LONG NQ 1078

small position

Edited by iron cross, 03 March 2009 - 12:17 PM.

resistance at 1133-40

Odds are you'll get only what most bottom pickers get.. stinky finger.

Odds are you'll get only what most bottom pickers get.. stinky finger.

what do you put the odds at it hitting 1133 before hiting new low of 1069 on nq??? its currently at 1081

Edited by iron cross, 03 March 2009 - 01:55 PM.

Odds are you'll get only what most bottom pickers get.. stinky finger.

what do you put the odds at it hitting 1133 before hiting new low of 1069 on nq??? its currently at 1081

Oh, I don't know... just goofin'.. going for a laugh...

Iron Cross: Based upon past market statistics I would call for a high probability of an intermediate bottom here also. However, you are braver than me making the bottom call. This market is in a definite downdraft, and I do not like todays internals. I would expect broad base buying which we are not seeing. I am seeing some strength in different areas of the market, and consumer spending is increasing from December, to January, to February because of lower interest rates and better weather. The market is so far ignoring the positive signs, and they of course are not in the headline news.... Looking at Rydex Funds, I see about 37% of funds in cash and out of the market.... I can only guess in general there is a ton of money on the sideline waiting to come back into the market. Looking at the ST oversold nature of the market, the amount we are below Max Pain on the Spiders, the trickle of good news going into the market, positive divergences medium term in the market. Anyone not calling for a tradeable bottom is trading on momentum or they are using price targets ( which is dangerous ). Best Regards, Barry

"Anyone not calling for a tradeable bottom is trading on momentum or they are using price targets ( which is dangerous ). " With all due respect, I would caution taking any positions for a tradeable bottom right here. Many things that need to happen haven't. The next bounce you see, imho-will last for about three to four days-before you see another 140 point or so drop in the SPX. I don't think THAT bounce starts till about 25-30 SPX points below here. Trading with targets has not only not been dangerous-but effective and pleasant.

Edited by thespookyone, 03 March 2009 - 08:08 PM.

I'd say we're at a temporary bottom but by no means have we seen the intermediate-term bottom. This temporary bottom should be broken within a few days or couple of weeks at most.