Crash or Bottom?

I See The Index Markets.....

  • Crashing 3% the next two weeks

    Votes: 17 43.6%

  • Bouncing back to last weeks highs

    Votes: 22 56.4%
  • Total voters
    39
  • Poll closed .
P

Pabst

My work shows the 1549-1557 level in NDX and the 1204 area in SPX to be MAJOR inflection points. We could gap below here and the market's toast, OR we could put in a bottom Monday. Thoughts?
 
As has been mentioned, Katrina will probably spike gas when it slams N'awlins and the market will dump, at least for a day or two.

Or not... :confused:

Good trading to all.
 
I have no idea, but I will bet we go up just because they is so much fear and sentiment is bearish. On the flip side I think we will see record earnings, again. All that cash gotta go somewhere. I also think the fed is close to done with rate increases. I doubt Greenspan wants to go out with a bang (housing/market crash).
 
I do not think we'll see a bottom till the second week of September. We might see some type of rally here if oil moves down but there will be another sell-off before the markert rallies.

For now I'll short any pullback.
 
I think i' d start to worry if we break below 1.203 on the S&P and below the 2.100 on the Composite, given that we couldn't break above these levels for months.
 
Quote from Bitstream:

I think i' d start to worry if we break below 1.203 on the S&P and below the 2.100 on the Composite, given that we couldn't break above these levels for months.
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Exactly.
 
Quote from Pabst:

My work shows the 1549-1557 level in NDX and the 1204 area in SPX to be MAJOR inflection points. We could gap below here and the market's toast, OR we could put in a bottom Monday. Thoughts?
More...

We are very close to those numbers right now and we should see some buyers coming in trying to support the market: opening long positions with very tight stops might not be such a bad idea.
 
Quote from Bitstream:

We are very close to those numbers right now and we should see some buyers coming in trying to support the market: opening long positions with very tight stops might not be such a bad idea.
More...

I think there's a 50% chance that we gap hard below these levels to-morrow.
 
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