We've broken the uptrend line from last Friday's lows. Decliners are swamping advancers with a negative summation index... Its a bear trend. Looking at the gap on the COMP. Be interesting to see what happens if/when that fills. Meanwhile Dow lost 8300 (which it defended yesterday) and is struggling to defend 8200. If that gives way we're into the 8200 -8000 range again. Still selling strength.
mm
Weakness
Started by
maineman
, Jan 29 2009 12:50 PM
4 replies to this topic
#2
ed rader
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Posted 29 January 2009 - 01:20 PM
We've broken the uptrend line from last Friday's lows. Decliners are swamping advancers with a negative summation index... Its a bear trend. Looking at the gap on the COMP. Be interesting to see what happens if/when that fills. Meanwhile Dow lost 8300 (which it defended yesterday) and is struggling to defend 8200. If that gives way we're into the 8200 -8000 range again. Still selling strength.
mm
i'm having a hard time envisioning how the market can be bottoming if credit is contracting and the economic news keeps coming in much worse than expected. this new bank deal is supposed to cost what....a coupla trill
?i know the market is a discounting mechanism but............
hey, at least the debt for the unfunded wars isn't an issue anymore
.ed rader
#3
Slothrop
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Posted 29 January 2009 - 01:21 PM
We've broken the uptrend line from last Friday's lows. Decliners are swamping advancers with a negative summation index... Its a bear trend. Looking at the gap on the COMP. Be interesting to see what happens if/when that fills. Meanwhile Dow lost 8300 (which it defended yesterday) and is struggling to defend 8200. If that gives way we're into the 8200 -8000 range again. Still selling strength.
mm
Excellent analysis lately, Maineman. Thanks.
#4
IYB
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Posted 29 January 2009 - 01:39 PM
Same here Maine. Yesterday was an answered prayer from the market gods. Thanks for your posts...DWe've broken the uptrend line from last Friday's lows. Decliners are swamping advancers with a negative summation index... Its a bear trend. Looking at the gap on the COMP. Be interesting to see what happens if/when that fills. Meanwhile Dow lost 8300 (which it defended yesterday) and is struggling to defend 8200. If that gives way we're into the 8200 -8000 range again. Still selling strength.
“Men, it has been well said, think in herds; it will be seen that they go mad in herds, while they only recover their senses slowly, one by one.” ― Charles Mackay, Extraordinary Popular Delusions and the Madness of Crowds
#5
maineman
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maineman
Posted 29 January 2009 - 04:06 PM
Thanks for the kudos, but if you knew me better you'd keep it under your hat, otherwise my head starts to swell and I start to think I know what I'm talking about and then I screw up. I'm sure Freud could figure it out if he were around.
Actually yesterday was a tough day psychologically if you are on the bear side as I've been. I added to shorts but had a fitful night, to say the least. But one must stick with one's plan and the rough night paid off and then some today.
One day to go in January. So goes the year.....
mm
