Wt Indu Metals Discussion Threads

[amarshak] 26/5/2006 20:23

Hi Harry that is what i have however the 1300 s&p is the worse case senario, also i think we may pay a visit to 11k/10980 first then up but this is what i have at the mo if 1280 goes to the upside then we may not see 11k first IMO

[joe moon] 26/5/2006 20:21

38.2% retrace is v important imo...if the bulls cant crack it they will all sell togehter and all shorts will smell blodd and well ..it will gose lower

[harry_potter] 26/5/2006 20:19

Hi Amar, 38% retrace seems to be in tact at the moment, 50 day ma at 11281 is there too acting as resistance.

I would be very surprised to see the s&p breaking above 1300 though.

I actually have no idea where this is going next. I think we should be looking for a lower high though. But volatile sideways movement for the next few months seems a possibility. Then a sharp sell off a few months before october.

[collection agency] 26/5/2006 20:18

indeed moonie.

[joe moon] 26/5/2006 20:16

uncanny resemblance CA

[edwood19] 26/5/2006 20:12

oops! wrong thread!

[edwood19] 26/5/2006 20:10

interesting Joe - I have been speaking to people today who say its in a position to go 400 either way at the moment - I think 400 down would probably cause some grief!

at the same time others think we have more likely finished 4 and 5 will be confirmed by a breakout.

[amarshak] 26/5/2006 20:09

just like the dow then

[joe moon] 26/5/2006 20:04

i recon the next drop will wash out the public.....then it will go up to new highs

[amarshak] 26/5/2006 20:02

Joe any thoughts on the ftse

[joe moon] 26/5/2006 20:01

and the gap needs closing

[amarshak] 26/5/2006 19:58

lol
thanks dave hope u are well

[joe moon] 26/5/2006 19:57

im thinking that with the dax and ft losing 5 months gains in 6 days ....suppport will take longer to build than 2 days

[dave37] 26/5/2006 19:54

amar.....

watch your neck......

lol

[spec97] 26/5/2006 19:52

Thanx Brer. I am by no means an irrational bull either! I just can't see any resumption of the downtrend until the S&P500 creeps up another 10 points and the Dow 90 points from today's highs. Then, we may see strong supply.

Plus references to the 1987 crash must mention that stocks now are very reasonably valued.

[joe moon] 26/5/2006 19:50

personally i think it will drop very hard in the last hour

[amarshak] 26/5/2006 19:47

we could go a little bit higher still into next week pos 11300 but i will stick my neck out that we will come down to test the lower lows first before we go up any views

[brer rabbit] 26/5/2006 19:39

Well put comments, spec; terse and cogent statements.

[jack tile] 26/5/2006 19:29

Those were the days when bears got fat, interest rates went sky high, and the houses which would only ever go up, fell to give away prices.

Yoi, I remember them well.

[spec97] 26/5/2006 19:28

S&P500 cash flirting with 1280. Most impressive given that we are up 37 points in just two days and are already overbought. Medium term, the downward correction may well continue, but I think any media talk about a short term collapse is just an irrational fear.

[captain.] 26/5/2006 19:03

Brokers were`nt immune either:

"I was scared this morning. I got wiped out on Monday. Tell your readers that you talked to a broker who is long three houses, and two of them are for sale. My boat is for sale, too."
- A broker quoted in the New York Times, October 23, 1987

"I told my clinets that it was a sucker's market (two days after the crash). A week ago, I would have taken a gamble on anything that looked promising when I was dealing for my own account or for some of my family members. I had been spoiled by the bull market, I never knew anything else. But I bacame a cynic and a skeptic in a hurry."
- A broker, October 23, 1987

[captain.] 26/5/2006 18:59

Here`s some quotes from the 1987 crash :

Food for thought : many apply today so i`d be wary under the present market conditions.Still on the fence not sure if this is a dcb on the dow or the real correction is yet to come




The borrowing has to stop. The market slide was a shot right between the eyes that had better wake us all up to simple fact that we can't keep romping forever on borrowed money."
-Lee Iacocca, Chrysler Corp Chairman, October 20, 1987






"It's the nearest thing to a meltdown that I ever want to see. We were fortunate this occurred when the American economy is very stong. We are not operating in an environment of weakness."
-John J. Phelan, Chairman of the NYSE, October 20, 1987






"The market crash of 1987 caught most economists, scholars, and investment professionals by surprise. Nowhere in the classical, equilibrium-based view of the market so long considered inviolate was there anything that would predict or even describe the events of 1987. The failure of the existing theory left open the potential for competing theories."
-Robert Hagstrom in Investing, the Last Liberal Art





"I have never experienced anything like this, so it is difficult to have clear vision. I don't understand it in terms of the fundamentals of the economy"
-Robert Allen, president of AT&T, October 20, 1987





The market is sending an unequivocal message to the President and the Congress to stop the political games and agree on a Federal deficit-reduction plan."
-Representatvie Dan Rostenkowski, Democrat, October 20, 1987

[amarshak] 26/5/2006 18:50

NO Jow my thoughts are we MAY come down first in wave 5 if it begins next week low poss 10980ish then up from there into June/July. That is my thoughts any but plse DYOR, i could be wrong it may just keep going up