Posted by dodgerdog on 29th of Jan 2009 at 08:37 pm
Today's selling was much deeper than one would like to see if
bullish - yesterday's highs "may" have marked the highs for
sometime unless we manage to recoup very soon. The bearish
count would have the SPX 877 high as completing Wave 2 up with Wave
3 down beginning today. This is within our larger Wave 5
down. The next few days will be quite telling but please DO
NOT get complacent in this brutal bear market. Key support
levels on the SPX futures are 839/41 which if held could produce a
nice bounce/rally. We have the GDP report tomorrow morning
which could have an impact on the futures.
Ok then yesterday was your top of Wave E more than likely.
It's going to get rough now. I can tell you one thing
customers I'm calling on are not buying a thing unless it cuts
current cost period. In some cases there canceling agreements
and doing less or going without.
Posted by junkmaylbox on 29th of Jan 2009 at 09:14 pm
Also, what's a good way to play wave 3 at this point, assuming
that dodgerdog is correct in labeling it? Short XLF or short
IYR? I know of ultra shorts but many indicators gave a buy
signal yesterday. I am perplexed...
I didn't. I went back to Cash today in my
401K. Tried to play this Wave 4 bounce but it just
didn't go. I only lost 1-2% max. Will wait it out and
buy at lower prices. Your long term calls have been spot on.
Everything globally is starting to unwind. There is no safe
place unless you want to short. People are waking up to fact
that its really really really bad now and no signs of a
bottom.
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Quick Comments
Posted by dodgerdog on 29th of Jan 2009 at 08:37 pm
Today's selling was much deeper than one would like to see if bullish - yesterday's highs "may" have marked the highs for sometime unless we manage to recoup very soon. The bearish count would have the SPX 877 high as completing Wave 2 up with Wave 3 down beginning today. This is within our larger Wave 5 down. The next few days will be quite telling but please DO NOT get complacent in this brutal bear market. Key support levels on the SPX futures are 839/41 which if held could produce a nice bounce/rally. We have the GDP report tomorrow morning which could have an impact on the futures.
Steve, Did the start of Wave 2 begin
Posted by cspirit on 29th of Jan 2009 at 09:02 pm
Steve,
Did the start of Wave 2 begin at SPX 805 and you believe it MIGHT have completed at SPX 877 yesterday?
Yes, that would be the
Posted by dodgerdog on 29th of Jan 2009 at 09:17 pm
Yes, that would be the bearish count for Wave 2 or it was Wave E of the triangle. I showed BOTH last night on the same chart so you should be aware.
SPX Daily- here's the chart shown just last night.
Ok then yesterday was your
Posted by cspirit on 29th of Jan 2009 at 09:30 pm
Ok then yesterday was your top of Wave E more than likely. It's going to get rough now. I can tell you one thing customers I'm calling on are not buying a thing unless it cuts current cost period. In some cases there canceling agreements and doing less or going without.
Wave 3 begun today?
Posted by junkmaylbox on 29th of Jan 2009 at 09:00 pm
Dodgerdog, If your comment is true, does it imply that the lows of the last week ought to be broken next?
Swing trading wave 3
Posted by junkmaylbox on 29th of Jan 2009 at 09:14 pm
Also, what's a good way to play wave 3 at this point, assuming that dodgerdog is correct in labeling it? Short XLF or short IYR? I know of ultra shorts but many indicators gave a buy signal yesterday. I am perplexed...
I didn't. I went back
Posted by cspirit on 29th of Jan 2009 at 08:59 pm
I didn't. I went back to Cash today in my 401K. Tried to play this Wave 4 bounce but it just didn't go. I only lost 1-2% max. Will wait it out and buy at lower prices. Your long term calls have been spot on. Everything globally is starting to unwind. There is no safe place unless you want to short. People are waking up to fact that its really really really bad now and no signs of a bottom.