GregFokker Posted March 24, 2003 Report Share Posted March 24, 2003 Now that's better. Was today a routine retracement off Friday's closing high, setting up for a fresh blast higher, or the end of a correction within the secular decline? Take it away, Stoolies... Link to comment Share on other sites More sharing options...
Guest Posted March 24, 2003 Report Share Posted March 24, 2003 Purely a news driven market. See any good news on the horizon? I wonder why Greeny has had three meetings at the White House in the last two days? Freaking-Out Al? One ugly news cycle - coming right up! Short the world. Plunger. Link to comment Share on other sites More sharing options...
mksloth Posted March 24, 2003 Report Share Posted March 24, 2003 FWIW, Pisani calling today a 90% down volume day after last week's 90% up volume day (2 this month, 1 in Jan). Link to comment Share on other sites More sharing options...
PileDriver Posted March 24, 2003 Report Share Posted March 24, 2003 Risk/reward ratio says forget about one more rally up and splitting hairs. Be short, stay short and ignore the corrective rallies. This ain't no "new bull market". This market has been dicking around since July 02. That's 8 months and it ain't building a bullish base. Time's quickly running out...don't dick around... Panic now, avoid the rush. Link to comment Share on other sites More sharing options...
Stoolander Posted March 24, 2003 Report Share Posted March 24, 2003 Todays action clearly eased some of the overbought condition. Fridays McClellan +167.9 Todays McClellan +53.6 I gotta think that was one of the largest one day McClellan corrections. If after looking at my charts I think there's anything to say I'll weigh in later. Piss-on-me talking 90% down day. Too funny: Monday March 10 - 90% down day Monday March 17 - 90% up day Monday March 24 - 90% down day Link to comment Share on other sites More sharing options...
The End Posted March 24, 2003 Report Share Posted March 24, 2003 Today was a good day I must say and without delay I'm going to roll in the hay. :grin: Be back in 6 minutes. Link to comment Share on other sites More sharing options...
PileDriver Posted March 24, 2003 Report Share Posted March 24, 2003 Like I've been saying ever since Dec/Jan "Orgy High" Wake me up when we git there (Panic Low) What 90-90 days are really about I didn't flinch last week, lost my dong QQQ hedge last week while skiing. Ready to rock and roll. Its over. Link to comment Share on other sites More sharing options...
longOnUranus Posted March 24, 2003 Report Share Posted March 24, 2003 I'm getting less crazy about gold and XAU forming a bottom here; I would ideally like to see the market crap out and bond yields shoot up - so far this is just a shell game. Doolarrr holds the key; news will be secondary after we reach a temporary "acceptance" of this war news. Recent XAU looks like H/S, currently resting on the right shoulder. Probablem is that spreads are so ridiculous on XAU calls, you have to get a great buy AND sell execution to make any money. I will probably just buy and hold, like I do physical, on a few key players and forget XAU. Dont like futures at all. I traded out of a few front month SPX puts to June's; there may be substantial VIX action which should add a little support to prices here. Looking for a 50% retrace to exit the Riverboat and buy some metals and BEARX. I've aged a year in the past month. Link to comment Share on other sites More sharing options...
summoner Posted March 24, 2003 Report Share Posted March 24, 2003 Closed RYVNX position opened on FRI close. Expect more downside into wed. but dont like the fact I cant exit intraday...taking the profit. Still have my spx puts and EBAY, AMGN shorts...we either go straight down from here or see one more rally up to 918 max before the waterfall decline. Next 2-3 days will be telling...must say after today that bounce may never get here. Interesting to see all the bulls out at CS this weekend, just way to easy to generate Bullish sentiment...many shorts covered, may be noone left to prop this POS...TRADE SAFE....Personally hoping for a retest to short some of the glams...thats what has me worried we may not get it! Link to comment Share on other sites More sharing options...
Rubadub Posted March 24, 2003 Report Share Posted March 24, 2003 A real circus day for the bears! Most of the decline happened in the first hour or so so if you weren't loaded short from last week you may have missed much of the ride. Made money on my shorts of course but I've seen much worse days on individual issues than the indexes implied. Bears motoring about on unicycles, bicycles, tricycles, wave counts, fib numbers, etc... what a day, huh? This was a 94% Down day on top of some of the prior 80 and 90% days I mentioned yesterday! Wowee Wowee Wow Wow Wow! McClellan has actually been improving, bullishly divergent with triple bottom on NYSE. TRIN also rocketed off the charts. This is starting to get cleaned up guys, but I expect smug bear hubris and dead guru worship to be all the rage tonight. Tighten those stops, Dudes, this thing may well be coming to an end. More evidence will tell the tale. Link to comment Share on other sites More sharing options...
PileDriver Posted March 24, 2003 Report Share Posted March 24, 2003 Rub, Its going to take a lot more than just this day to flush out the greedy optimistic highs we just saw. It's going to have to be complete annihilation to purge the dip buying mentality. We aren't even close yet, better start getting used to very insane sell-off numbers or you'll be jumping off at every little blip on the way down to hell and miss the whole thing. Link to comment Share on other sites More sharing options...
longOnUranus Posted March 24, 2003 Report Share Posted March 24, 2003 rubadub - i have a little problem figuring out just where you are in this market. Your previous posts implied you were long, or maybe just hedged long. I respect your prognostications, but would you mind giving Stoolies a better idea of your specific positions. I would certainly understand if you don't want to, just curious. Link to comment Share on other sites More sharing options...
microdon Posted March 24, 2003 Report Share Posted March 24, 2003 Well, my bearish stoolies, ARMS soared, volume dropped by nearly a third from Friday. Utter panic. The late coming longs got killed. Early weakness tomorrow will embolden the bears (tell me Pile et al that you won't be making whoopee noises and ka-chings if we drop another 10-14 SPX points tomorrow after the opening). This rally may yet get going again. Does anyone hear Doc getting excited, exclaiming he missed the "top" of Friday's close? Ignore the bad war news (except on Political Stool). Concentrate on technicals, whatever your persuasion. Link to comment Share on other sites More sharing options...
FeedFool Posted March 24, 2003 Report Share Posted March 24, 2003 Risk/reward ratio says forget about one more rally up and splitting hairs. Be short, stay short and ignore the corrective rallies. This ain't no "new bull market". This market has been dicking around since July 02. That's 8 months and it ain't building a bullish base. Time's quickly running out...don't dick around... Panic now, avoid the rush. Jan Top is in. trading range with lower low and lower high. Playing both ways will make some serious money till June-July when the next 9 months down phase begin. What do I know? I am just a fool Link to comment Share on other sites More sharing options...
The End Posted March 24, 2003 Report Share Posted March 24, 2003 Neely and Curry both called the top of that rally leg within one friggin' tick. T/A still works. Link to comment Share on other sites More sharing options...
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