Feels like the end, Armageddon is here. The world will end, world governments will/are collapsing. and it's time to dig into the bunkers and wait it all out.
Well here is the daily candles, This is just stinky... I can kind of draw an ABC.... But in no way to I see a 6 wave pattern.
Here are the Intradays..... This gives me some hope.... It's also why I like intraday Entrails rather than daily candles. There is a livable ABC here in yellow... I can change it a bit make it fit the 1-5's which are in Red white and blue. With the fibinachi we have a downside target of 20-70 pts on the SPX roughly 98-93 on the SPY.
Art Cashin says, you can't bottom on a WED..... What if the fed steps in and cuts and we muddle till Monday...
Regardless of all this bullshit, I think you have to announce the great crash of 2008.
The real panic isn't retai, it's the hedgies, new lows are being made, but the significant moves are in the 60 most widely held stocks...
I'll also stick to my indicator of CSCO at say 16 or WFC at 30... maybe 31. maybe apple 80
I'm not a god person, but one can put on a meditation that Cooler heads will prevail.
As much as Tradewell mocks the dip buyers, I can't live with myself as an investor and not buy something every day.
Wednesday, October 8, 2008
When in doubt Bust out the Idiot waves
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