10 replies to this topic

[dcengr]

A little bit of downside for a few days will get the bear appetite going. But it probably won't bottom (and a shallow bottom it will be) til monday, before the next leg takes us up around Dow 13,400-13,500. Then we look at sentiment and see if its A-OK.

[89S10]

How many S&P 500 points down might the shallow bottom be?

[dcengr]

How many S&P 500 points down might the shallow bottom be?

Hard to say.. On the dow I expect it to hit Dow 13,300 tomorrow, then give back about 200 dow points, before spurting back to 13,500.

That's what I see right now, and sentiment seems to be confirming it.

My guess is that NDX will initially be weaker in this short term downside than the Dow or S&P.

[lmd99]

How about a gap up tomorrow to S@P 1475. Creates a 3 gap play all the way back to last Thursdays close at 1412. Not exactly shallow though..

[ogm]

We aren't done thats for sure. Look how many people are trapped upside down and still keep shorting and hoping.

[dcengr]

How about a gap up tomorrow to S@P 1475. Creates a 3 gap play all the way back to last Thursdays close at 1412. Not exactly shallow though..

Sentiment supports all the bulls buying with both fists at every dip. I think they just about ran out of money today, so smart ones who bought at the bottom will cash out and drive prices down. Then, if I'm proven right, the dumb ones will start buying next week going into labor day.

If all things plan out, the week after labor day is going to get fugly as hell. But I can't call that until I see the data that confirms it.

It will jump up so much on friday that only bears with balls the size of basketballs will short it.

I think we will make a lower closing low, perhaps a lower overall low, before this correction is over, but again, things must confirm and so far they are. One week to go and I will update my reading of data.

[89S10]

How many S&P 500 points down might the shallow bottom be?

Hard to say.. On the dow I expect it to hit Dow 13,300 tomorrow, then give back about 200 dow points, before spurting back to 13,500.

That's what I see right now, and sentiment seems to be confirming it.

My guess is that NDX will initially be weaker in this short term downside than the Dow or S&P.

Dow down to 13100, would about fill Wednesday's gap.

[JAP]

We aren't done thats for sure.

Look how many people are trapped upside down and still keep shorting and hoping.

100% long and absolutely certain the market is going up, huh?

How's this sound... I'll rent your crystal ball and pay you $500 a day.

[pdx5]

ST (1 week) I am bullish IT (1 month) I am neutral Longer than 1 month I am very bearish. My trading account is long. My Buy and hold account is flat in Treasuries.

[danzman]

Let the guessing games begin....oh wait...it's always been like this. Most traders just guess. So I'm looking for a ST system to trade the SP. I've been trading the IT, and want to diversify with another timeframe. Anyone have some PROVEN system ideas? I'm a 100% mechanical trader. Maybe I'm asking the wrong board. D