Wednesday, November 23, 2011
As Above So Below
We went straight up, and after the consolidation from 1220 to 1260, we're going straight down. The market often plays out patterns in symmetry, fast up, fast down. Fast down, fast up. Since we went up so fast in October, it would not surprise me to see us go down fast in November. With such deteriorating global economic fundamentals, I am waiting for blood on the Street before I buy. Not even close yet. Next stop is a gap fill around 1150-1155 zone.
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13 comments:
Apple the last of the hero stocks and Buffet's IBM just getting going wait til these break down before getting seriously long. This is the leg that gets nasty everywhere.
I agree. Lot of people still hoping for a rally here. The tail end of the slide is always the worst. When I see it, I'll join you on the buys
Monday is a key turning point
I'm wondering if you bought today at 1150-1155.
Nope
Looking at the charts further it looks as if it could be bought on the close on monday. I will either buy on the close if we sell ahrd into the close or by monday at 10am. Good luck
Gonna trade BGU
i meant buy on tuesday at 10 am. Not getting to biased on this but we are severly oversold and a lot of things are lining up for a bounce.
The next turning point is december 5th.
The pros know A LOT of people are waiting for a big bounce to get on board (short), and of course to dump their longs before they're insanely under water, so that is why it just ain't gonna happen anytime soon.
who are the "pro's"? it's the pro's who are getting hammered lately
Maybe a short opportunity on Dec 5. One thing is for sure Monday is a turning point not a change in direction. I am looking for a trade that is it.
Nothing is for sure in the markets
Timing is a fools game pick a direction and sit tight and create stops that accommodate the current volatility
Agreed. or trade within the direction of the intermediate trend until overextended.. most here try to pick tops and bottoms all the time and rather be right than rich.
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