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"

Tuesday, October 6, 2009

ugh

Precter is out... Calling for the great crash of 09


badapaglia was giving the great bear talk today. That guy needs a new tune.

there was a comment last week from Barry about how he had been right at the top. Even though I watched him argue with Misch, and talk about 10-20% more, at the top...

That is quite a few bears...

*shrug*

and it seems like we are getting more bearish, not less... as everyone want's to call the top.

I wonder how Art Cashin is doing...


4 comments:

Tony said...

I hate to oversimplify this thing but it seems the entire trade is dollar, as it has been for a couple months. The Saudis are rumored to want to change the oil peg and that is moving the dollar. It's probably all BS, but that's the trade.

Did something happen to Cashin?

Eric said...

I just haven't heard from him, cause I add t-lo to my morning data stream.

Absolutely, seems like a huge sentiment point though! high emotion right now about it.

Tony said...

SPY at the 20-d MA and I can hear T.Lo saying how "everyone's watching this level" but if it breaks, I can't see anything but a run down to last week's lows. If it holds, how strong a support will it be?

Eric said...

I would look at the 104.45, as the trade of last resort.

but pulling back to it and finding support wouldn't be unexpected.

so if we can break below there, that is where you can safely say that the upswing is over.

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