Short Term Trading

[xe2dy]

Nice chart. The ADX red -DI should peak soon and that's one of the things I will look for. So I think we see a bounce first followed by more downside. Again, the rising price of oil, slower retail sales, the prospect of another increase by the Fed next Tuesday, the election, the terrorist threat and the jobs question tomorrow (did I leave anything out? LOL!) should prevent any sustained rally.

Also in regard to 'panic selling' that may be an 'old' indicator to some degree.

The IT revolution has empowered a greater number of retail traders, like myself, that would or could have taken short positions today with out actually selling any long positions out of fear. More of a greed issue.

Like pegwatcher, JMHO