SPX August low is gone.

Lets see if we can finaly get some panic going.

Lets see if we can finaly get some panic going.

The key to a panic will be the zone from 1350 to 1336. As 1336 is approached almost all investments from March 2003 are at risk.

I wasn't expecting 1350 til next week



(Last Nite's Blog Entry)

Tomorrow's the day. Say Your Prayers Bullies



The INTC earnings report sealed the fate of the market today. Read below about what's going to happen to the SOXX when it loses 350. I have some targets in mind:

SPX - 1350-56
Nasdaq 2296-2331
SOX - 315

This should be done pretty quickly. Unless the Feds (emergency rate cut) or Treasury (Mortgage Bailout Plan announcement) intervene here we should be at those levels by Next week around 1/22/08.

Tomorrow should just plain be the ugliest day we've seen in some time.

Edited by SemiBizz, 16 January 2008 - 11:00 AM.

...unless the target all along off the top was the stops located just under the August lows. Now that those stops have been triggered they have the volume needed to buy in their shorts and reverse for a rally--especially if bears load up on the break. It's definitely a bear market now on both a HiLo and closing pivot basis--but there is a window of opportunity here to reverse for a rally, if they so choose. Gotta start breaking some overhead resistance to consider that possibility, of course--but not a bad idea to keep an open mind at these junctures. Testing pivot support is usually not bullish--but counter-trend rallies can be lucrative for those who are nimble.

Friday may be options expiry, but the operator positions are getting squared today. After this bear spike, we're going to see a steep decline into Tuesday I believe. Today's lows may not be tested until then. I have a lower set of targets that could be hit, but I'm not expecting those until March. Overall, from fundamentals view all these earnings, revenues and rate cuts don't mean a thing. This isn't about the economy or any of the stuff the market normally trades on because this is NOT normal. This is about our CREDITWORTHINESS. There are positive developments evidently brewing there as the TED spread has come down substantially. On another note, checkout the Nasdaq High today, they left a 10ct separation gap between today's high and yesterday's low. Pretty good Bear Bait placement.

Edited by SemiBizz, 16 January 2008 - 11:34 AM.