Everything seems Weird enough to be "The B word".
There are some negatives... there are a ton of "bounce calls" right now, but there were few on Friday, or Thursday.
But let me say, just about any Kindergarten technician would have know that we would get "Some kind of bounce" off of 740. Though volume was good, it wasn't a very high bounce. but 150 pts in this market is higher than you think based on percentage.
There is an Axiom of "the first bounce is regarded as purely technical.". I can say that maybe that there seemed to be some hesitation in the bounce "Technically" that could be a good thing, sentiment wise.
As much as I showed those charts, what you should draw is that "There is potential." and nothing more. When I trade, what I'm looking for is a good place to start a trade and set a stop... A mental one.
About 9 months ago, I thought this Market point was going to be the hardest... I'm not sure if that was a self fulfilling prophesy or not.
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
Sunday, February 22, 2009
Just to be clear
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