Blood in the streets?

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  • Blood in the streets?

    Naz futures down 31 points, SP futures down 10. Both contracts back below their 20-day EMAs and both have pulled back to their 50% retracement levels (using the 1/3 low and the 1/12 high on the ND; the 12/30 low and 1/12 high on the SP).
  • IIC
    Senior Member
    • Nov 2003
    • 14938

    #2
    Originally posted by DSteckler
    Naz futures down 31 points, SP futures down 10. Both contracts back below their 20-day EMAs and both have pulled back to their 50% retracement levels (using the 1/3 low and the 1/12 high on the ND; the 12/30 low and 1/12 high on the SP).
    Tokyo even closed early because the market was in chaos...But I think of it this way...This is the embryo of new opportunity.

    And some will do well today...even on the long side...Heck, even on Black Monday in October '87 there were 3 stocks that made new highs...Of course I didn't own any of them...Doug
    "Trade What Is Happening...Not What You Think Is Gonna Happen"

    Find Tomorrow's Winners At SharpTraders.com

    Follow Me On Twitter

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    • #3
      << And some will do well today >>

      Especially those short the broad market in Rydex or Profunds inverse market funds.

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      • #4
        If the gap holds, it will be 1.5 times the average true range of the past 14 days. QQQQ has seen a similar opening gap down only once in its history...09/17/01.

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        • #5
          If you can keep your head while others are losing theirs -- you will do well in the market.

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          • Karel
            Administrator
            • Sep 2003
            • 2199

            #6
            Hmm. My portfolio is down 1%. Perhaps the real collapse is still due? Or is this Moderately Dark Grey Wednesday?

            Regards,

            Karel
            My Investopedia portfolio
            (You need to have a (free) Investopedia or Facebook login, sorry!)

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            • #7
              Originally posted by NY4Ever
              If you can keep your head while others are losing theirs -- you will do well in the market.
              I have several long positions still open and I decided to
              hang on this am. They started the morning bouncing
              around like kangaroos on speed but they are calming
              down and recovering. Hope we don't see an
              afternoon sell off.

              Hope everyone fairing well.
              Shadow

              Comment


              • #8
                So much for blood in the streets. Only 150 more stocks down than up on the Nasdaq and only 400 more down than up on the NYSE.

                Comment

                • Websman
                  Senior Member
                  • Apr 2004
                  • 5545

                  #9
                  I have panicked sold in the past, but today I held all but one position, with the expectation of a rebound after the intitial selloff. This strategy paid off. I came out ahead for the day, but would have lost a bundle if I would have sold.

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