Discussion in 'Trading' started by turkeyneck, Oct 3, 2008.
Your DJIA sentiment next week?
.......8-10..........9-10. The market closing on its weekly low ought to portend a big up-day on Monday. We'll see.
With a TED over 380 I see 10K next week.
Next month 9800 will not surprise me one bit.
Unless we can re-ignite the CP market and spreads keep getting wider we will see a major deflation in the markets.
let's give Art Cashin that pony he has looked for for so long...as per his description, he has been diiging thru a barnful of horseshit, certain that there is a pony in there somewhere.
His age-old, tried-and-true, pattern for a market bottom is...down big late in week, thursday-friday, big down followthru on following monday, big down open on the tuesday morning, with a rip-roaring rally to close on tuesday.
that's his ideal scenario, and I have seen several that follow this pattern fairly well.
that said, I have also seen instances when it was so anticipated...traders anticiapting a whole lotta selling on a monday, and then again on a tuesday, etc, that due to that anticiaption, the selling that might otherwise 'normally' occur on a monday then tuesday, gets done 'earlier'.
possibe that may be the case this go-round. hard to say, I thought this market had found a bottom about a week ago, and that didn't hold.
the main point I make is, Art Cashin has accurately called the market as this decline has transpired, he may as well 'get his pony', and be done with it.
Volatile, we will see near 10K, but stay above it, close at 10,500-10,600.
Sometimes it's the most simplistic approach that gives the clearest picture.
?.........12-13......hmmm.......the Elliott Wave guys should be screaming for a move up to 11,723. That would "fit in" well with an organized media-conspiracy to talk-up a Christmas Rally starting immediately. We'll see.
should not we be having the election rally right now? something must be very wrong.
Maybe... the GOP is not going to hand it to Obama on a silver platter.
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