Market Bottom?

[william the wie]

Stock Advice from Terral? Guess he's branching out.

I just wonder if he realized this was a stock market thread

 

[Argene]

Today's action was a great illustration of bear market action.

We opened strong and sold into the close to take us negative for the day. This tells me there is more downside to come.

We have had many days like today over the past month.

Yes. Maybe short covering in the morning followed by fundamentals. Who knows? I know there is no reason to buy and every reason to sell right now.

Some guy said that we might see a 1000 point rally, and you say that there is every reason to sell right now. So, which one of you two is the most correct? I think people who come right out and say how much it is going to move are the most brave, but they can also be foolish. Is there anybody else that brave?

 

[Argene]

Hi Rabbi:


No!!! There is "NO" Market Bottom! Say that to yourself 1000 times and then believe it! Why is there "NO" Market Bottom? Thank you for asking:

1. There is no bottom in the Housing Market, because:


2. The U.S. Dollar is toast. The only reason that the worthless U.S. Dollar has apparent strength

stock markets are held up by confidence and LIES and the entire system will CRASH when idiot day traders wake up and smell the coffee ...

GL,

Terral

Looks like you were wrong today. Better luck tomorrow.

 

[The Rabbi]

Today's action was a great illustration of bear market action.

We opened strong and sold into the close to take us negative for the day. This tells me there is more downside to come.

We have had many days like today over the past month.

Yes. Maybe short covering in the morning followed by fundamentals. Who knows? I know there is no reason to buy and every reason to sell right now.

Some guy said that we might see a 1000 point rally, and you say that there is every reason to sell right now. So, which one of you two is the most correct? I think people who come right out and say how much it is going to move are the most brave, but they can also be foolish. Is there anybody else that brave?

I am correct. Why will we see a 1k point rally? We might see 500 in short covering and some short term buying but the truth is the economy is not getting better and there are scary events like soveriegn debt default and municipal debt default waiting around the corner.

 

[saveliberty]

Decreased consumer spending numbers bode poorly for any sort of near term DJIA increase of a 1k nature. I saw it coming last month and see it again this month so far.

 

[foggedinn]

Electric utilities. Dull, boring, heavily regulated, and they always seem to make money. It's worked for me. Try ticker SO.

 

[Toro]

Today's action was a great illustration of bear market action.

We opened strong and sold into the close to take us negative for the day. This tells me there is more downside to come.

We have had many days like today over the past month.

Yes. Maybe short covering in the morning followed by fundamentals. Who knows? I know there is no reason to buy and every reason to sell right now.

Some guy said that we might see a 1000 point rally, and you say that there is every reason to sell right now. So, which one of you two is the most correct? I think people who come right out and say how much it is going to move are the most brave, but they can also be foolish. Is there anybody else that brave?

I've worked in the investment business for nearly 20 years and I rarely ever make such prognostications. It has been my experience that "brave" and "foolhardy" are interchangeable when making predictions.

As for the recent market action, it is acting schizophrenic. Almost all the relevant action is in the last hour or two. Friday was no exception. A program came into the market in the last 30 minutes and drove the indices higher into the close. There is a near-term bottom with some foundation. Plus, sentiment is bearish right now. That could give stocks some near-term some support.

My guess is that we have a bit more upside, but that's all it is, a guess. I have no idea what is going to happen next week.