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  1. #51
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    Quote Originally Posted by dumbass View Post
    Hi Hoop,
    Still no real clear sign market has in anyway bottomed out.
    sp500 1061 was a significant pivot point and just got blown through and more importantly closed below this level.
    Market will need to close above 1061 and hold before any upside action.
    Not even oversold on daily.
    No candlestick suggestive of a bottom.
    Id say with this kind of downward momentum it seems prudent to expect follow through action.

    as i said prior, technical levels not too relevant , the big power players can move huge funds around at speed so this is a market that will not respect technicals per se.

    on the positive VIX has just posted a record close.

    so yes closer to the bottom than the top but if your a few days out with your bottom you may be on the wrong side of another thousand points.

    why not wait for a nice big hammer, a cofirmed uptrend and a nice retracement repecting a low point?

    dont catch the knife !
    Dumbass I think I found a big red hammer at the bottom of this page
    the DOW last close

    Nah ..stopped catching falling knives many years ago (when I ran out of fingers)

    Didn't buy anything today just observed ..pity

    DOW S&P bounce tomorrow methinks

  2. #52
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    oh forgot to mention

    why not wait for a nice big hammer, a cofirmed uptrend and a nice retracement repecting a low point?

    Dumbass..The same reason why you don't totally rely on technicals or anything else at the moment
    At the end of Bear market (3) nothing works very well, just too volatile... its been that case through out history.

    edit......oh I'm wrong ....One thing still works.. the Dow Theory




    Last edited by Hoop; 07-10-2008 at 07:16 PM.

  3. #53
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    hey hoop,
    im picking more downside pressure , not really seen a european banking crisis yet , which in my opinion seems inevitable.
    yes it was a nice hammer but still big drop and will be followed through with more selling.

  4. #54
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    I've been seeing all these bullish engulfing candlesticks followed by a bearish engulfing candlestick. Pretty confusing at the moment, there's too much volatility to read.
    Disclaimer: Do not take my posts seriously. They are only opinions.

    AMR has sold all shares and is pursuing property.

  5. #55
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    Wow DA, it looks like your caution was warranted.
    Disclaimer: Do not take my posts seriously. They are only opinions.

    AMR has sold all shares and is pursuing property.

  6. #56
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    Quote Originally Posted by AMR View Post
    Wow DA, it looks like your caution was warranted.
    Yep Dumbass good call
    so much for that hammer

  7. #57
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    a level which holds some significance is the 68% retracement not to be confused with the fib 61.8 level.
    its significant from the view if retracements occuring in thirds.

    dow 68 % retracement of recent bull market at 9438

    i looked on this as the last big reversal zone if we get a close below that then the earth will tilt of its axis and we will all be doomed.

  8. #58
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    close below 9438 now brings the likelyhood of full retracement of this total bull market.
    which would take dow to 6300 region.

  9. #59
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    Quote Originally Posted by dumbass View Post
    a level which holds some significance is the 68% retracement not to be confused with the fib 61.8 level.
    its significant from the view if retracements occuring in thirds.

    dow 68 % retracement of recent bull market at 9438

    i looked on this as the last big reversal zone if we get a close below that then the earth will tilt of its axis and we will all be doomed.
    DOW closed at 9258
    Dumbass...tickets on sale to leave earth $200,000 ...unfortunately it's only for a short duration.

    Seriously..I think the broken supports and crashing through retracement levels and TA targets is having a effect on lessening the downward momentum..there are positive signs on Wall St of some upward buying pressure emerging. Haven't updated my charts yet.
    Also the multitude of Financial patches being applied to the wounds in global unison also has large upward pressure potential

    Hoop gut feeling is that there is a unusual lead lag effect happening at present.

    Lead - lag theory is a black box to me not much comprehensional data around. Is there any TA indicators that touch on this subject?
    Last edited by Hoop; 09-10-2008 at 11:16 AM. Reason: spelling

  10. #60
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    Quote Originally Posted by Hoop View Post
    Seriously..I think the broken supports and crashing through retracement levels and TA targets is having a effect on lessening the downward momentum..there are positive signs on Wall St of some upward buying pressure emerging. Haven't updated my charts yet.
    ?
    hey hoop , a couple of failed rally attempts , market selling off end of day
    coordinated central bank intervention have stuff all effect.
    still looks pretty grim to me

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