If consumers start hoarding money instead of maxing out credit cards then you have the recipie for a very long, Japan type bear market. I will concede that point. But that simply won't happen.
Talking about a "Sucker's Rally"
- Thread starter SouthAmerica
- Start date
We made a lower low and have yet to make a higher high. The market has been churing in a wide range for a month, thems the facts.
We are in a seasonal period that favors ther bulls, thems the facts.
We are in a seasonal period that favors ther bulls, thems the facts.
I covered my short position and sold all my puts when the S&P approached 819.
Why 819? Bring up a long term chart and apply Fib retracement from the 1975 low to the 2007 high and you'll see 819 was the 50% retracement. My only regret is that I didn't reverse and go long. But I too don't believe in this rally and I think if you got a profit from it you might look to take profits soon.
Why 819? Bring up a long term chart and apply Fib retracement from the 1975 low to the 2007 high and you'll see 819 was the 50% retracement. My only regret is that I didn't reverse and go long. But I too don't believe in this rally and I think if you got a profit from it you might look to take profits soon.
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SouthAmerica: Credit card companies are cutting the available credit card lines of credit even to their best customers.
And the entire population knows what is happening in the US economy with massive unemployment, exploding foreclosures - and this massive US government market intervention is not create new economic growth - it is to keep the US economy from imploding into a massive further meltdown.
Everybody that I talk to are cutting their expenditures as much as they can.
The department stores here in North of New Jersey are completely empty and a number of stores are going out of business. The dinners in our area also have been empty as never before. Even on supermarkets you notice that there are less people shopping and they are buying a lot less than before.
Real estate prices continue to decline month by month, and as I drive around I see so many houses for sale as I never saw so many houses on the market before. And the people who are trying to buy a house are having a problem qualifying for a new mortgage.
If you go to Borders on the middle of the afternoon the place is full of young and middle age people playing with their computers. But most people are just sitting there and they are not spending money.
A lot of people started realizing that we are in the beginning of a new Great Depression.
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SouthAmerica: Credit card companies are cutting the available credit card lines of credit even to their best customers.
And the entire population knows what is happening in the US economy with massive unemployment, exploding foreclosures - and this massive US government market intervention is not create new economic growth - it is to keep the US economy from imploding into a massive further meltdown.
Everybody that I talk to are cutting their expenditures as much as they can.
The department stores here in North of New Jersey are completely empty and a number of stores are going out of business. The dinners in our area also have been empty as never before. Even on supermarkets you notice that there are less people shopping and they are buying a lot less than before.
Real estate prices continue to decline month by month, and as I drive around I see so many houses for sale as I never saw so many houses on the market before. And the people who are trying to buy a house are having a problem qualifying for a new mortgage.
If you go to Borders on the middle of the afternoon the place is full of young and middle age people playing with their computers. But most people are just sitting there and they are not spending money.
A lot of people started realizing that we are in the beginning of a new Great Depression.
.
Quote from ess1096:
If it takes out 819 I'll get short again and when the 2002 low is taken out I'll cover near 640
those lines mean nothing. people were predicting the same thing back in 2002 usiing these fib retracements.