I have this gut feeling that the bailout bill will NOT help this market. Like I said earlier on WallStreak i have been trading mainly using instincts and gut feel as i feel charts and technical charting is not working in this environment. I have a gut feel that we could see and nasty days ahead in the markets in October. I hope to GOD, i am dead wrong on this one, but i just thought i'd share my gut feelings.
Happy trading to ALL.
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Wednesday, October 1, 2008
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8 comments:
I think you are right. At this point the market anticipates the bailout going through. It is expected - as long as there isn't any crazy language in it I no longer think it provides a positive bump.
hi J. nice to see you again bro. i really think that this is much much bigger than most people think. I am trading everyday like a market meltdown is about to happen. I just have this eerie feeling that the markets are setting up for a major drop soon.
I feel that earnings will be terrible and the guidance will be so bad that everything will have to get deleveraged again. Stocks are still over priced, most of them anyways. Earnings will be down and now the global slowdown is happening and it wont help prop things up like last quarter did. So now we have no global help and the US consumer is dead. This could get ugly and be the final leg down in this mess, but a very big and painful one which could lead us to the Dow hitting at least 9,500.
This WILL get ugly. We are in for a MAJOR drop in the markets and the fact that GLOBALLY markets are slowing down is only going to make it that much worst. Not the kind of thing you want to see, but it is what it is.
"Q"
There is one indicator that the market may go up in Oct instead of down - it is that all of you guys agree that we are going down big.
well, its actually pretty nice to see all this doom and gloom, it probably means that we are due for some kind of relief short term. in situations like this TA becomes a self fulfilling prophecy, it looks to me that we are going to drop even further. but as we move lower the odds diminish on making money on the downside, just remember that in may the bear market had ended (according to some) and it felt very bullish.
be careful out there.
like i said: i hope to god i am wrong on this. I would LOVE to see the bulls reclaim some ground here. It definitely won't be easy but i sure do hope they can muster something up.
How to resolve debt that can never be paid:
1) nationalize all debt
2) create vehicle to service the debt
3) destroy the vehicle
Imagine if that vehicle is the Federal Reserve system. The first two Natl. Banks of the US were totally wiped out. Just a theory...
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