Originally Posted by
billhart22
These are just grueling thoughts from my mind (thinking out loud, so just take it for that...thanks):
There should be a bear bounce coming sometime in the near future...just don't know when yet.
It will be an upsurge, but relatively short in duration. Just look for the gains heading to going over the 9 day and 50 day MA on the DOW.
After the bounce, it is time to get the hell out and fast, unless the uptrend continues in a slow and orderly fashion with much greater volume than before.
What shorters are hoping for is the bounce so they can get set up to start shorting immediately afterward, to kill the suckers still buying or holding.
All the recent trading has been on low volume and the shorts are not as easy to come by (I know this will draw flak!, maybe especially from Apex, lol, but hear me out if you are the least bit interested).
The market is getting oversold now as demonstrated today. What I am saying is not a guarantee, but it is something to be completely concerned about. After this bounce, we will travel down more. So be cautious if this happens in the near future, as you can get sucked in thinking things are rosy toesy again. Watch the 9 and 50 day MA on the exchanges.
Remember, two days ago, the market was overbought. When you take two days and it goes from overbought to oversold, that shows that the volume is very low. This is what makes some stocks like SIRI, CY, LVLT, ABK and more, a pissing war.
The bounce could be very short lived and I would say a day or two. I think taking the 9 day MA as resistance and the 50 day MA as an uptrend would be the safest way to go. Watch it past the 9 day and be paranoid up to and through the 50, because it may not last. Once it gets through 50, if fast, then sell! If it is good growth and slow through the 50, then you can re-assess.
Slow growth through the 9 and through the 50 is best. You just have to calculate the speed to tell if it will be bullish or bearish for what period of time.
Shorters, not all of them, but lots of them, are starting to get their heuvos squeezed! Ya! lol
Just my thoughts, any comments or questions are welcomed, so are criticisms, but give some backup for criticisms so we can all learn. Questions are free. We can have fun with this.
Putting my Ouija board away for the night.
8130 - 8150 has been like a springboard, if enough investors get in we could get a bounce.
1490 has been the support level for the NAS, if it all fails tomorrow, then 1450 could be our new support level with 1490 as resistance.
Have a great trading day! I hope we have our shorts left when it is over with.
Night
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