i continue to see further downside. told all of you at the end of april that my signals were called for a trip back to 10k. i then said by at 9750 and hold to 10,500 area. we broke 9750 and went to 9600.(i was close though). we did bounce all the way past my 10,500 to 10,700. i am now calling for a break of 9600 down to 9000 on the dow. i also think we se 8k but am not 100% on that as of yet. i will keep everyone posted.
the crash i called and continue
- Thread starter riddler
- Start date
How sure are you? NDX was at 1767 at today's low.
I think that the buyers between 1767 and 1730 have the potential to hurt the bears. (the distance between 1767 and 1730 is around 2%).
I think that the buyers between 1767 and 1730 have the potential to hurt the bears. (the distance between 1767 and 1730 is around 2%).
Dow at 10k is not a "Crash" by any sense of the imagination. Its not even a "Correction" which would be a one day drop of maybe 10%.
Ok, my mistake a correction is often a 5-10% drop over a short time period ( but often longer then a day ). However, my point is crashes are not that frequent and given that we basically had a market meltdown ending around March 2009 it is highly unlikely we get a crash any time soon.
My other point is throughout the 17 months since March 2009 there have been numerous people predicting market crashes
throughout one of the best bull runs in history. These calls were horrendous costing many people a lot of profits. There is absolutely nothing to suggest a crash is imminent fundamentally this year, earnings are strong and m&a activity is picking up. Every correction that occurs is met with bargain hunters buying up stock.
So I believe people on here are irresponsible to predict market meltdowns when any impetus to create this situation will not arrive for at least a year. At that time, it will be clear if a market meltdown is more likely. But NOTHING today suggests this is a likely scenario at all. The Chicken Little's of this site don't even provide reasons its just a religon to them and the "double dip" type analysts on CNBC ( who were wrong over and over again in 2009 ).
eg Looking at something like Canadian banks they had a huge bull run in 2009 during which they corrected around 5% down on several days on the way up. They make billions every year in profits. How do you justify a lower valuation ? How low could a crash take these stocks before someone gets smart and rebuys these money makers to pocket another 50% gain afterwards ?