>>I'm just saying that I do not think that *everyone* is calling a crash.<<<
Michael Watkins, I think "cocktail party" general populace sentiment is useless, vix, mdd posting activity, II survey, put/call, these directly affect the movements of trader capitol (except at major bottoms where aunt thelma calls you and asks if should should sell her stocks -g-)
After reading more postings from the last two days, i am also getting a sense of too much bearishness, not as thick as at the october bottom, but maybe enough to have a bounce coming soon in the oversold sectors at least.
Retail Sector looks like it is completing five waves down to support at the october low:
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SPX is in the area of the big white candle volume breakout in late October out of the July thru october corrective triangle, sometimes these types of candles act as support, you'll notice yahoo found support at one of these.
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Greenspan's bearish speech caused a sell-off into the october lows which marked a bottom, though we don't have the oversold readings of october, we might have enough for a bounce soon, maybe a right shoulder rally.
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