[Soultrader]

CNN seems to think otherwise: http://money.cnn.com/2008/09/08/mark...ion=2008090811

Surge in volume on the Nikkei today as well:




A bit unclear for me today.... though I am anxiously waiting on Lehmans announcement next Wed. Article here: http://money.cnn.com/2008/09/09/news...ion=2008090920

Also 10yr US Treasury chart shows extremely bullish sign on the 8th of September on the Fannie Mae/Freddi Mae acquisition by Uncle Sam. First move lower but nothing but accumulation..... a bit worrisome for the stock indexes.

[brownsfan019]

Is there some new people in the Candlestick Corner today? Wow. And here I thought only a few select people could even see this part of the forum existed.

[MC]

Originally Posted by Kiwi »

The trend is still down. And most indexes around the world are sitting over significant prior lows.
It would seem that a retest of those lows at least was reasonable.

The main thing that really seems to support the bottom is that there are not a lot of people calling it a bottom on the bulletin boards. A few more "bottoms in" calls and we could be sure of a collapse.

I also have a hard time believing this recent rally without a legit test. Just seems like too much momentum to stop on a dime. But I also think those that run the game know how close they are to wiping any small gains left on the buyers of the consolidation after the Y2k bear.

My one buddy does that...uses the consensus of boards on the internet to gauge what probably will happen. I've tried it out as well...usually the herd is VERY wrong. It does feel like doom n' gloom in most boards, especially lately so who knows.

[james_gsx]

Looks like we will get a nice range setup between 1200-1300. Granted 100pts is pretty big, but not in this market. As you can see, we had a nice gravestone doji that kissed 1300 and was swiftly rejected. After that, everything came crashing down. I've learned price tends to re-test those breakout points, which we got. The issue with the volatility is it can easily wipe out accounts if you're trying to swing trade something like this. So instead, I would recommend some sort of credit spread utilizing options until we get a breakout and another confirmed trend... but that's just me, and just for swing trading.

[SunTrader]

Low today for the S&P500 cash missed hitting Gann fan (chart posted the other day) by about 2 points. A little room for it to move up before convergence next week sometime of up/down fan levels.

Unless Friday decides to give us another monster big bar.

[brownsfan019]

Just a follow up here on the daily. Had a retest of a previous low:

[firewalker]

Originally Posted by brownsfan019 »

Just a follow up here on the daily. Had a retest of a previous low:

The first test is often a successful one. I'm very curious about what's going to happen next...

[brownsfan019]

For sure FW! The old saying is that the more times a S/R area is hit, it becomes weaker and weaker.