Ralph, There is no sin in disagreeing!
I assure you that I really don't care whether its Bear or Bull meat being roasted on the spit, but something is going to be roasted. However, if you read the entire post, it really wasn't all that optimistic.
I'm newer to TA than most on the thread, so I tend to watch and observe. I really agree with Jim that the battleground in this market is the OEX. On a different thread, we long ago discussed that an OEX H&S had been violated. But, WTH the head was on 7/17 at 581, the left shoulder (created in the April/June period) and the right shoulder (in a shorter July/August) with a neckline about 523. My TA book tells me to take 523-(581-523) to determine an intermediate bottom. What was the low 9/1 and this week?
So, until we close below 465 or above 508 (and eventually 523), I've got to assume that we are in some real volatile market conditions to resolve the near-term Bull-Bear debate. As I've previously posted here, I'm personally going to be extremely conservative after 10/9, as I simply do not like the risk/reward ratio.
What really irritates me (in fact it pisses me off) is that our politically eunuch president is using the market to try to get his way on the IMF bailout. I really believe that if Congress gives the dollars (BTW 3x the republican tax cut proposal), we will stop hearing the word "crisis" in every other sentence. It may be obvious that I see no reason that this banana republic should bail out the multi-nationals.
And this is a short answer!
Berney |
