|
PureBytes Links
Trading Reference Links
|
Where are we headed? That's the question everyone is asking more so now.
On the Chart, it looks like we just experienced the bounce rally from the
second leg down.
Question going through my mind is when we start the third leg down, how far
we
going? It looks like we have some support at 2861, which should give us a
nice bounce
off that. But if the general population starts pulling money out of 401ks,
we'll most likely
return to the 10 year trend line, Naz 1800, but with inflation, would put
us near 2200-2400.
That is a bullish trend line for the long term and it looks like all major
decade rallies take off
from that line as well.
The third leg down, if it happens, isn't going to be pretty. I liked what a
NYSE floor trader
said, people will soon find their 401k's turning into 201k's. And for
those who watch
the Etrade commercial, that guy will be cured of money coming out of his
waazzzooo!
The stocks I follow going up, are going up on little volume. Where are the
buyers for follow through? Sure there's traders, but they are not acting
commitedly and are jumping out on any sign of weakness. Smells like a BEAR
TRAP.
|