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Old 11-19-2008, 05:43 PM
  #3  
jungle
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Joined APC: Jan 2006
Position: Burning the Agitprop of the Apparat
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Originally Posted by JetPiedmont View Post
Jungle- What's the next support level for the S&P 500? Are we going to take out the Oct 9th 2002 low of 777?
Looks like support is at 800 or so on the S&P and 8000 or so on the DOW, I don't worry about a few percent here and there. As most of you are aware support levels are like voodoo and in a sense self-fulfilling prophesy. Many traders believe in them and act accordingly. Serious breaks below historic support tend to really get things rolling downhill in a hurry.

Much of what happens in the near to long term is going to depend on government economic policy and how much harm or good investors believe it will do, speed of recovery will be highly dependent on intelligent economic policy. We haven't seen very much of that lately.


Never buy at the bottom or sell at the top, the odds of getting it right are slim. The odds of calling the top and the bottom are impossible.
I think most are keeping their powder dry and waiting until direction is a bit more clear. The classic pattern is a sideways movement at the end of a long drop while people decide on a direction.

Well, today support was broken and now we are at #2 as far as the all time top ten crashes. Best to fasten your chin strap.

Last edited by jungle; 11-20-2008 at 03:25 PM.
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