The Residential Real Estate Crash Index Message Board

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Strategies & Market Trends : The Residential Real Estate Crash Index

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To: patron_anejo_por_favor who wrote (148196)	9/19/2008 6:29:45 PM
From: Perspective	Read Replies (1) of 306849

If you look at weekly charts, it gives the mistaken impression that we saw a selling climax plus a reversal. However, when you dive into the dailies, there was no selling climax. In a lot of charts, it actually looks like a buying panic. And you don't get buying panics by anyone except short sellers. All new bull markets are identified by 90/10 up/down volume days. Despite the launch, it was not that unanimous according to Yahoo. Therefore the odds favor it as another bear market rally. I cut exposure today, but I really think a huge amount of shorts were cleaned out, and a lot of the charts suggest a "panic high". They might be able to press it further on Monday since short-selling is banned in so many names, but it's clearly not sustainable buying. Just gotta survive 30 trading days to the election. One thing's lost, and Paulson can't patch it no matter how hard he tries: trust in Wall Street is gone for the duration. `BC

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