Thursday, October 29, 2009
Getting more bearish
We are watching a very slow motion crash in action. Based on today's action so far, I feel like people still haven't learned from the markets of the last 2 years. I feel even more bearish now after this GDP report and the investor reaction. Its almost as if everything is fine now and we are free to go higher into month end and the beginning of next month. I think we're going to sell off for most of the day and we'll maybe getting a little rally in the final hour. But I'm bearish today.
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5 comments:
I think you're gonna be wrong on this call dawg. I think there's a 50/50 chance we test the highs again.
Dude, I notice that you like to just stick to one direction of the market, and when the mkt confirms your bias, you continue to stick to that bias even when the mkt has reached your level or the game has changed.
Today, the face of the game has not only changed, but the mkt got stretched pretty good to one direction.
To be a good player, you have to learn to play both sides of the field dawg. Werd
I'm gonna get bullish next week. Still think we're gonna sell off some more before we get a meaningful bounce. The action this week has confirmed my belief that we've topped out and we'll be selling off for much of November.
I guess you got short right. You're expecting mkt to keep making a lower low than the 1042 it made yesterday.
You think we will sell of by tomorrw and possibly revisit yesterday's level in the 1040's 1050's.
I say the reverse. I think we'll be at 1065 by tomorrow.
I'm gonna stay short tomorrow as well. I think we've changed trends and I don't want to miss the downtrend. Today was the bounce off oversold conditions and it should gear us up for the next downleg.
I expect market to break tomorrow's lows either tomorrow or Monday.
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