The Next Leg Down?

Jhershierra · Dec 1, 2008

Quote from richrf:

Market holding. Placed a limit Buy order on QLDs that has not yet executed. DDMs actually have a better chart, but I am speculating a bit on NASDAQ 100. Selling is weak. Shorts are hoping for another panic sell off, but I don't see it. Redemptions overall seem to be ebbing and accumulation underway.

well that would be good news.

I would like to see the redemption sell off finish up.

Yes I agree that only PRICE counts and what does it matter what the market is doing...just trade with what the market is telling you.

But last minute sell offs from redemptions are not my favorite thing to see.

noddyboy · Dec 1, 2008

Quote from Jhershierra:

well that would be good news.

I would like to see the redemption sell off finish up.

Yes I agree that only PRICE counts and what does it matter what the market is doing...just trade with what the market is telling you.

But last minute sell offs from redemptions are not my favorite thing to see.

Lows of the day will be the close. Highs of the month have occured.

Jahajee · Dec 1, 2008

Quote from stock_trad3r:

lol an increase in unemployment is priced into the markets

yeah, everything is priced into the market and yet it still
goes down.

keep on "lol-ing" , all the way to SPX 600

Ivanovich · Dec 1, 2008

Another stock_trad3r perfect fade thread.

The man is simply amazing in how often he can be wrong.

zboy2854A · Dec 1, 2008

It's true, the guy is one of the most uncanny contrarian indicators. We'll truly know the bottom is in when he turns bearish.

frank grimes · Dec 1, 2008

On the same day he said there would be no more 5-7% down days the s&p closes at its low -9%! Best fade ever! keep up the great work stock.

richrf · Dec 1, 2008

Market came close, but didn't trigger my Buy. Hopefully, the market will trade lower tomorrow. Continuing to accumulate.

stock_trad3r · Dec 1, 2008

Yea today sucked but still we've above october 10th lows.

still very good support

http://bigcharts.marketwatch.com/quickchart/quickchart.asp?symb=spx&sid=0&o_symb=spx&freq=1&time=4

Jahajee · Dec 1, 2008

Quote from richrf:

Market came close, but didn't trigger my Buy. Hopefully, the market will trade lower tomorrow. Continuing to accumulate.

Probable path over next few days:

intraday reversal tomorrow, then sideways to up for two days, then big big dump starting Friday into next week, to a new low

UNLESS the ET comedic contrarian responds to this and agrees... then all bets are off.

piezoe · Dec 1, 2008

This US economy is in deep, deep trouble. Far worse than most realize. A very serious situation for all of us, and dire for those many losing jobs.

Sadly, the US is caught with its economic pants down, and has little option here other than to print money -- and we all know what that that leads to. There is some hope that the new administration will at least be able to slow the pace at which we are unraveling, as many highly capable individuals are being called upon to serve. But a Herculean task awaits them.