“Today we got more startling news that 1 out of 7 homeowners is either in foreclosure or has stopped paying their mortgage. With over 51 million mortgages in the U.S. that means we have 7.2 million mortgages in this distress pipeline. By the way, this is a new all time record yet somehow you still have people claiming that not paying your mortgage is somehow a sign of a healthy market? It isn’t and this just means the shadow inventory figures are enormous. We have enough in the pipeline for years to come. California is the king of shadow inventory. We have more properties in distress than we have on the MLS! Is this any surprise given the amount of Alt-A and option ARM junk still floating around the system?”
I just saw a tech that believes the Dow on 30 minute is oversold and will bounce to 10 400. In looking at my charts RSi is at 42.57, MACD is negative, did cross but is statring to level.
I definitely think more selling is at hand. Capitulation has not happened yet IMO
What's the current count now on lower closes then opens? Is it 6 days now? Do we need today to close above the open to reset the count? Do you see it necessary to close higher on the close, in order for tomorrow to be down?
If you saw some of the emails I am sending out right now that are not politically correct you would most likely jail me. Which I guess is where politicians belong.
Looking at this on the daily chart, you will see that it make an “h” from the market top to the 1065 low, and now the current low. This pattern has a high percentage odds of falling much deeper on the right leg of the “h”.
Many people will abandon their short positions on the double bottom, only to see it go a lot lower tomorrow.
On a side note…from Dr. Housing Bubble
http://www.doctorhousingbubble.com/pasadena-rea…
“Today we got more startling news that 1 out of 7 homeowners is either in foreclosure or has stopped paying their mortgage. With over 51 million mortgages in the U.S. that means we have 7.2 million mortgages in this distress pipeline. By the way, this is a new all time record yet somehow you still have people claiming that not paying your mortgage is somehow a sign of a healthy market? It isn’t and this just means the shadow inventory figures are enormous. We have enough in the pipeline for years to come. California is the king of shadow inventory. We have more properties in distress than we have on the MLS! Is this any surprise given the amount of Alt-A and option ARM junk still floating around the system?”
I just saw a tech that believes the Dow on 30 minute is oversold and will bounce to 10 400. In looking at my charts RSi is at 42.57, MACD is negative, did cross but is statring to level.
I definitely think more selling is at hand. Capitulation has not happened yet IMO
well if thats true…they had indecision yesterday and this mornin it dropped…I guess if they have indecision today it drops tomorrow again…logical eh…
Sundancer,
What's the current count now on lower closes then opens? Is it 6 days now? Do we need today to close above the open to reset the count? Do you see it necessary to close higher on the close, in order for tomorrow to be down?
Indecision… bulls and bears are equal at that level, and are fighting it out.
does it mean anything when you have two doji candles in a row
Hell no.
If you saw some of the emails I am sending out right now that are not politically correct you would most likely jail me. Which I guess is where politicians belong.
Looking at this on the daily chart, you will see that it make an “h” from the market top to the 1065 low, and now the current low. This pattern has a high percentage odds of falling much deeper on the right leg of the “h”.
Many people will abandon their short positions on the double bottom, only to see it go a lot lower tomorrow.
http://stockcharts.com/def/servlet/Favorites.CS…
jim…you aren't a politician are you
If this continues you guys are good.
If it doesn't you are still pretty good.