msummer2007
129 posts
msg #53803
- Ignore msummer2007 |
8/3/2007 12:15:12 PM
Hopefully we have another rally into the close. Have a good weekend also.
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nikoschopen
2,824 posts
msg #53805
- Ignore nikoschopen |
8/3/2007 12:37:39 PM
For the moment, that glimmer of hope is fading when I look at the s&P futures. But my mama used to say there are time and place for everything. If it wants to go up, it'll go up; if not, it'll go down. Don't stress ureself out too much. :)
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nikoschopen
2,824 posts
msg #53807
- Ignore nikoschopen |
8/3/2007 2:44:23 PM
Hopefully we have another rally into the close.
I would think a lot of people share the same opinion, but I highly doubt this will happen for the third time. I think there will rather be a selloff going into the close due to the fact that the weekend is ahead of us. Moreover, with so many traders hoping for another rally, wouldn't it make more sense for the institutions to trigger a programming trade to the downside?
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nikoschopen
2,824 posts
msg #53809
- Ignore nikoschopen |
8/3/2007 3:03:34 PM
I fear the downward spiral could begin anytime now. "Boo-ya", my ass!
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nikoschopen
2,824 posts
msg #53810
- Ignore nikoschopen |
8/3/2007 3:57:22 PM
BTW, did Cramer ever revisit his previous "boo-yah" calls and told his blind herds to get the hell out? I thought not. It behooves me to think who is dumber: Cramer da man or the Cramerites da jackasses.
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luc1grunt
622 posts
msg #53811
- Ignore luc1grunt |
8/3/2007 4:15:10 PM
Nicely done Niko!
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nikoschopen
2,824 posts
msg #53812
- Ignore nikoschopen |
8/3/2007 4:22:23 PM
msummer,
Were you able to catch the downward swing? By no means was today an "easy" day to trade but it was more predictable than the previous two days. I'm afraid a lot of people got burned in that final hour mistakenly thinking that the market would bail them out again. I suppose this is the time to really test the effectiveness of ure filter, let alone ure trading skill and the knowledge of the market.
On a side note, we never got any meaningful rally this week and I'm not sure the market will deliver in continuing its downward momentum come next week. But anything can happen in this volatile environment so keep ure eyes out for any contingencies.
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nikoschopen
2,824 posts
msg #53813
- Ignore nikoschopen |
8/3/2007 4:23:49 PM
luc1grunt,
Ure welcome to hop aboard for the ride. :)
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alf44
2,025 posts
msg #53814
- Ignore alf44 |
8/3/2007 4:52:27 PM
Let us not forget...the SEC has rather quietly done away with the "uptick rule" !!!
Haven't heard much about this from CNBS (et al...) !!!
FYI:
The playing field HAS changed people...be advised !!!
This will almost without question affect (downside) volatility !!!
Regards,
alf44
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AND...speaking of Cramer...he said yesterday (with respect to the recent abolition of the Uptick Rule by the SEC) in his Stop Trading segment with Erin Burnett...
...We can't trust the pricing on stocks. I (ie. Cramer) don't trust the quotes on my trading machine. I compare right now to 1987 when the markets were in total disarray. On July 6th the uptick rule was suspended and now bear raids are back in vogue. "Market Players" can drive any stock down without the uptick rule...
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Did ya happen to see the bloodbath in BZH (Beazer Homes) on Wednesday as it was taken down over 40% in about 30 minutes ? It did recover somewhat but...it was pretty brutal.
Regards,
alf44
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nikoschopen
2,824 posts
msg #53815
- Ignore nikoschopen |
8/3/2007 4:55:52 PM
Here are my otherwise useless predictions for the major indexes in the near term:- If the market continues down on its slippery slope, we could see the Dow move down as low as 12,795 (its February high). Should it surpass that mark, it can potentially come all the way down to 11,940 (March low).
- The S&P already tumbled below its February high, so it's a matter of time before touching down on 1,365 (March low).
- The Nasdaq also officially crossed its February high today and will very likely come down to 2,340 (March low).
Beware that even when the market takes a free-fall, you will encounter bumps on the road that will make you stumble and fall. Good luck!
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