Financial history doesn't repeat itself, but it often rhymes. You can't be stupid enough to trade off anything I say.... I'm lucky they let me out of the straight-jacket long enough to trade.

J. P. Morgan

"Sell down to your sleeping point"

Thursday, October 16, 2008

Futures

Went from +3 to down 7 on the spx....

To have any chance of a "Slightly lower low" We need more chop.
What I see, is either this has been a pause this week in a much larger move that is half way done....... I'm not sure what part of the previous move it's half of....
or
we can get some "Chop" and get either a slightly lower low, or double bottom or other variation of sideways.

Yesterday I was talking about how we had 2 full updays, the 2 down days. if it goes 2.5 down days... we lean heavily toward Bearish.

TK was talking about flushing it out this morning... but it doesn't feel like that. This feels like a descending triangle forming, so we will probably test, bounce then break the lows.

*shrug*

Not so much a fun game.

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