Originally Posted by
acl65pilot
I have been waiting for the true double dip for some time now. Like I stated a week ago, I suspect that when the S&P breaks the bottom will be somewhere near 970-950. I hope it does not go there, but there are a lot of indications that it may break and break hard.
I love discussing trading. However, for the record, I am not infallible. I have had some pretty harsh spankings along the way. In a very simplistic way, I would say based upon the moving averages placement between the bollinger bands, 70% of investors are bearish and hedging.
There are definitely some oversold equities out there, but I dont really mess with them. John Deere, Cat, marriot, etc. Good for investing, not for trading.
I would have to agree that based upon what I am seeing the bottom isn't 850 s&p, it is higher. Resistance at 1080 with next level at 1020. Both of those would be tradeable to the upside and that is a big upside.
We're at a pivot point right now in the S&P. I do believe bearish sentiment will win, thats why I posted what I did earlier.