Let me help the bulls
Started by
saltlake
, Sep 29 2008 05:08 PM
7 replies to this topic
#2
selecto
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Posted 29 September 2008 - 05:24 PM
We have a Hobson close (low tick) and a tickometer signal. Just fyi.
#3
StillLearnin
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Posted 29 September 2008 - 05:33 PM
What do you see Saltlake?
#4
traderpaul
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Posted 29 September 2008 - 06:16 PM
Margin call baby(long squeeze)....P/C ratio does not matter....Joe-six-pack bearish.....does not matter......lowest tick readings does not matter.....Oversold does not matter.....Now bring back the short sale.....That may stop this.....There is no way to hedge your long with the short.....So what do you do? Sell.....
"Inflation is taking place now. Prices may not appear to be rising because they are making packaging smaller. "— Rickoshay
#5
arbman
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Posted 29 September 2008 - 06:16 PM
I agree, if this is not 1987, nothing will be. This is the single worst systematic and market-wide counter party risk ever since 1987...
Edited by arbman, 29 September 2008 - 06:17 PM.
#6
saltlake
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Posted 29 September 2008 - 06:23 PM
SL, The two sentiment indicators that I take the most serious are not showing the kind of fear that is associated with free fall bottoms. Its kind of weird actually, the dow drops almost 800 today(Biggest one day drop ever) and Im getting average readings. The third one I look at which is the vix is obviously showing climatic behavior. What really matters is my IT line is 1200 and my ST Line has moved to 1140.
#7
fib_1618
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Posted 29 September 2008 - 06:31 PM
You buy or sell option insurance?So what do you do?
Yes, the open should be quite weak once Aunt Minnie and Uncle Charlie learn about today's action on the evening news, although, with the Jewish holidays, this might relieve some of the selling pressure, which would then give the market a chance to catch its collective breath after lunch time.
We'll see.
Fib
Better to ignore me than abhor me.
“Wise men don't need advice. Fools won't take it” - Benjamin Franklin
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#8
thespookyone
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Posted 29 September 2008 - 07:49 PM
My take-we gap and run-North. Breadth looks exhausted, although STILL carrying bullish divergence at these prices. Tick and trin say up along with many other technicals. I haven't been trading the "bailout package" and have been doing just fine with regular old technicals, so I listened once again here-and went long QQQQ at the close. Good luck in your trading.
