The bottom is in...

[Petsamo]

Quote from gettinglucky:

woe... looq ad dat gap! :eek:

Well, it got bigger as the day went on.

 

[Tsing Tao]

maybe the bottom is in now eh yambag?

 

[risicum]

K, well I guess I will participate because it's fun having the opposite view. I happen to believe 100% we will break this 1040 level and then again break 1000.. I see the real 'second bottom' being in the 9 or 800s on the SPY.

Hows that for a call?

 

[S2007S]

Chicago PMI due out in 5 minutes, the bulls will want something above 60, anything below the estimate of 57 and the sell off continues


consumer confidence due out in 20 minutes as well, a drop below 50 and the bulls should leave the day to the bears.

 

[gettinglucky]

Quote from Tsing Tao:

maybe the bottom is in now eh yambag?

Marked weel rallie baq two Dow 10,000 shortle... Trushhh mie aun dis wand...

 

[gettinglucky]

Gap izz feeled... Se yer all @ Dow 5K... Jest keedin...

 

[retaildaytrader]

Here is what I figured. Look at the AAII sentiment. Its at a low. I think everyone is getting real short right now and expecting there to be a plunge. What if the plunge doesnt come then there will be a lot of short covering followed by momentum buying...

http://www.tradersnarrative.com/sentiment-overview-week-of-august-27th-2010-4606.html

 

[EminiInsider]

Quote from retaildaytrader:

Here is what I figured. Look at the AAII sentiment. Its at a low. I think everyone is getting real short right now and expecting there to be a plunge. What if the plunge doesnt come then there will be a lot of short covering followed by momentum buying...

http://www.tradersnarrative.com/sentiment-overview-week-of-august-27th-2010-4606.html

Could be. But that's predicting, always disastrous to one's trading account over long enough time line. True, sentiment is back down to past IT (intermediate term, +/- 50 point swings +) but...sentiment, as well as overbought/oversold, are only CONDITIONAL FACTORS. One should only use them once trade set up is in place for gauging potential thrust of a move...

 

[retaildaytrader]

Quote from EminiInsider:

Could be. But that's predicting, always disastrous to one's trading account over long enough time line....

haha. I try not to put that much thought into it. I just make a simple observation, make my move and then thats it...

 

[EminiInsider]

Quote from retaildaytrader:

haha. I try not to put that much thought into it. I just make a simple observation, make my move and then thats it...

That being said, I do agree that a rally is likely to take place. But me thinks it will be shortable...how many perfectly aligned triple bottoms have you seen in your trading career? ;-)