Dow 2008

[postman]

So a quick round up of support levels shows...
Pat 12570, Steve 12531, and me 12547.

Now, who was it that said - "Know When to Invest. The idea is to get in and buy when everybody else is selling off because of a downturn that scares them..."

Limits orders are now in to buy tomorrow ... First one to close +100, second to close +150.

 

[erierambler]

Left chart: downtrend anybody?

Right chart: with August's lows gone, it's bye bye bulls!

On your right chart , it could very well end up being a shakeout....don't give up on the bull's yet........someone is buying.

erie

 

[Trojen]

You lot are making me well nervous.

MT: correction resumes
LT: still bullish, but within 2% of a bull market reversal (Aug low)

 

[firewalker99]

not so much a bear trap as volume is increasing as we approach August lows.....big question is will there be enough sellers left to break them lows...that August spike down was on massive volume,will be tough to take out initially....we'll find out tomorrow I think....
BTW Bernanke is due to speak Thursday 6 pm......

After eight days of selling, I can see why everybody thinks there has to be some sort of counter-reaction. And I'm sure there'll be one (already up +100 overnight), but I can't see it being supported by for any serious amount of time.

 

[Snownation]

Very bearish lookout for the month, 12200 finish by the end of month is not impossible.

 

[leovirgo]

Hi Apart from DJI itself, what do you normally look out for when you say bearish or bullish? Put call ratio or open interest or any outside external readings.. Anybody has any idea?? thanks

 

[2468steve]

Hi Apart from DJI itself, what do you normally look out for when you say bearish or bullish? Put call ratio or open interest or any outside external readings.. Anybody has any idea?? thanks

personally I use volume coming into swing points...whether it's more/less volume than previously dictates whether I feel that swing will be taken out....also usual suspects such as trend lines,ABC's etc

 

[Hook Shot]

Just a thought

FWIW....The (real) Masters of the Universe...... said they liked US in Nov 07 and called it almost unprecedented value.... they also said and are saying don't count out the resilience of the Us consumer.............

EDIToug Cass is hinting at pre-meeting rate cut
Nikkei is still above their lows ..........they also made a nice reversal day last night

 

[chilltrader]

choppy day today. pro'lly trying to form a base. bernanke speech tomorrow might have
an upside effect(?)

 

[chilltrader]

12200 today anyone?

 

[Trojen]

The Lady is red, the lady is red,

"'To-day I bake, to-morrow I brew,
The next I'll have the young lady's child.
Ha! glad am I that no one knew
That Trojen is my name."

 

[chilltrader]

umm.. did they let you out again Trojen?

now now, just calm down, take deep breaths and slowly count to 12200.

 

[Hook Shot]

Perhaps , perhaps not ?

After eight days of selling, I can see why everybody thinks there has to be some sort of counter-reaction. And I'm sure there'll be one (already up +100 overnight), but I can't see it being supported by for any serious amount of time.

As you may know today 9th is 90d since all time highs highlighted by Bill McLaren......
and we make a new low .........will it work or do we go to 3m mark on friday ?

 

[Dinos]

12200!!, nah, 400 ish drop from here today, I think not

 

[dc2000]

today its time to exit short positions and go long, should be a wild ride for most of day buy the low 500s sell mid 600s and 520s into close

interesting to see all the bullishness disappear after one days shakeout

 

[Atilla]

I was thinking we need to take a breather too.

The rises are very tentative and not exactly ooh we got it wrong guys and a V correction ensues.

With Bernanke's blabber coming up best to lock profits and sit tight for couple of days and do not much. :whistling

I would like a rise so that the bigger time frame H&S plays out. A rise to 12800-13000 to the neckline before another turn down would be just great.

 

[chilltrader]

Atilla. maybe a stupid question. but how do you "lock profit"?

 

[Trojen]

hey, hey!!!........wutt the hellz goin on yer????

i leave to wutch a moovie and yew chaps **** it up.....tsk tsk

 

[dc2000]

Atilla. maybe a stupid question. but how do you "lock profit"?

I think he means take money off the table and sit on your hands or play golf for a couple of days, you miss the first reaction but jump on the 2nd and often stronger move


didnt get the 520 into the close but it hasnt gone away

 

[noworries]

didnt get the 520 into the close but it hasnt gone away

no sh!t sherlock, neither has 13000 but I couldn't tell you if it's going to be tomorrow or the next day