The motion suggests just a slightly lower low.....
But the week before the 87 crash... Options expiration...
I'm hoping Teresa and pete tell me what to think...
Cause you know, it's easier that way.
This should be the last week for the hedgies to raise money for redemptions... Of course that is probably just something I heard out of the talking heads...
Thursday, October 16, 2008
So .... I don't buy the retest
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4 comments:
Wall of worry time.
The tick values are interesting, do you think that could be interpreted as a contrary indicator, ie, bullish sentiment?
Naz looks double bottomish and should at least run up to the near-term resistance of 34.5 for an easy couple bucks. I'm not sure i would trust it to break through on the first try, though.
TK is giddy...
Teresa is saying Pennant...
but, this could only last till the morning. after the Hedgies could just start selling again.
I understand the hedgies argument... they have to sell for redemptions. But where does that money go? Immediately it goes to cash and stocks get hammered, but eventually high-net worth individuals are going to re-invest hat money.
On those wash-out days, it seems wise to buy into the panic selling and a pop will occur the next day or two. Wash-out days.. with large market-on-close sales... have been great opportunities to long if you have the balls to keep positions overnight.
Well... Much High net worth cash is going to have to go into fixed income. Some will go into buying up homes. Don't count on it going back into the market. And we will see much of the investing public stop investing..... All they see is a market that has gone no where.
they don't realize the trader mantra.
I could be wrong, but even if we have a Pennant, instead of a descending triangle, it's bearish
And all the public knows is that it's 1929, and there was a depression and you want your money out of the market. They won't know that the point they Know it It's over.
Nor do they know the causes, nor do they have confidence in what we are doing... they just think this is the economic version of the Iraq War.
Like Teresa said "uncle Ben, just declared Mission accomplished" and that is what the public sees.
I'll post an alternate chart in the morning... but it's just the standard dying Quail market moving sideways before a "Spike Low"
Besides that the hedgies have to cash in their options. The rally caused by the options expiration, they should use to liquidate.
but this market is full of crazy
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