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Strategies & Market Trends : Longer-Term Market Trends
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To: jjstingray who wrote (1377)7/15/2008 10:20:27 AM
From: AllansAlias  Read Replies (1) of 3209
 
Let's flush this thing and get it over with so we can get long for the countertrend rally.

I think today is the start of it -- could be all of it. The bottom-pickers should be getting whacked here and they may finally give up so we can see buyable capitulation.

There is a large group of new failures and Hounds and breakdowns today in the charts we have been following: ones like SPX channel, HON, WMT, ... These setups have implications.

Many charts are just beginning the meat of down moves. Some examples of this type can be seen especially in oil and other commodity-related.

This has not been, nor is today, a story about financials, or the price of oil. That's all a red-herring and a costly one for those trying to "buy value" here.

Nasdaq Composite and Russell have come close today to breaching their March lows. I am confident they will in time.

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We need now to be thinking ahead a couple of steps. There are two great trades coming: a long for weeks to months and then more down to new lows imo, although we'll know better about the latter when we see the shape and duration of the former, as well of course, the character of the sentiment backdrop during the rise.

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As for today, unless we see the buying coming in by the end of the first hour or so, the chances are high we drain for at leas tmost of the day.
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