Triple bottoms are rare: its game over

Quote from day7793:
detective quote on triple bottoms



All three major indexes are oversold. Hence some kind of capitulation is in the wings. Many stocks are hitting 50 day moving averages right now. Once all the players are back on Monday we will know what the game is.

In my Technical analysis I think we have yet to violate SPX's long term trendline on a 3 year chart. As long as we bounce off that we should see some higher highs.
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Yes,7793 they are oversold, but a good downtrend gets more oversold.

Yes some are hitting 50dma, some of those look like good up-trends by most measures.But buying ''C'' would be clearly counter-trend.

Don't know why anybody would want to buy Citigroup friday;
unless they were buying to exit/get out of Citigroup downtrend & simply liked to be early rather than late.

:cool:
 
If you've really been around that long (the 1970s, savings & loan, junk bonds, LTCM, 2000-2002 bear market, etc.) one would think you'd be more mild-mannered and rational about all this... doom & gloom is usually way overhyped, just like the permabull talk at market tops.

Quote from bgp:

TRACY I FORGIVE YOU, YOU'RE TOO YOUNG TO KNOW ANY BETTER.:)

BGP
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Quote from MKTrader:

If you've really been around that long (the 1970s, savings & loan, junk bonds, LTCM, 2000-2002 bear market, etc.) one would think you'd be more mild-mannered and rational about all this... doom & gloom is usually way overhyped, just like the permabull talk at market tops.
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Well said.

And quite frankly, I find the "triple-bottom" conclusion of the original poster to be about as naive as he believes such a structure to be as rare.

A-B-C-D-E

or

A-B-C-X-A-B-C

at 1370 SPX
 
On Friday, Bush stated that "financial markets are strong and solid". I take his statement as an indication that the Plunge Protection Team is ready to spring into action. With that in mind, I am going 50% long on Sunday.
 
I am not disagreeing that spending will slow, and so will the economy, and the markets will eventually fall, and BIG! But doesn't mean that markets go straight down. Quite the contrary. In the short term, markets have a tendency to take money back from the longer trend. The market is simply indundated with leveraged players who cannot physically nor mentally hold out for that long. In other words, markets have a tendency to screw the majority in the short term. It's self fulfilling, as soon as someone begins to cover shorts Sunday night, so will the next, and the next, and so on...

Quote from bgp:

TRACY I FORGIVE YOU, YOU'RE TOO YOUNG TO KNOW ANY BETTER.:)

BGP
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Quote from bgp:

THESE YOUNG INEXPERIENCED KIDS DON'T UNDERSTAND .THE CONSUMER IS TAPPED OUT !!!!

BGP
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While I agree about the market, where I live we must be supporting the rest of the country, 'cuz...

Today, you can't get in to the parking lot at the mall.

Its absolutely full of cars
 
we'll see how it all plays out. one thing i suggest to all those doubters out there, just look up bgp in past posts over the last 2 years and see what i have stated. thats simple enough.

good luck to you optimists in a bear market and so long for now,

bgp
 
I'm still thinking of buying YM mini dow futures Sunday night and holding on for the Monday bounce, no stops. Could be a 100 point bounce.
 
Since when has a 10% correction been a "bear market"?

You could certainly call the last year's action a sideways market, but it hasn't been a bear by any measure or definition....

Quote from bgp:

we'll see how it all plays out. one thing i suggest to all those doubters out there, just look up bgp in past posts over the last 2 years and see what i have stated. thats simple enough.

good luck to you optimists in a bear market and so long for now,

bgp
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