my bias at the drop of a hat.
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