7 replies to this topic

[chris]

My gut feels like it did on that Friday in October 1987. Sunday night will be real interesting to see if there was any co-ordinated intervention over the weekend.

[rkd80]

My gut feels like it did on that Friday in October 1987. Sunday night will be real interesting to see if there was any co-ordinated intervention over the weekend.

yeah got out with a hefty close, but the bloodshed is continuing after the close. looking awfully nasty.

what kind of intervention are you referring to?

[tommyt]

its like panic in the afterhours mkt. Lots of week hands dont want exposure over the weekend.

[Cirrus]

My gut feels like it did on that Friday in October 1987. Sunday night will be real interesting to see if there was any co-ordinated intervention over the weekend.

Seriously? This market is nothing like 2001-02 or 1998. I wasn't around for 1987 but I've seen charts--don't think it's even comparable. I really don't feel or smell much fear but the VXO is saying it's there. By the way, I take the new highs in the VXO to be more bearish than bullish for the near term. This decline came right off of ATH's for a couple of indexes. I would think bounce very soon and then retest. I've learned enough in 14 years of following the markets that when things act like this you stay away and play only intra-day momentum moves with tight stops. I'm willing to buy a handful of companies based on fundamentals (CNQ, GPOR, QUA.to to name a few) that I really like LT on extreme weakness but that's about it.

[chris]

yeah got out with a hefty close, but the bloodshed is continuing after the close. looking awfully nasty.

what kind of intervention are you referring to?

The kind that occurred AFTER the crash when the boyz were given tons of cash and told to start buying XMI futures.

[hiker]

two facts for perspective: reversion to the mean is customary price behavior 50% SPX retrace is 1460 61.8% retrace is 1437 it is either a big deal or it's not when the dust settles in coming weeks/months...let's not loose sight that reversion to the mean price behavior continues for years and decades and trends then reestablish themselves. the future cannot be known, but some facts help keep the present in perspective. there is a gap fill below that would be a beautiful set up if it works to dip buyers favor..only time will tell chirs...thanks again for your contributions here..and you made another awesome target guess this week.

Edited by hiker, 27 July 2007 - 03:34 PM.

[gm_general]

Has either yesterday or today been a 90-90 down day, BTW?

[chris]

What did not happen was that the Dow did not get above its third trendline. Since everything is so oversold, that trendline needs to be broken 'cause the next trendline is "vertical".

DOW 60 minutes: