Short term bottom today

Pabst · May 10, 2004

Quote from ig0r:

markets will gap up tomorrow, we'd need a sustained up day on volume for a decent bottom to come in; otherwise look for more down room

So if we don't rally we may break?

ig0r · May 10, 2004

Quote from Pabst:

So if we don't rally we may break?

lol, PRECISELY!

lrm21 · May 10, 2004

So the question is who is gonna sell into any rally tomorrow or hold for at least a couple of days?

Pabst · May 10, 2004

Quote from lrm21:

So the question is who is gonna sell into any rally tomorrow or hold for at least a couple of days?

I'm a tad long. Not thinking about an upside target...but will puke below 89.50 in NQ or 80.00 in ES.

grimer11 · May 10, 2004

bottom pickers become cotton pickers. with nothing left but smelly fingers

grimer11

Pabst · May 10, 2004

Quote from grimer11:

bottom pickers become cotton pickers. with nothing left but smelly fingers

grimer11

That's the first thing you've ever said that I agree with.

Pabst · May 10, 2004

Also keep in mind. This isn't a move low in NQ. Just a semi retest of last months lows, albeit still 40pts above them right now.

lilboy716 · May 10, 2004

today, DIA & qubes blown through their 200day SMA.

that support is now a resistance.

There might be a short live surge of buying from investers "buying cheap". this is especially true for DIA, because it is its first time dipping below 200day SMA in a very long time.

as far as qubes is concern, it closed below the large decline from 2 fridays ago(4/30), this is very bearish. the next support is in the gap ranging from 33.8 - 33.25, that was created back in oct, 2003.

thats my 2cents
what do you think?

Quote from jrs3:

Thats my guess is today we see a short term bottom, Time to get long nope! just cover shorts.