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Totally agree.. I made some $$ going long on AAPL during the rally... Im not that much of an idiot. Im just saying ( and I think the rest are as well) that this is nothing but a pullback to resistance/fibs. So the permabulls ( you know who you are) should be careful as the selloff will...

Ill remind you of this when we're at new lows in a month...

True.. cant argue with facts.. but the 78% fib stopped it dead in its tracks. This 'correction' was too short to be a V bottom. Im just not buying it... Take a look at the March 04 'bear' ... almost EXACLTY the same as this.. quick bottom.. quick rise back to the 78% fib then a...

True true .. I cant find a SINGLE precedant for a correction behaving like this ( and they usually have a pretty clear pattern). This is why I still believe we're headed down

Seriously someone slap me and wake me up if Im reading into this rally what I want to read into it.. BUT... All we're doing is climbing to the 61% fib which is where MOST pullbacks to resistance after a big decline fail..then we head into more lows. I shorted this rally ..call me crazy...

me thinketh it is far too soon to see if this is a real rally or just a very short term pop.

My $.02 The precedant for corrections has been set time and time again. The bears are STILL in control until we break the 61% fib line ..and arguably unless we go to a new high ! Look at the past corrections and you can clearly see that most of the time there is a healthy bounce back up...

if this correction is indeed over it would have been the least painful in recent history.. how likely is THAT ? This is a pullback to resistance and it may take a bit but then the selling will resume.

My theory ( and I sincerely mean no disrespect to stock_trad3r) is that hes probably very young... late teens, early 20s and this whole trading thing is very new to him. I find it more amusing than anything.

lol

Heres another vote for Tim's blog. Sure hes wrong at times but usually he qualifies everything he suggests with a clear stop loss. As others have said hes nothing like Cramer..that guy is 100% boob. Stock_trad3r your comment that "in a few months we will be at new highs" is more...

ding ding ding there really was no clear pattern to the OP chart.. it was a very sloppy channel or a very sloppy head and shoulders but definately not an ascending triangle. trade only the best patterns you find. If you have to force a pattern then move on.

Well thats what Im prepared for.. more importantly Im looking for us to top out around 1420-1430. I could very well be wrong and we just go down from here but my gut says we're going to have some upward momentum first.

It matters to us that trade the short term swings. But if you;re in for the long term then not so much. But I thought this was a trader forum not an investor forum. For what its worth I think we're going to head for the 50% fib around 1340 which is coincedentally about a 8.5% correction...

I hate 'predicting' as its only been a few weeks and the market hasnt chosen a direction yet. Even if this is only a correction to think that its over is naive. People saying this is/was a mirror of the '87 fall are crazy.. that was a 36% drop and then YES the market just slowly...

Looks more like a head and shoulders than an ascending triangle..

really ? care to elaborate

Speaking just for myself my stop loss is at the next level of resistance/support. So its always differnt. If the next level of support/resistance is too far from where I would be buying in I wait for another opportunity. Risk/reward ratio baby.

For current history I believe its 15th biggest drop percentage wise. I use anything after the 70s as before then everything was run very differently and I dont think you can compare. Regardless the 15th biggest drop out of over 7000 trading days is nothing to make light of. And if you...

I believe historically after a drop of this magnitude the probabilities favor a continued decline... Sure we will have some rallies , but overall the next month or two will see further lows being hit before we see a new high on anything. The questions always ends up being.. correction...