If you're short, I'm the sucker going long....: When we retest

Wednesday, February 18, 2009

When we retest

remember... EVERYBODY IS LOOKING FOR 740... it will be before that. and this may only be a preliminary bounce

2 comments:

Tony said...: 48 pts in the S&P is alot more to fall all at once. Do you think we see another rally up to 860 before the retest to 740?; February 18, 2009 at 7:46 PM
Eric said...: that is the $2K dollar question...

notice I didn't say $24K.

I think most of that will happen in one Whack.

friday is expiration. If there isn't a pivot on the monday before, there is a tendency to end on the lows on friday. This is like playing with fire.

If you want my WAG/Crystal ball this is a Monday washout setup.

standard protocol is big down Thursday, sideways friday, washout monday/Tuesday (I think we have only done this once)

This market has been rough... so I expect weirdness. This could go on for another week. It would not surprise me to see a dead cat bounce for a week... and yet that could be a diabolical reversal.

this looks like a 2 swing flag... I'm going to draw a chart.; February 18, 2009 at 8:00 PM

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