Replies to post #5800 on Market Sense and Sentiment (MKTSS)

[bbgold]

Thanks Steve, Bouncing so far
The market might take this capitulation as a good entry point and bring some Buyers back in, maybe. 8200 looks like it might be a good support level here. The August Call contracts are sure trading at a high premium so someone must be anticipating a bounce. I would not be too suprised to see us continue down after this bounce though. I have not even looked at a chart to see where we would find support lower than 8000. That would definitely be a Black Hole if we break that level. I am hoping that 8200 will Hold but not willing to Bet on it. If we can maintain above 8250 then we might get something going into the Close as per Monday again. I probably will not make any trades until next week though.

I hope that you are feeling better today. Was my comparision of the FTSI to the Dow misleading you into anticipating the market would rally for another day? I know that it had me hesistant to buy any Puts. I was Almost going to pick up some Calls yesterday but the market moving below the SMAs changed my mind. I have been burned a lot of times in the past by not following the Plan.
Good Trading Steve! :^)

Good Luck to All! :^)
PLAN the TRADE and TRADE the PLAN!