So, 38.2% retrace, No biggie... Not like with futures this is Brain surgery, but there seems to be more downside... maybe a mid day bounce then more selling maybe tomorrow. it will depend on price action, but the chart doesn't look like this is done.
There is no surprise about the NFP... I doubt anything but a 200K handle will be a surprise, but they will try and sell it.
My crystal ball is way off right now... Cause I just don't care right now, I'm staying Lean primarily and cautious, Politics and my health have my brain right now. I'm just working on being healthy, and this market just continues to be a horror show.
So... Today or yesterday it's like we are back to the emotions of october, and we should see that be on the Wain for a full month or even 2.
I'm trying to feel good about some rotation into some first recovery stocks, but it's tough... Coal and banks sold hard yesterday, so.... that was interesting, but I don't think the horror show is over for retail or tech... but maybe the price action over the next few weeks will show something.
My good mojo is off, but I'm expecting some kind of rally between now and say next Tuesday, bring us to a Nice top, then we can have a Healthy 3-5 day sell off..... I'll give this a 20% probability with my wires all crossed.
There does seem to be a little bit of bounce in the futures.. so that is good....
Maybe we get some morning selling and then a nice bounce into the close..... then some continued selling on friday morning then a nice reversal..... Seems like some good mojo going on in that mantra.
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
Thursday, November 6, 2008
How if I talk about the market.
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