Must I Be The Voice of Reason In All This Giddiness?
- Thread starter ess1096
- Start date
I don't think resistance is going to hold.
Under normal circumstances, you could look at 850 like that. But these are far from normal times.
Old saying is that the bears have Thanksgiving, but the bulls have Christmas.
So, we may see some consolidation next week, but I think December sees us go through 850 like it wasn't there.
Under normal circumstances, you could look at 850 like that. But these are far from normal times.
Old saying is that the bears have Thanksgiving, but the bulls have Christmas.
So, we may see some consolidation next week, but I think December sees us go through 850 like it wasn't there.
Where'd it go?
That blue line should be horizontal.
What was interesting to me was gold's move up to 800. If the market moved up so sharply, and gold was playing "safe haven" we'd have seen a down move. However, if the market moved up, and the deflationary argument is losing weight and inflation is gaining weight, we'd see what we saw in gold.
But we didn't see it in silver.
But we didn't see it in silver.
Quote from ess1096:
There seems to be much ado about nothing all over the TV tonight because the market "rallied" 400+ points on a late day Friday rally to end the week 400+ points DOWN! The media are so giddy as if everything is just fine now.
However, If you put away your five minute charts and your tick charts for a second and take a look at the big picture here is what you see on the S&P. The lowest weekly closing price of the 2000-2002 bear market was 800.58
Today's close, a weekly close, was 800.03 Think it was a coincidence? I think not. It is a point where bulls and bears are fighting. Technically it closed BELOW resistance. And the daily chart looks very bearish to me, like a short covering rally right up to the resistance point. But I think it's too close to call it yet since an oversold bear rally is always possible if not probable. So now we have to turn to the monthly chart which closes next week. We are looking at 815.28
Close above that and the bull have hope. Close below that and the bears have confirmation.
I am not making any predictions, just pointing to the facts. However, I did make some nice profits in PUTS and short futures positions the past few weeks and I took a small call position in DIA Thursday when $indu touched 7528.40 (can you figure out where I got that # from?).
This not meant as fascicious (sic) or a joke - how can one do TA when one cannot factor in the workings of the PPT? To me there is no doubt the PPT is playing these days...what can one do to calculate and forecast their actions? If you do not think the PPT is playing, please move on to another post. Thanks!
-gastropod
I think the PPT is real, but to me, it doesn't really matter "why" the market gets bought or sold or "who" is doing it - but, when I'm on the wrong side, I am always in a hurry to just get the hell out completely until the frenzy subsides.
T/A is just a tool for entries and exits, and lines on a chart are, well, only lines on a chart and bear market rallies are always extreme - a sure sign that we are still in a bear market.
Steve