this market is headed lower

Landis82 · Feb 2, 2009

Quote from whatthe:

You need better reading comprehension skills. He said if it opens lower and stays down through the closing. Well it didn't stay down through the closing so the following part of his statement cannot be evaluated.

But then you were the one who on Friday suggested a move down to 738.31 SPX, so I guess you were the one who is wrong again.

Yes, the 738.31 target is still a valid intermediate Elliott Wave target. And given the forum that I posted that in, everyone but YOU obviously understood that.

But leave it to a "pea-brain" such as yourself to think that I offered that target as something that would be achieved in ONE DAY.

ehmoran · Feb 2, 2009

Well, I'm thinking NOT.

Looks like most of the Financial are in a Trading Range along with many other sector stocks. Looks like oil is in a trading range, found a bottom (even with the One year peace treaty in Gaza today), and is slightly rising.

I think the amount of foreign investment into our markets will finally increase.

The Markets seem to be on a slight incline up. Looking at M1 and M2, the Market bottoms from 1958 to now somewhat coincide with the exponentially increasing Money Supplies.

Not sure if anyone else will sell even if it does go down (so whats the point of taking it further). Unless someone wants a deep depression and to lock down all the capital.

sirgiyan · Feb 2, 2009

I do believe we are about to rise a bit and your points are the one I consider to be the main reasons.

Quote from ehmoran:

Well, I'm thinking NOT.

Looks like most of the Financial are in a Trading Range along with many other sector stocks. Looks like oil is in a trading range, found a bottom (even with the One year peace treaty in Gaza today), and is slightly rising.

I think the amount of foreign investment into our markets will finally increase.

The Markets seem to be on a slight incline up. Looking at M1 and M2, the Market bottoms from 1958 to now somewhat coincide with the exponentially increasing Money Supplies.

Not sure if anyone else will sell even if it does go down (so whats the point of taking it further). Unless someone wants a deep depression and to lock down all the capital.

S2007S · Feb 2, 2009

Quote from whatthe:

You need better reading comprehension skills. He said if it opens lower and stays down through the closing. Well it didn't stay down through the closing so the following part of his statement cannot be evaluated.

But then you were the one who on Friday suggested a move down to 738.31 SPX, so I guess you were the one who is wrong again.

He believes the last run to 8300-8400 was the start of the new bull market....

It was only an opportunity to sell and get back in the short side. As of today I did lighten up very little bit on my inverse etfs getting ready for a small push higher, I would not get too excited though because any strong upward momentum will only be met with strong selling to the downside.

whatthe · Feb 2, 2009

Quote from Landis82:

Yes, the 738.31 target is still a valid intermediate Elliott Wave target. And given the forum that I posted that in, everyone but YOU obviously understood that.

But leave it to a "pea-brain" such as yourself to think that I offered that target as something that would be achieved in ONE DAY.

More reading comprehension problems from our resident planetary trader. I never said that I thought that you were posting a one day target. But you come off as a complete fool, as you continue to bash S2007 even though you now have the same bearish slant as him. Maybe you are just pissed about being bullish 3 weeks ago, right when the market topped out.

Illum · Feb 2, 2009

Mock him all you want, but he knows a ton more than most. I mocked technicals too much, I see them as so pure now lol. Not intraday, I cant play in that arena yet. My understanding of Elliot Wave says we dump, and dump hard. I am a week or more overdue. I blame this news pump job, not my timing of course.

I'm seeing we rip past 700. But I defer to those more experienced than me, Landis especially. Im still short, so it makes no difference. Technicals are funny. The more you dig, the further you go down the rabbit hole. And that hole can get crazy. I've read some whacked out stuff. Whatever, Ill be a moobat

Rex84 · Feb 3, 2009

I bet everything the market moves higher tomorrow.

edge666 · Feb 3, 2009

Do you guys actually make any money? As a businessman of 22 years I can tell you things are bad..........real bad. Forget the technicals......i have had to lay off 12 staff. Now they dont receive their normal wage cheque. As a result they dont spend alot of money and they certainly dont eat out.

I have been through downturns and upturns. This one is different. Its like a slow growing cancer.

I have traded shares on and off for 25 years....successfully might I add. I have one word of advise for everyone here.........get out whilst you still have some cash in your pocket.

S2007S · Feb 3, 2009

Quote from edge666:

Do you guys actually make any money? As a businessman of 22 years I can tell you things are bad..........real bad. Forget the technicals......i have had to lay off 12 staff. Now they dont receive their normal wage cheque. As a result they dont spend alot of money and they certainly dont eat out.

I have been through downturns and upturns. This one is different. Its like a slow growing cancer.

I have traded shares on and off for 25 years....successfully might I add. I have one word of advise for everyone here.........get out whilst you still have some cash in your pocket.

I know a few people that own small businesses and from what they have told me things are not getting any better for them, many still tell me they feel like its 1989-1992 all over again. They believe this is the same recession as it was back in the late 80's, but what I keep telling them constantly is that this recession is like no other recession this economy has ever experienced. They actully think things will improve in the next year or so, I totally disagree with any of their opinions on any improvement in this economy anytime soon. This stimulus package is just to weak to even have any impact on this economy, Trillions and Trillions were lost just so that a few people on that so call corporate ladder could make a few extra bucks.

dsq · Feb 3, 2009

market will follow the path of least resistance.Im thinking that is down.Market is prolly getting tired of rallying to dow9000 and then basing at 8000.I think the next move is a large move down to 7200 area.Market has no energy anymore.Totally lethargic and there is no upcoming news that can propel higher.Earnings are behind us...maybe obama s plan next week will get things going?Aside from that everybody is burnt out on stocks and corporate america.