i always love that chart comparison. not that the nasdaq has to copy the nikkei, but just the fact that it's a possibility should be a wake-up call to everyone. ever since the nasdaq started crashing, there have been people on cnbc saying that the bottom is here. it could happen 10 years from now after all these people give up on it.
DOW Crashing ?!
- Thread starter Bono
- Start date
I'll just re-post this one here, so that u guys don't miss out. This is from another forum :
"Take this :
1) The dollar hits a 27-month low against the EURO
2) Goldman Sachs cuts estimates on SEBL and IBM
3) Merrill Lynch sees Tobacco stocks much lower
Bush better delivers his Middle East speech ASAP, 'coz otherwise, this is another horrendous day indeed."
And the futures are currently trading as follows :
DOW -47
NASDAQ -15.00
S&P -4.00
"Take this :
1) The dollar hits a 27-month low against the EURO
2) Goldman Sachs cuts estimates on SEBL and IBM
3) Merrill Lynch sees Tobacco stocks much lower
Bush better delivers his Middle East speech ASAP, 'coz otherwise, this is another horrendous day indeed."
And the futures are currently trading as follows :
DOW -47
NASDAQ -15.00
S&P -4.00
a big drop in the ratings for CNBC might signal a bottom.
posted by me on 6/17
"Personally I favor
the idea that the bottom is in already. But I'd be the first to
admit my inability to predict the future."
I was wrong. I'm secure enough to admit it. And Bono, I'd also go so far as to say that I was overly critical, contentious and perhaps a little dense with regard to the trendline business. I'd like to let it drop if you would.
What I should have said and still believe is that the bottom is NEAR. The reason why? There is apparent support in this area (1470 - 1350) on the comp dating back to 97'-98', we've had a long tailed candle on the daily, and the vix is above 30. I do admit that momentum is obviously strongly downward and it is a bad idea to get in the way of momentum, but all trends come to end.
BTW, I am strictly an intraday trader so my interest in this is solely for my amusement.
**************************************************
"What the world needs is more geniuses with humility; there are so few of us left."
- Oscar Levant
"Personally I favor
the idea that the bottom is in already. But I'd be the first to
admit my inability to predict the future."
I was wrong. I'm secure enough to admit it. And Bono, I'd also go so far as to say that I was overly critical, contentious and perhaps a little dense with regard to the trendline business. I'd like to let it drop if you would.
What I should have said and still believe is that the bottom is NEAR. The reason why? There is apparent support in this area (1470 - 1350) on the comp dating back to 97'-98', we've had a long tailed candle on the daily, and the vix is above 30. I do admit that momentum is obviously strongly downward and it is a bad idea to get in the way of momentum, but all trends come to end.
BTW, I am strictly an intraday trader so my interest in this is solely for my amusement.
**************************************************
"What the world needs is more geniuses with humility; there are so few of us left."
- Oscar Levant
I am not a perma-bull by any means, but we are overdue for a rally. All the stocks I would like to short are oversold.
One last thing ... today has a short-term significance only as far as Gann is concerned .. and should not be confused for a trend reversal of any kind ... and even more important, the market has to go up again tomorrow to confirm it as a short-term bottom .. and after all that - like all other technical analysis tools - it has an average accuracy of 80% ...
Good Trading
Good Trading
775 on the S&P. Here we come!
Runningbear
Runningbear