THOUGHTS
Watching this action today, I wonder how many traders are thinking "I know if I short here, it will just rip higher, and if I go long , I know its gonna crash." So what to do, I would scale, as it looks like the triple bottom is now set.
It is certaintly volatile action if not bizarre, and my gut tells me there is opportunity. We are sitting just under the 200 day SMA and it just feels like something is gonna happen to launch us .
The market internals are 2,500 to the red and I wonder what Jimmy will talk about on his STOP TRADING spot. Only money making stuff I bet.
For what it is worth, the broker index XBD is now down 20% from its high. I guess the brokers are in official bear market territory.
It is certaintly volatile action if not bizarre, and my gut tells me there is opportunity. We are sitting just under the 200 day SMA and it just feels like something is gonna happen to launch us .
The market internals are 2,500 to the red and I wonder what Jimmy will talk about on his STOP TRADING spot. Only money making stuff I bet.
For what it is worth, the broker index XBD is now down 20% from its high. I guess the brokers are in official bear market territory.
posted by DAVID at
2:13 PM
4 Comments:
What triple bottom? All I see is what looks like a straight line lower.
look closer
I suppose the market will get the "snapback" rally whenever folks quit trying to predict the darn thing. All I'm reading over at the financial boards and blogs are how folks are trying to get in to catch the bounce. There is still a bullish bent by folks, even with some of the more practical sentiment measures at extremes (put-call, etc).
Maybe we'll get the bounce when folks quit looking for the snapback and start worrying about losing more money.
"look closer."
In which index? It really doesn't look like a triple bottom to me.
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