the trend is up, market has bottomed.
- Thread starter lundy
- Start date
Even if this is the bottom there will be way too much volatility to hold any positions long, without having a heart attack, through all of the short-term overhead resistance.
After Nasdaq posts one strong day, Traders are still going to short the intra-day breakouts and reversal patterns and hold them overnight for the chance of a huge overnight gaps (down)...or play huge swings to the downside.
Anyways, the sentiment is:
1. The CBOE put/call ratio=1.27 (slightly higher than sept reading)
2. The Nasdaq Bullish Percent Index is sitting at 40.74 (usually we get reading below 30 on this to claim a bottom. Although, this could drop to 30 in one day!)
3. Media is extremely bearish and newsletters are alerting clients to a possible test of 1986-1991 consolidation breakout of Nasdaq at 485 (they could be right, but I am just bringing light to all of the bearish tone out there RIGHT NOW.
what do you think?
After Nasdaq posts one strong day, Traders are still going to short the intra-day breakouts and reversal patterns and hold them overnight for the chance of a huge overnight gaps (down)...or play huge swings to the downside.
Anyways, the sentiment is:
1. The CBOE put/call ratio=1.27 (slightly higher than sept reading)
2. The Nasdaq Bullish Percent Index is sitting at 40.74 (usually we get reading below 30 on this to claim a bottom. Although, this could drop to 30 in one day!)
3. Media is extremely bearish and newsletters are alerting clients to a possible test of 1986-1991 consolidation breakout of Nasdaq at 485 (they could be right, but I am just bringing light to all of the bearish tone out there RIGHT NOW.
what do you think?
What do I think? I think I am going to turn my monitor upside-down and pretend that it is 1999 and we're all debating the possibility for Nas 10,000.
A multi week rally would be great, but where is the catalyst? Things are negative all over the world, not just CNBC. When we hit the last low in February new highs were out numbering new lows 2 to 1. World indexes were starting some nice uptrends, many of which held until the last two weeks. The other thing was we had September support which held pretty nicely on most stocks and indexes. Now, all the indexes are rolling over, new lows out number new highs. September is more like resistance than it is support at this point. Money is flowing from all markets to Real Estate and Gold. Seems that we would need some type of leadership somewhere for us to get a nice rally.
Long Coffee Short Sleep.
A multi week rally would be great, but where is the catalyst? Things are negative all over the world, not just CNBC. When we hit the last low in February new highs were out numbering new lows 2 to 1. World indexes were starting some nice uptrends, many of which held until the last two weeks. The other thing was we had September support which held pretty nicely on most stocks and indexes. Now, all the indexes are rolling over, new lows out number new highs. September is more like resistance than it is support at this point. Money is flowing from all markets to Real Estate and Gold. Seems that we would need some type of leadership somewhere for us to get a nice rally.
Long Coffee Short Sleep.
thats why we will have a huge relief rally
Scientists: Asteroid Passed Earth
Fri Jun 21, 3:41 AM ET
"An asteroid the size of a football field hurtled past the Earth a week ago, missing what could have been a catastrophic collision by a mere 75,000 miles â less than a third of the distance to the moon."
Scientists: Asteroid Passed Earth
Fri Jun 21, 3:41 AM ET
"An asteroid the size of a football field hurtled past the Earth a week ago, missing what could have been a catastrophic collision by a mere 75,000 miles â less than a third of the distance to the moon."
Originally posted by chasinfla
o, so it makes sense as it is? thanks for letting me know....
since u seem to like my pink floyd chas here's some more (especially appropiate for this thread):
one slip, and down the hole we fall
it seems to take no time at all
a momentary lapse of reason that binds a life to life
a small regret, you won't forget
there'll be no sleep in here tonight
at least it makes more sense than manfred whatsahoozis "wrapped up like a douche"....