Saturday, November 10, 2007

 

Sinking Dollar

I read an article on CNN Money, in which they have an interesting chart. If history repeats itself, it won't be good for the market at all.



The markets fallen down quickly and on heavy volume. In doing so, it's formed a lot of resistance levels up above. So trying to reclaim these levels could be a tough task.

The Friday close was disheartening for the bulls. I read an interesting post on another blog in which that person mentioned that if the market closes weak on Friday, it usually opens weak on Monday as well. I've seen that happening a few times before, we'll see if that happens this time as well.

I'm expecting (could be read as "hoping") a short term bounce. But I feel that this bounce will be used by people to offload some long positions and possibly load up on shorts.

It's a scary market out there, so be careful.

Comments:
you can blame me for the extent of this fall. we will continue to fall until i:
A) sell all of my longs
or
B) buy puts
the market will literally fall until i do one of the above at which point we will bounce and most likely rally past Octobers highs. the bad news: i'm riding this bitch to the ocean floor.

j.M
 
A lot of people are feeling the same way.
When will this pain end. :)
 
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