SwingTrade Member Forum

[Rawnoc]

So much for sideways my man.... Dow 10,000 obviously coming THIS YEAR to a theatre near YOU

Rated R-awnoc

Posted by: Wizard Date: Wednesday, July 01, 2009 3:31:21 PM
In reply to: Rawnoc who wrote msg# 202033 Post # of 203577

Yep, that 3 month recovery was a bounce back from the overblown selloff - to bring us back to dead even for the year. But that recovery is over. Looking at the chart, you can see the uptrend rolled over and went flat, peaking at 8878 last month. DOW has been in a sideways band between 8250 and 8750 for two months now. Notice the 8500 level we are at now, we were at 8500 two months ago and also last January. I'd call that sideways for the year man. Of course, for a trader like yourself, there was huge opportunity when the market bottomed at 6500 and I hope you took advantage of it and made some money. All I'm saying is that I think you will have another opportunity like that this fall, and it will be the last inexpensive opportunity for a long time.

We are both long term bullish - it's just that for now, short term, I see the market pulling back while you see blue skies. GLTY.