The Face of Things to Come

It appears the last few days was most likely the "dead cat bounce". When an index or equity is down more then a few days in a row then the likelihood of a short covering reaction rally increases. The retracement is usually 1/3, 1/2, or 2/3 of the original decline. The last few days was such a short covering rally and a retracement of the last decline before another move lower.

Now I believe we will swing lower. I had previously stated in this thread my exact target price which is 1487.41-(1540.56-1487.41)=1436.26 before a pivot point can be achieved. If the price sinks under the pivot. The 1436 level should be a rough 2/3 retracement of the original advance. I believe an exact retracement would be 1429.

This next point is very crucial. In May of last year, the indexes came down to brush the spine of the market or the ultimate resistance line that the market has bounced off of since 1983.

If the price goes through that line then we either have either 1) disaster or 2) bear trap or 3) island reversal where the price ducks under the trend line before jumping back up again and resuming the uptrend.

Markets tend to go down much faster then they rise so this correction might be a little sharp...
 
Quote from michaelscott:







If the price goes through that line then we either have either 1) disaster or 2) bear trap or 3) island reversal where the price ducks under the trend line before jumping back up again and resuming the uptrend.
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...so either up or down. I see :cool:
 
Quote from frank grimes:
I will have to make you look like an idiot again, but oh well you seem to make that happen pretty regularly yourself! I am will in wait this out. I have a 2% stop so lets do the math. 2% of 94.6= rounded off $1.90+94.6=96.5ish i'll get stopped out. My loss will be about 12k. Big fucking deal. I will continue to post here until I either get stopped out or I cover.
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Still here?
 
I figured it had to be one of the 7 year olds. Oh yeah, i'm still here. Boys that wear cheerleader outfits do not put the fear of God in me. I guess you and the rest of the no riskettes better start stretching out. You don't want to pull a hammy with all the bullshit that shall be spewing from you.
 
Quote from frank grimes:
I figured it had to be one of the 7 year olds. Oh yeah, i'm still here. Boys that wear cheerleader outfits do not put the fear of God in me. I guess you and the rest of the no riskettes better start stretching out. You don't want to pull a hammy with all the bullshit that shall be spewing from you.
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Good to hear you're OK.
 
Don't worry about me Mak. I learned a long time ago how to stay solvent. It is a little thing called discipline. I respect the market, I use stops. I don't let losing positions get out of control. I make money if the market goes up or down. Thanks for you're concern though. Now get back to the no risk threads wher you belong! Just kidding. Eqt will be back on here in no time.
 
I gathered from your previous posts you play it safe and are in for the longterm, not for quick overnight "all out" bets. Not a bad approach at all.
 
Quote from michaelscott:

The key here is Bernanke. The rates need to be aggressively cut right now, .50 or more. If they are not cut, then the ten year yield will continue its nasty rise.
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You are almost "comical" in your conclusions.
In case you haven't noticed, the MARKETPLACE has been RAISING RATES for the Fed.
Duh..... what does this tell you?
 
Quote from frank grimes:

Don't worry about me Mak. I learned a long time ago how to stay solvent. It is a little thing called discipline. I respect the market, I use stops. I don't let losing positions get out of control. I make money if the market goes up or down. Thanks for you're concern though. Now get back to the no risk threads wher you belong! Just kidding. Eqt will be back on here in no time.
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So hows that DDM short?

I said to cover on monday morning.
 
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