Discussion in 'Stock Market' started by DanK, Jan 23, 2009.
If we close up today I'm thinking this is a really good sign and might be a bottom
I think Louis Winthorpe III and Billy Ray Valentine are waiting to make their move in the pork belly industry.
Esp Frozen concentrated orange juice
What a great movie.
I can't see this being a bottom. There's still a lot of companies that have yet to feel the full earnings effects of their unhealthy balance sheets, coupled with this economy. Not until jobs start increasing, at LEAST.
I'm still double short the DOW (DXD) in at 8600, and feeling quite comfortable.
Looking Good Billy Ray!
Feeling good Lewis!
We hit the bottom around 7900 or so. Hogan's bottom has held like Titanium.
Hard to say, though we very well may have seen the lows. The market is working very hard moving sideways and consolidating. The longer the consolidation and the longer the base that is built, the greater the move upwards if this is a bottom.
I hope so, next week I start my 8th graders on "The Stockmarket Game", I don't want them depressed.
From a purely technical perspective the November low of the S&P500 has not been tested yet. I think determining a market low is premature until that happens. Also the monthly RSI trend is still down. Admittedly it is oversold but it may stay oversold for quite some time because of its steep drop in the last year.
As a side note, even when a bottom is reached that is unlikely to precipitate a vigorous move up. The market will probably move choppily sideways for quite some time. The mortgage bubble has only 1/3 burst at this point.
(Disclaimer: I am strictly a daytrader.)
The second wave of the subprime is yet to come, the commercial side.
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