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To: skinowski who wrote (1872)10/7/2008 1:33:08 PM
From: rcksinc  Respond to of 3209
 
ski
I too think we may see tremendous disinterest in stocks out in the future but it will take a protracted flat choppy market to achieve it.
Something that wasn't in place in the '70's that is a factor now, is almost everyone working has a 401K and those are all tied to the stock market for investment purposes, they are going to continue to pour money into the market.



To: skinowski who wrote (1872)10/7/2008 2:03:46 PM
From: morokko65  Respond to of 3209
 
LT NDX p&f chart:

stockcharts.com[PA][D][F1!3!1.0!!2!20]&pref=G

target corresponds with intital lows after 9/11: 1050-1100 area or the mid $900s on the SPX, I think that would create the sentiment lows needed for a more durable IT bounce



To: skinowski who wrote (1872)10/7/2008 3:54:18 PM
From: Perspective  Respond to of 3209
 
BKX support here is pretty darned important.


I think a lot of folks have been hiding in BKX with the safe harbor provided from shorts, plus the idea of a Treasury backstop. The short ban ends tomorrow, and I see the longs getting nervous. If I were long, I think I'd think twice about whether I really should have exposure there ahead of the lifting of the ban.

Backstop or no, these companies are in serious trouble, and the technicals reflect it. From an Elliot POV, we see fairly classic corrective ringing to work off the oversold from June.

Could see a rescue tomorrow, but it obviously isn't coming today. I'd certainly like for us to bounce in a vigorous short covering rally now, but what I want is irrelevant.

`BC



To: skinowski who wrote (1872)10/8/2008 2:33:52 PM
From: Perspective  Read Replies (1) | Respond to of 3209
 
Opening a starter short against HPQ here. I'm hoping we bounce a lot higher on the indices here, but I believe the risk/reward is pretty good on HPQ. We just witnessed a fall below a corrective looking structure, and are now backtesting it.





It's entirely possible that it just completed a flat, but my guess is that the C wave would have much further to go. We are in a bear market, after all.

`BC


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