S&P500 made a double bottom today!!!

[Kanzei]

Quote from joemiami:

Until someone lights a bottle rocket under Bernanke's ass to push him to raise the dollar, this market is headed closer to the depths of Lucifers kingdom

Id like to know which segment of the market could possibly help pull it up from what is now officially considered bear territory.

financials- show they still choking on their own vomit

transports- are hurting from climbing energy prices

biotech- out to lunch

service industry- lay offs

oil...lol........just wait till Israel attacks Iran.. $144/barrel?.... you aint seen nothin yet!!

Bernanke's Bilderberg Brother Trichet took care of that today.

Absolutely no excuse for not having a major tightening bias, except for what Trichet SAID: "Holding rates will help the U.S."

 

[stage x tuning]

Quote from Port1385:

Double bottom on the chart with increasing above average volume. Hammer at the end. Im aiming my bat for the cheap seats. By year end, 1550 or higher. When Christmas hits, if you were not buying today then say sorry to little Jane. She is not getting presents this year.

So you really think that we are on our way back up.:eek::eek: i don't think so, even being a newbie i see that you have to take a look at the bigger picture and not look at the short term. but if you think that the market is going up, at lest i know where im making the money from. unless we break through 200day moving average and stay above it for a while i don't think that we are going to see a bull market for a while. you have to take everything into account. the housing market is not a the bottom, oil still didnt hit a top, and the economy is still lossing steam. can the market rally back to the failling 200MA sure but i dont think its going to stay or go above it.

S&P 500 10Year Daily Chart

 

[Landis82]

Quote from stage x tuning:

So you really think that we are on our way back up.:eek::eek: i don't think so, even being a newbie i see that you have to take a look at the bigger picture and not look at the short term. but if you think that the market is going up, at lest i know where im making the money from. unless we break through 200day moving average and stay above it for a while i don't think that we are going to see a bull market for a while. you have to take everything into account. the housing market is not a the bottom, oil still didnt hit a top, and the economy is still lossing steam. can the market rally back to the failling 200MA sure but i dont think its going to stay or go above it.

You make a rather naive assumption in your analysis in placing so much emphasis on a 200 day MA.

 

[kashirin]

Quote from Landis82:

You make a rather naive assumption in your analysis in placing so much emphasis on a 200 day MA.

hmm, village idiot after 100 false bottom calls trying to teach

 

[matgallis]

He's making a better analysis on the other factors especially the economy still not officially in a recession

 

[Landis82]

Quote from kashirin:

hmm, village idiot after 100 false bottom calls trying to teach

You're too funny.

I get stopped out of a market trading low "call" for 7 SPX points and you can't wait to "bash" me . . . Even if this country goes into a sever economic recession/contraction, it still enjoys 1 MILLION TIMES better the quality of living than that joke of a country you live in! Time to crawl back into your "hole" my friend. Either that, or come back and attack me with one of your 7 other ET alias's.

 

[stage x tuning]

Quote from Landis82:

You make a rather naive assumption in your analysis in placing so much emphasis on a 200 day MA.

then why dose the market seem to respect it so much?

 

[Landis82]

Quote from stage x tuning:

then why dose the market seem to respect it so much?

I think you are mistaken.
The 200 day MA is not respected by the DJI.
The 200 day MA has frequently been "violated" only to see the Dow Jones rally back in very strong fashion.

Look at the chart in August of 2007 where the Dow broke the 200 day MA by 400 points and then went on to rally from 12,450 to new highs at 14,279 in October of 2007. That's over 1800 points!

In January of 2008, the Dow rallied from its low at 11,508 to 12,841 ( for over 1300 points ) and never got within 250 points of the 200 day MA which was still trailing far overhead.

In March of 2008 ( at the Bear Stearns low ) at 11,650 the market rallied up to 13,200 for a total of 1550 points. The Dow Jones did not cross the 200 day MA to the upside until 12,800.

Why would you WAIT to get LONG the DJI until after the market had rallied 1150 POINTS???

That is why the 200 day MA is literally worthless.

 

[Landis82]

See DJI chart with 200 day MA

 

[S2007S]

Quote from Landis82:

I think you are mistaken.
The 200 day MA is not respected by the DJI.
The 200 day MA has frequently been "violated" only to see the Dow Jones rally back in very strong fashion.

Look at the chart in August of 2007 where the Dow broke the 200 day MA by 400 points and then went on to rally from 12,450 to new highs at 14,279 in October of 2007. That's over 1800 points!

In January of 2008, the Dow rallied from its low at 11,508 to 12,841 ( for over 1300 points ) and never got within 250 points of the 200 day MA which was still trailing far overhead.

In March of 2008 ( at the Bear Stearns low ) at 11,650 the market rallied up to 13,200 for a total of 1550 points. The Dow Jones did not cross the 200 day MA to the upside until 12,800.

Why would you WAIT to get LONG the DJI until after the market had rallied 1150 POINTS???

That is why the 200 day MA is literally worthless.

When would you get long for a strong bounce to the upside?


Im looking to take on a few new positions when the DOW drops below 11k.

Aside from that the next major catalyst for this market is a correction in oil, if oil corrects back down below 120 you will see the DOW back above 12000.