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, November 6, 2008

Market action


SO.... Overall I hate this action.. Maybe it's just emotional memory from the last moves down. But.....There is some hope that we dropped below that support line, and it seems like value was found below it.... But still this move needs a bounce that will Fail.

This feels like a retest and not just a correction.

Could be that this is just a sell the news and buy the rumor on the NFP.

but Next week is options expiration....

But to me.. this feels like a near term wall of worry. but the market action says "Be afraid"

1 comment:

tradewell said...

feels like a re-test. All bears are out again, calling for 700 on SPX.

Opex is the week after (21st)

New Economic Indicators and Releases

What does Blue Horse shoe love?- Blog search of "BHL"

cnbc