Sentiment Is Too Bullish

Quote from stock_trad3r:

Rising wedge from october 10th still holds

http://bigcharts.marketwatch.com/qu...?symb=djia&sid=1643&o_symb=djia&freq=1&time=4

the contracting volume in the past week is a promising sign. Also the dow still 900 points above oct. 10th lows, so even if the wedge fails there is huge support.
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This is not a rising wedge. It is a symetrical triangle continuation pattern. Whether it works or not remains to be seen.

124zvnq.jpg
 
My opinion is that I've never seen things so Bearish. Everybody and their dog are talking about a Global Depression and even government officials are confirming that we are in a Recession and that a Depression is a possibility. I have friends and family crying to me about their 401Ks getting decimated. I've been trading since 1985 and I can't ever remember a time when opinions have been so overwhelming Bearish. If you believe in fading the extreme sentiment then being long is the proper trade. Of course, one has to keep in mind that sometimes the prevailing sentiment is correct? I definitely believe that the toughest trade to make here is to go short but it might be the most profitable?
 
Quote from Slave2Market:

My opinion is that I've never seen things so Bearish. Everybody and their dog are talking about a Global Depression and even government officials are confirming that we are in a Recession and that a Depression is a possibility. I have friends and family crying to me about their 401Ks getting decimated. I've been trading since 1985 and I can't ever remember a time when opinions have been so overwhelming Bearish. If you believe in fading the extreme sentiment then being long is the proper trade. Of course, one has to keep in mind that sometimes the prevailing sentiment is correct? I definitely believe that the toughest trade to make here is to go short but it might be the most profitable?
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sentiment and other contrarian indicators stopped working for a long time now. contrarians are getting killed this year
 
Quote from IShopAtPublix:

Why are there no "high fives" for the generally correct nature of my prediction?
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Too many college kids using ET as their internet "playground" and using monopoly money.

Difficult to give "high-fives" in that kind of environment.

After all, this is ET.
:D
 
Where are the fools who said not to fight the fed or the fools who said election years are the best for the markets, haha.

Come on, were headed back down towards october 10th lows and probably even lower as the VIX continues to surge.
 
Things just aren't that bad.

We should regain todays losses either tomorrow and or on Friday because there was no good reason for the selling.

When things are really bad there will be no doubt things are bad.
 
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