Short-term bottom revisited?

DisciplinedHedg · Jan 29, 2003

Futures are tanking hard overnite after Bush's State of the Union. Almost all Asian and European markets are on the cliff of breaking into multiyear lows.

That's tough. We had a fakeout last Thursday, and now yesterday. This is gonna make a few people puke who got long on those fake bounces.

Is this capitulation?

DisciplinedHedg · Jan 29, 2003

I'd guess to say that we're getting a culmination of sell on the news, no definitive timetable from Bush, a useless and lost Democratic response, and foreign selling as they watch the United States and feel that we don't have our SH*T in gear.

Look on the bright side, CEO's have recently been saying "slight uptick" and "stabilization", etc. Our economy can't be that bad...can it?

MondoTrader · Jan 29, 2003

yesterday was an inside day with a positive close, stochastic is bottomed and turning upwards, the first of the october gaps is filled, etc.

It all looks good to me, If it opens down its a buying opportunity.

MondoTrader · Jan 29, 2003

bullish engulfing candle today, higher volume than yesterday. Looking even better

TheCaracal · Jan 29, 2003

Quote from DisciplinedHedg:

Look on the bright side, CEO's have recently been saying "slight uptick" and "stabilization", etc. Our economy can't be that bad...can it? [/B]

Bright side? Hell, even KRAFT warned today. And they sell FOOD!!

MER has layed off 22,500 people, and is planning on more still.
They even said 2003 was likely to be terrible.

I dunno either, but maybe it can be worse?

Guess we'll find out soon enuff.

Tycoon · Jan 29, 2003

This ain't no bottom. It's just a rally back to resistance. A bottom will be in place when volume surges, creating a wash-out low.

Tycoon

TheCaracal · Jan 29, 2003

Quote from Tycoon:

This ain't no bottom. It's just a rally back to resistance. A bottom will be in place when volume surges, creating a wash-out low.

Tycoon

Agreed!

Corso482 · Jan 29, 2003

Do I need to put up another chart with references to Hell in it???

MondoTrader · Jan 31, 2003

a lot of sh*t hit the fan this week, but dia and spy are hanging in there pretty well.

dbphoenix · Jan 31, 2003

Quote from MondoTrader:

a lot of sh*t hit the fan this week, but dia and spy are hanging in there pretty well.

They seem to be, but there's no divergence at all between the internals and price, so there's no reason to expect a rally. That doesn't mean there won't be one, but the probabilities are against it.

--Db