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I'm calling it - The Top Is In
- Thread starter swtrader
- Start date
Quote from swtrader:
other than it being the fed day rejection level, what?
Not directly related to this question but it is quite often that the market plots tops by creating Trader Vic's Bearish 2Bs, Heads of Head and Shoulders, Rounding Tops, etc. The double top or lower high at the top is not always the top, they come in many ways shapes or forms. Just because it's not a double top does not mean it's not the top. There are so many variations I don't trust any of them.
You could still be right but deciding when right or wrong is where the real magic begins. Which is exactly why I'm not big on patterns, I rather just study support and resistance and decide if ultimately, resistance becomes support and vice versa. That's where the real truth of the matter reveals itself, everything else is not of big importance.
Quote from nickdes:
I think we are near a short term top if we are in a bull market--or I think we are near a top of a bear market rally. Whatever!
I think it's a bear market
the very largest rallys occur in bear markets, not bull
on the wilshire 5000 in 7 months, the market has gone from where it was in 1996 to where it was in 1999, 3 years of bubble
<img src = "http://www.elitetrader.com/vb/attachment.php?s=&postid=2601936">
JNJ tanking in the pre-market. Sales were down. The only reason they beat was with cost cutting/layoffs. They also cut research and development so sacrificed future growth to beat the street. Not getting much love in the pre-market.
The street wants to see sales growth to know if we are in a recovery. Not have to worry about more job losses coming for the sake of "cutting costs".
The street wants to see sales growth to know if we are in a recovery. Not have to worry about more job losses coming for the sake of "cutting costs".