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
---------------------------------------------------
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...
-----------------------------------------------------
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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maxreturn
745 posts
msg #53817
- Ignore maxreturn |
8/3/2007 4:57:39 PM
Niko...you mean you haven't enjoyed any profits on the short side during this decline? I wish I could say I'm still in my put position on the SPY but I bailed on the last strong down day approaching the 200 ema. Watch price action very closely now that price has pierced the EMA. IF another rally is coming it should find support in the form of a congestion or double bottom. If the ema 200 rolls over and price starts finding resistance at the ema...katie bar the doors.
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nikoschopen
2,824 posts
msg #53818
- Ignore nikoschopen |
8/3/2007 5:05:24 PM
@Alfie
Ure absolutely right BUT the market was pretty brutal even when the "uptick rule" was in place (circa 2000-02 bear market). Nevertheless, there's no doubt that this will lead to higher short-selling (and, consequently, more frequent short-squeezes).
I need not make another refrain on what I think of Cramer. He has his die-hard followers and, well, so do I. LOL
@maxreturn
My account is up more than 20% since the air was taken out of the market, thanks to my daytrading skill. ;)
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nikoschopen
2,824 posts
msg #53819
- Ignore nikoschopen
modified |
8/3/2007 5:33:11 PM
BTW, has anyone heard from Mary4Money lately? I wonder what's up her sleeves?
Obviously, she's still very optimistic about the market and have gone on a buying spree to scoop up every option calls available with her paper account. Well, you can read everything her prosaic mind has to say about the market here.
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