Blow off bottom....

[markrmau]

I think...

Admittedly if the US CPI (or is it PPI tonight?) are as bad as the market thinks they are, I'll have a blow off bottom tomorrow.

 

[bullmarket]

I think...

Admittedly if the US CPI (or is it PPI tonight?) are as bad as the market thinks they are, I'll have a blow off bottom tomorrow.

If I have lamb curry tonight I'll probably blow off my bottom as well tomorrow

cheers

bullmarket

 

[tech/a]

yup

 

[Jay-684]

I think...

Admittedly if the US CPI (or is it PPI tonight?) are as bad as the market thinks they are, I'll have a blow off bottom tomorrow.

sorry I dont understand exactly?

could you explain?

thanks

 

[crackaton]

If I have lamb curry tonight I'll probably blow off my bottom as well tomorrow

cheers

bullmarket

AHHHH yes a nice vindaloo. Nothing like a good ring stinger to kick off the day lol

 

[markrmau]

sorry I dont understand exactly? could you explain?

The idea is that at a "blow off top" greed, irrational exhuberence and fear of missing out on the next ultimate stock will cause the price to spike higher.

Conversly, in a blow off bottom, excessive fear that this is the end of the market, depression... can cause the price to spike down. I got a sense of that today with excessive selling. I got a sense of that today (but I may be wrong).

Even BHP, which announced partnership to develop mining through much of russia closed on it's low - down 5% or whatever. Imagine if that had been announced 2 months ago - it would have jumped significantly.

It's all about sentiment fear and emotion AS MUCH AS fundamentals.

 

[Jay-684]

thanks for that!

 

[crackaton]

Mass panic/exodus

 

[Knobby22]

Bull capitulation.
This is usually a good sign that the bottom has been reached.
Unfortunately, hasn't occurred yet.

 

[pacer]

Looks like we're still trying to find a floor to bounce off, still selling short.

 

[swingstar]

I'm staying short until it turns. These opportunities don't come by that often.

 

[bullmarket]

Hi pacer

Looks like XJO will most likely test the 4800 support level today.

But markets tend to fall in waves just as they rise in waves and so eventually there will be an initial bounce but I suspect it will most likely be of the 'dead cat' variety

Looking at the weekly XJO chart, if 4800 fails to hold over the next few days then the next potential support level I am looking at is somewhere in the ~4300 - 4700 range, being the XJO trading range of Oct/Nov '05.

cheers

bullmarket

 

[Knobby22]

I sense capitulation in today's selling!
I think its getting very close to buying time

 

[bullmarket]

Hi Knobby22

I sense capitulation in today's selling!
I think its getting very close to buying time

I'm not convinced yet - I'm going to wait a little longer

cheers

bullmarket