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Bear market is here?? (worst than 87 crash)
- Thread starter a529612
- Start date
Quote from Landis82:
With all due respect, ALL of the above is crap that the media presents as a reason why the market behaves the way that it does.
The bottomline is that the SPX broke out above the 1540 level to NEW HIGHS and failed to accelerate to the upside. When the market came back in UNDER that level and continued to trade under it, testing lower SPX numbers . . . it was a clear sign that this market was exhausted to the upside. Any technician that has an ounce of market history/experience behind him could see what was unfolding once the market failed to accelerate to the upside after breaking out above 1540.
Under 1530.80 was a huge technical short, with lows at 1506.10 and 1486 the next stops.
This market is trading TECHNICALLY.
The media puts on the fundamental
"spin" after each and every close to explain to the average viewer/reader why the market is going down.
It's too bad that ET doesn't attract anything more than people that are good at "cut and pasting" headlines, news reports, giving CNBC "play by plays" and all of the other mumbo-jumbo that the media presents.
Very true. The SPX charts don't follow any textbook chart pattern - maybe it can best be called a deformed triple top but the key thing is that the retracement lows were taken out which indicates significantly lower prices to come.
Quote from MKTrader:
I'd hate to see your panic levels if you lived through the S&L & junk bond days of the 1980s. Of course, it didn't lead to a long-term financial metldown any more than the Asian Contagion did in the 90s.
Each time, it's supposed to be different. It's always supposed to be the final straw.
The same mentality occurs with bullish euphoria like the runaway markets in the late 90s. "Yes, it's really different this time."
But it never is...
Sounds like Jesse Livermore...
"Wall Street never changes, the pockets change, the suckers change, the stocks change, but Wall Street never changes, because human nature never changes."
Nice post Wags. I don't know shit about finance. An S&P chart to me is no different than Bonds or Soybeans. My shorts off the highs were PURELY technical.
BTW: I sold ZN today before GDP and their reluctance to catch a bid off the weakness in stocks tells me the "flight to quality" trade isn't going to take yields much lower.
BTW: I sold ZN today before GDP and their reluctance to catch a bid off the weakness in stocks tells me the "flight to quality" trade isn't going to take yields much lower.
Quote from Landis82:
With all due respect, ALL of the above is crap that the media presents as a reason why the market behaves the way that it does.
The bottomline is that the SPX broke out above the 1540 level to NEW HIGHS and failed to accelerate to the upside. When the market came back in UNDER that level and continued to trade under it, testing lower SPX numbers . . . it was a clear sign that this market was exhausted to the upside. Any technician that has an ounce of market history/experience behind him could see what was unfolding once the market failed to accelerate to the upside after breaking out above 1540.
Under 1530.80 was a huge technical short, with lows at 1506.10 and 1486 the next stops.
This market is trading TECHNICALLY.
The media puts on the fundamental
"spin" after each and every close to explain to the average viewer/reader why the market is going down.
It's too bad that ET doesn't attract anything more than people that are good at "cut and pasting" headlines, news reports, giving CNBC "play by plays" and all of the other mumbo-jumbo that the media presents.
Shortly after the China sell off in Feb Gartman declared "A global bear market," so this wouldn't be the first time he is premature...
but who knows...
but who knows...
Quote from Landis82:
. . . it was a clear sign that this market was exhausted to the upside. Any technician that has an ounce of market history/experience behind him could see what was unfolding once the market failed to accelerate to the upside after breaking out above 1540.
Under 1530.80 was a huge technical short, with lows at 1506.10 and 1486 the next stops.
This market is trading TECHNICALLY.
[/B]
You use conjecture (the market is trading technically, according to the rules of technical analysis, whatever they may be) to refute conjecture (fitting a fundamental backdrop to a couple of days price action).
I would suggest that neither you or the newsreaders are correct. However, i would be very gratefully if you could tell us what the rules of tchical analysis are. Your posts seems to imply that they exist, can be quantified and can be followed. Many think differently and act accordingly.
I'll follow-up on my remark.Quote from trader225:
Don't lose your a** for the "technical"s.
Commodities aint always what they seem, technically speaking.
Commodities should not be traded without an awareness of their fundamentals. With commodities, the technicals always, in the end, reflect what is happening fundamentally.
Again: Don't lose your a**.
Quote from Landis82:
With all due respect, ALL of the above is crap that the media presents as a reason why the market behaves the way that it does.
The bottomline is that the SPX broke out above the 1540 level to NEW HIGHS and failed to accelerate to the upside. When the market came back in UNDER that level and continued to trade under it, testing lower SPX numbers . . . it was a clear sign that this market was exhausted to the upside. Any technician that has an ounce of market history/experience behind him could see what was unfolding once the market failed to accelerate to the upside after breaking out above 1540.
Under 1530.80 was a huge technical short, with lows at 1506.10 and 1486 the next stops.
This market is trading TECHNICALLY.
The media puts on the fundamental
"spin" after each and every close to explain to the average viewer/reader why the market is going down.
It's too bad that ET doesn't attract anything more than people that are good at "cut and pasting" headlines, news reports, giving CNBC "play by plays" and all of the other mumbo-jumbo that the media presents.
Why don't you start a thread and post your thoughts on what you like to study, If I'm not mistaken you like Elliott Wave theory.
I am guilty of alot of silly chatter here on this forum, I have made a decision to stop. I have noticed over the last 6 months a flood of new ET members, along with that a lot of meaning less chatter.