I like this trend of thought - there is a statistical element in trading and as you have pointed out there is the possibility of an upday after a long string of down days. And, the longer we continue to have down days the higher the probability of an up day, or two, or three.
i thought it was spec ,on this thread ,maybe a year ago,some thing about 3 down ,one up,and we're way past 3,coulda been somone else.
That was me. Stat does not bode well in a bull or bear market though where fear and greed overun history.
Last time I said it, and now again, 990 is a buy. startraitor Registered: Jan 2008 Posts: 309 01-21-08 11:44 PM 1260 is a buy.
I got tagged for a small loss on my bottom-pick attempt today on the Dow. The good news is that tomorrows potential setup on the S&P is looking even better... I'm actually very excited about it. From history, I know that when I get this feeling, the chance of good things happening is high. If todays lows can break, things will fall into place beautifully. I'm expecting a massive bounce from the 935-955 level on ES. First target ~140 points, second ~200... The gist is that the market would be making a massive 5-wave wedge right into an area with multiple significant support levels... and has some nice macd divergence on the 60-min. Everything I look for in a trade is present right here. Its time to sack up and aim for the fences.
1028 break did not occur yesterday. All that thrust up and they put the brakes on right before 1028. Under 995 still long territory.
market wants to test the 970 zone.. the market participants that led to the recent liquidations are not around, you can see it in the tic action.