Is the Market Bottoming???

What do ya think?? esp DJIA and S&P..

At lease this guys this so....

Don Harrold...

http://www.youtube.com/user/donharrold?ob=1

I used to go and listen, him making fun of Jim Creamer..


Sonic

I have been watching the Fibonacci retracements on several different stocks and indexes.
The DJI has been in a pattern that you can see on the Daily Chart.
Just by using the latest slide from a high point to a low point in the past 9 months you can see that it retraces back to the 38% line, goes sideways, then heads back down taking out the the next target levels( -32.8 and -61.8)

Just my opinion, but I look for the DJI to fall to the 7400 -7000 area.
That is where I'll be waiting with my cash.

http://i38.tinypic.com/2ln8lch.jpg

All I know is everytime I think the dow will go up (bounce), my trade turns into a big loser. I have tried to catch the bottom 3 times now and almost wiped out my account doing so.

Im done playing that game.

You really do not need to catch the bottom.
Wait for the bottom to show it self to you.
It will bounce up then retreat to a double bottom, or continue further downward to the next Fibo Levels. The -132 and -161 are very important levels that the "Big Boys" use for STOPS.

If I read your chart correctly, those levels are 700+ points apart?

the dow may go to 2000-4000, (down another 5000-7000 points) in 2-3 years...

I agree. This is a major Deflationary Depression Bear market. My team says we are in a deflationary fall that should see price levels back to 1974 prices. Dow under 999.

I just banked my S&P shorts to wait for the G-8 meeting Friday and Tuesday? I expect more intervention attempts and some coordianted jawboning efforts, but the market will reject the BS and set another new low by the end of next week.

Short term S&P 500 count for consideration. I am looking for a relief rally to complete wave.iv maybe Monday, then short again for wave.v

wow. Another 6.8% drop in the Dow again today. What a week!

Did anyone else watch their charts between 3:30pm and market close? The dow just kept dropping and dropping. I saw it drop 100 points on 1 five minute bar!

Scary stuff. Thankfully I grabbed some nice profit on the drop but 98% of americans took a hit today. My poor dads IRA looks awful about now.....

S&P looks set for a long term bear to me - but I reckon there´s a rally round the corner (maybe the famous christmas rally). Then I will get my pension and other stuff out the market cos long term it looks bad. US and UK are loaded with debt and overpriced real estate - it´ll take years to unwind.
Just my opinion

This is not a bear run now. This is a crash. The decline is happening much too quickly, which points to possible 1-2 year bull market rallies. But no, long term the outlook is bad--as long as the deleveraging process is underway (in housing, HFs, carry trades, etc.). Make no mistake about it: We still haven't come out of the stock bubble that started in 1995.

As far as 700 on the SP500 is concerned, the question is when. Anything is possible. But I would be surprised if there wouldn't be muti-year rallies once P/Es come back to reality.
Beware the PPT, shorts.

Well...that means "Don't just jump in when you think it is a bottom"
Wait for a good conformation..probably a couple different ones.
(38% or 50% retrace back up, then a double or triple bottom formation)
I'm just going to sit on the sidelines, except daytrading.
NO long term positions.

Here is a good S&P 500 chart from my friends at the Evil Speculator.
http://evilspeculator.com/?p=1236

Their real time commentary has been awesome, it fits with my style closely of trading naked, but counting waves. 5 down bank profits, 3 up short again. Keep an eye on the PPT line for rallies, and let them put money in your pocket.


http://evilspeculator.com/wp-content...update_spx.png