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Friday, October 17, 2008 9:30:50 PM
You and raw shouldn't be so confident until this pans out. The dow closed flat for the week. All today's rally managed to do was close the gap from Wednesday's open. We've given back, to the penny, all of Monday's gains. Hard selling into the close. This is not a bull market. Bull markets don't give back all of their gains. They hold them with higher highs.
We may be in the process of bottoming, and in consolidation with accumulation beginning, but it's far to early to say a bull market has begun. Especially since we closed flat for the week. All we've managed to do is NOT set a lower low.
Early next week will be decision time. We're in a bear pennant at current time. We need to see a break of the down TL that's around 10,000, maybe 10,200 right now, with heavy volume, then a back test of that same TL as support, and then we'll have a bull market.
I do love the 400 point up, 400 point down days. I get nothing but long signals in the am, and nothing but short in the afternoon. Makes for very fun and profitable trading in the futures market.
What you guys don't get is, I don't care. I have no emotional attachment to anything the market does, because I'm flat at the end of every day. I just trade the very short term intraday trends. Nothing more, nothing less. And then I sleep very well and just don't care what happens overnight. Then I wake up and do it again. But I don't want to see people lose money cause some jack off tries to call the beginning of a new mega bull. Especially one who hasn't lived and traded through a real bear market. Raw at least did that, and very well, from 2001 to 2003. We were side by side on that one. But make no mistake. Monday was nothing but a snap back. All of the gains have been given back. It's now time to see if we can rally off a slightly higher low, on very heavy volume.
Buzz
We may be in the process of bottoming, and in consolidation with accumulation beginning, but it's far to early to say a bull market has begun. Especially since we closed flat for the week. All we've managed to do is NOT set a lower low.
Early next week will be decision time. We're in a bear pennant at current time. We need to see a break of the down TL that's around 10,000, maybe 10,200 right now, with heavy volume, then a back test of that same TL as support, and then we'll have a bull market.
I do love the 400 point up, 400 point down days. I get nothing but long signals in the am, and nothing but short in the afternoon. Makes for very fun and profitable trading in the futures market.
What you guys don't get is, I don't care. I have no emotional attachment to anything the market does, because I'm flat at the end of every day. I just trade the very short term intraday trends. Nothing more, nothing less. And then I sleep very well and just don't care what happens overnight. Then I wake up and do it again. But I don't want to see people lose money cause some jack off tries to call the beginning of a new mega bull. Especially one who hasn't lived and traded through a real bear market. Raw at least did that, and very well, from 2001 to 2003. We were side by side on that one. But make no mistake. Monday was nothing but a snap back. All of the gains have been given back. It's now time to see if we can rally off a slightly higher low, on very heavy volume.
Buzz
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