Black Monday ??
- Thread starter hank rollins
- Start date
wow, dow futures down 50 already.
Quote from murray t turtle:
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Good points old chap;
T-REX I am suprised you don't agree with London USTrader, especially viva la difference between bull/bear trends.
Not only was that an unusual downmove this week in what has been a bull market in SPY;
actually if you check you weekly SPY charts.
Covered shorts in QQQQ related derivatives, tek sector friday ;
SPY closed IN 10 year plus record weekly SELL volume.
Sometimes record sell volume marks a a bottom area also;
note that record sell volume in SPY for since 1993 , not just in this bull market.
Here is what I said:
O.k. this is what I meant by what I said:
The ES 1245.75 marked the beginning of the Bear Market.
This is the Resistance area for the Stock market. To cross this level would mean that we have once again entered the irrational exuberance of the 1990's. This is hardly the case.
What am I saying? The so-called Bull Market that you implied is nothing more than a bear market rally.
I repeat.......This has been a Bear Market Rally Phase and nothing more.
Furthermore, The gap down from 10083 to today's open of 10063 markets a major reversal point for a corrective bounce.
This will be the point at which if there is going to be a bounce this is where we should see either a major resistance at the 10083 Friday close and/or the beginning point for a Fib retracement. I use Fib retracement loosely though.
Now for those that don't know:
YM Open = 10063
YM High = 10063
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= Black Monday has begun.
p.s. your confirmation signal is when you see the NQ fall 15pts!
Then it should really get ugly.
:eek:
you rock, babe---thanks for the heads up. holding shorts into the open.
The mere fact that this type of discussion is occurring should make everyone go LONG.
Quote from T-REX:/USLondontrader
Please forgive me. I have not been engaged in such intelligent discussion in quite some time.
You may wonder why I say S&P 500 @ 1245.75?
Well allow me to explain.
2 weeks prior to the attacks on 9/11 back when I was a broker I had advised my clients to load up on Put Options in both the S&P 500 & Dow Futures. Although I had no idea of what was coming on 9/11 I did see that the mkt was headed for a correction.
Well, the mkt has never recovered from that and now as you can see we have put in a Double Top when the S&P 500 tested that 1200 level but failed to hold it. That was the beginning of the end of this Bear rally.
Finally, IMHO, If and when Freddie Mac/Fannie Mae folds or defaults on its mortgage debts and the realestate bubble burst then you will see panic unlike anything ever seen in the history of this market.
Again you are correct. This is the begining of something big.
O.k. I'm done with my prognostications for the day.
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T-REX;
I remeber you nickname because i always figured;
the ''T=TREND-REX.
I agree with 9/11 being in a bear market, but despite short tek profits closed out friday;
DOW theory has SPY,DIA still in bull/main trend market.
Isnt Frediie Mac/Fannie Mae government guareenteed;
if not ???, as a bankers son , doubt if FED or the powers that be would let either or both fail-probably to big to fail.
Have mentioned the bigger the trend like RE, generally the bigger the correction;
and perhaps more foreclosures than many figured because of many over extended rookies in RE lately
Good calls on your downtrend puts-SEPT and I usually dont disagree with you T-REX, thats why i was suprised.