Longer-Term Market Trends Message Board

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Strategies & Market Trends : Longer-Term Market Trends

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To: Jerry Olson who wrote (1722)	9/16/2008 9:24:24 AM
From: jjstingray	Read Replies (2) of 3209

Jerry, we may see a counter rally, but I have to say, that does not hold much hope for the carnage that has occured in this market. I too am in cash for the most part since selling my QID 2x short position on Thursday. Man, I wish I still had that thing. Sure, the VIX is spiking, sure we may be oversold. But, I have been tracking a similar pattern that AA has, which is that this is a 3 down off of the Oct/Nov highs. The speed and swiftness of this downdraft seems to be confirming that setup. I actually hope I am wrong. I would hate to see us test the 2002 lows, as that would spell disaster for not only our economy, but the global one as well. I may dip my foot in for a trade at the open today. I love big gap downs when I have cash, but that strategy did not really work so well if you did that yesterday. Jeff

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