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Thread: Market
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02-17-2009, 03:59 PM #1tronacate Guest
Market
Interesting day. I look for nov lows to be breached soon. And people keep buying google....pfffffft.
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02-18-2009, 05:59 AM #2
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Interesting indeed. It seems every time someone from the Obama Administration lets us in on their plans the market drops. Some might call that a vote of no confidence by anyone with investments.
People should learn endurance; they should learn to endure the discomforts of heat and cold, hunger and thirst; they should learn to be patient when receiving abuse and scorn; for it is the practice of endurance that quenches the fire of worldly passions which is burning up their bodies.
--Buddha
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02-19-2009, 08:20 AM #3
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If we get a close below 7500 there may be some resistance at 7000, then hello 4000.
The coming days are very critical.
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02-19-2009, 04:52 PM #4tronacate Guest
Ok.....here's my take. We are in wave 5 down from the Oct '07 highs. If wave 5 is about equal to leg one down then the cash s&p should bottom at
about 567ish. 700 and 600 will offer support as will 741.02. Of course this leg down will subdivide on the way but we are smack in the middle of 3 which should really give us a strong decline since today we broke the 78.6% retracement. The NASDAQ is playing catchup, but
will get smacked even harder with today's downside breakout of the wedge.
Line in the sand on $COMPX is 1374. RUT is 403.09.
They will catch up to the dow and s&p......probably tomorrow.
Gonna get ugly.
JMO
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