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Those poor, deluded fools. Of course it's not their fault, they're innocent victims!

The Slope of Hope in action. The buyers are suckers who believe in the awesome power of the Fed and government intervention, so they're attempting to buy the bottom.

Exactly. Everyone please stop quoting the illiterate idiot.

Spectra, what are YOU laughing about? Stock777 has an average of 762 posts per year. You've got 992 after a bit more than 7 months, which is on pace for an annual rate of about 1,700 posts in 2007.

Indeed. I ended up OK for the day as an earlier short from the wave B or 2 high paid off. Should've held onto the freakin' put. On to Monday!

That'll teach me to post a trade.

Just bot an August 1470 ES call for 17.25. I think ESU7 just finished an ABC correction from the initial wave 1 (or wave A) up from the low two days ago. I expect the move up here to be corrective against the July 16-17 high. Target is a 62% retracement, stop is the ES low two days ago...

SM, the main reason I'm bearish is that the trend is down. I know, too easy, but as you've no doubt read on ET and elsewhere, usually that's the right answer. In addition, I don't see the huge debt overhang we have being easily erased without a lot of painful liquidation. That means lower...

PohPoh, a deflation in everything. I know this is very much a contrary opinion, but I think history is on my side. Debt bubbles resolve with deflation. If the government tries to inflate, the bond market will see this and totally break down. At that point, they won't be able to sell their...

Never underestimate the Power of the Schwartz, er, Fed! Well, here's a guy that thinks the Fed is as impotent as Bob Dole without Viagra. http://globaleconomicanalysis.blogspot.com/2007/07/can-fed-control-prices.html

SM, for me the key is the trend, which still appears to be down. The stats you cited in your post, which, along with good ol’ demographics, have been used by optimists for months (years?) in an attempt to support their hope that everything’s gonna be alright. The problem is that the stats...

Actually, I think this supports his point that it's going to be awhile before it's over.

CNBC

Yeah, because the government is just sooooo good at taking care of us. All those helpful civil servants just waiting to tuck us in. Would you also please decide for me where I can live, what color my house (oops, I can't afford a house), I mean my flat should be painted and whether it's OK...

This thread sure got quiet this afternoon...

Mish posted several observations from a guy living in that area back in late 06 and early 07. Even then virtually everyone was still saying "RE only goes up!" http://globaleconomicanalysis.blogspot.com Search the site using "FreeThinkerKW" as a keyword.

Well, in THAT case, the odds may be tipping sooner rather than later (grin). I think the next low will tradable on my timeframe, especially if it comes with a spike down on "bad news".

Good grief, one day of recovery and suddenly happy days are here again for the bulls?! If I were long, I'd be just a wee bit concerned about how anxious (desperate?) some folks are to call the bottom. I think considerably more fear and worry will be necessary to register an intermediate term...

Indeed. Everyone knows that at tops the paper publishes an article telling everyone to get out. All is well!

I think he's being facetious. It's hard to recognize on ET because it's so rare.