DOW 8000 in the charts

[goin on 4T]

The dollar was erratic yesterday, but it do disasterous drop or anything like that. Hell, the Euro is down from yesterday......... right now is a good time to jump in as this low is lowest all day in 24 hr trading.

Markets for the most part have strong next day rebounds except for 9-11 because everything was shut down for 4 days. Then when the market opened people did what they know best and sold after a week the market had a strong 3 month rally. People always have to sell they don't always have to buy. The will buy when they persive bargins or opportunities. Oppps I think I am starting to ramble.

 

[hooch]

I still cannot comprehend how people earning $50k/year thought they could afford a half million dollar house. I mean, seriously. "You just pay the interest and when you make more money in a few years, you can easily pay it off!" Argh, people are idiots. (I just never knew there were that many idiots that were that idiodic.)

Agree...but I would also point out the idiots who lent them the money and who now want to be bailed out by the taxpayers who had common sense to begin with...

 

[goin on 4T]

Agree...but I would also point out the idiots who lent them the money and who now want to be bailed out by the taxpayers who had common sense to begin with...

The whole system was flawed, loans writen with no paperwork, RE agents raising prices to get a bigger commision, Loan agents doing funny things to paperwork to get loan approved, RE appraisers pulling rabbits out of their hats to justify higher prices, title companies rushing everyone so they can get their cut, banks accomidating it all for the fee, and Wall Street packaging the mortgages together bundling bad and good to get their fees. It was a complete system where the feeding frenzy began and ended...

 

[captainahole]

A real possibility for those than know charts. Will it happen? Am I fortune teller--lol.

It wouldn't be a surprise.

It would have to take out 10,000 first under high volume and bad news (no package would about do it.) It would test the 7400 made in 2001.

 

[bigmann245]

what is the dow??

 

[SpyWizard]

better short your oil futures..

 

[goin on 4T]

Or if it did a move up on very low volume that would also show weakness. I prefer high and low volume reads for charts and the Elliot Wave, never been a candlestick guy...

 

[rsnoble-im-back]

On 10-10-08 the DOW hit 7882 and came back 1000points at one time(recall my pushing on a giant spring comment?). Cramer called the bottom at nearly 12k. I missed it by 118pts. This is a lesson on learn things for yourself and understand that guys like Cramer are deusch bags and have cost people --LITERALLY-- their live savings in some cases. If they were so good they wouldn't need a job telling everyone else what they should be doing. Really......if you could triple your $ ever month why would you bother spending countless hours trying to get people to subscribe to your newsletter?

Not getting carried away just yet.......still lot's of turbulence out there. And keep in mind bottoms like to be tested, sometimes several times just to confirm that it will hold. There are such things in charts such as triple bottoms. Personally I prefer to test thick bottoms several times with my thick, oh wait, wrong bottom lol. At any rate with all the bones the fed is throwing out it makes it increasingly difficult to get a handle on things.

Hopefully the insanity has worn out but we never really did have a complete freak out which would've really flushed it out and halted the market. Many people stayed the course and kept buying on fear and didn't loose faith. Unfortunetely that's the part that bothers me the most.

 

[rsnoble-im-back]

Or if it did a move up on very low volume that would also show weakness. I prefer high and low volume reads for charts and the Elliot Wave, never been a candlestick guy...

Elliot waves are pretty hard to figure out. Once you have the complete chart you can place your wave structure easily but when you're trying to predict a future pattern it seems every couple days you end up changing one of the waves to a subwave 1 of A, etc and what looked 100% correct a week ago now is totally different. I think you could make it work on a winning percentage but with lots of study.

 

[chewyxrage]

On 10-10-08 the DOW hit 7882 and came back 1000points at one time(recall my pushing on a giant spring comment?). Cramer called the bottom at nearly 12k. I missed it by 118pts. This is a lesson on learn things for yourself and understand that guys like Cramer are deusch bags and have cost people --LITERALLY-- their live savings in some cases. If they were so good they wouldn't need a job telling everyone else what they should be doing. Really......if you could triple your $ ever month why would you bother spending countless hours trying to get people to subscribe to your newsletter?

Not getting carried away just yet.......still lot's of turbulence out there. And keep in mind bottoms like to be tested, sometimes several times just to confirm that it will hold. There are such things in charts such as triple bottoms. Personally I prefer to test thick bottoms several times with my thick, oh wait, wrong bottom lol. At any rate with all the bones the fed is throwing out it makes it increasingly difficult to get a handle on things.

Hopefully the insanity has worn out but we never really did have a complete freak out which would've really flushed it out and halted the market. Many people stayed the course and kept buying on fear and didn't loose faith. Unfortunetely that's the part that bothers me the most.

Why does this bother you?

Many people have been taught this, dollar cost averaging, etc, don't panic and pull out low, it's basic shit for anyone who has an interest. You expected something else?