Great post and insight. I would feel better if the whole health care debate was behind us for a meaningful drop. Obama doesn't need a negative like the market tanking when he's trying to muster support.
Discount stocks won't be here for awhile… at least not long term. If you are talking about short term swings then the 1070 spx mark could be the support level before the finally rally up to 1108.
Fujisan made a nice post over at http://www.slopeofhope.com. She has a little higher target then I have, but at the end of her post, (called “Three Peaks and Domed House”), she also has 1070 as a possible short term bottom on Monday or Tuesday of next week.
After that bottom the rally to 1108 should begin. The first hit at 1108 will be mega resistance. It should NOT get through on the first hit. That means a sell off should happen first.
100% agree! IMO, Obama care has nothing to do with helping people, it's to fulfill his goal of wealth redistribution. It will start out in financial distress like every other government run program. Then the call that little Jimmy needs better medical care will go out and the only way we can give it to him is take more away from the succesfull working people of America. The price we are going to pay for “Hope & Change” will be enormous!
I would feel even better if Obama would just resign and Ron Paul would take over. That health care bill is horrible, and it will do tremendous harm to everyone. He's not going to sign his family up on it, why should we have too?
I try to do my posts a little different then Tim or Mole's. They are really good at the TA charting, which is very helpful in trying to figure out where we are going.
On the other hand, I just like to throw other things out there that seems to be affecting the markets also… and that is the “Manipulation Factor”. Knowing what the insiders are doing, with TA to back it up, makes for a more informed trader.
Valid point…….hmmmmm.
Great post and waiting on sidelines still for some discounted stocks. Playing DNDN swings though, for day or two trades.
Great post and insight. I would feel better if the whole health care debate was behind us for a meaningful drop. Obama doesn't need a negative like the market tanking when he's trying to muster support.
Nice post RD!
nbg,
Discount stocks won't be here for awhile… at least not long term. If you are talking about short term swings then the 1070 spx mark could be the support level before the finally rally up to 1108.
Fujisan made a nice post over at http://www.slopeofhope.com. She has a little higher target then I have, but at the end of her post, (called “Three Peaks and Domed House”), she also has 1070 as a possible short term bottom on Monday or Tuesday of next week.
After that bottom the rally to 1108 should begin. The first hit at 1108 will be mega resistance. It should NOT get through on the first hit. That means a sell off should happen first.
Red
100% agree! IMO, Obama care has nothing to do with helping people, it's to fulfill his goal of wealth redistribution. It will start out in financial distress like every other government run program. Then the call that little Jimmy needs better medical care will go out and the only way we can give it to him is take more away from the succesfull working people of America. The price we are going to pay for “Hope & Change” will be enormous!
Jigsaw,
I would feel even better if Obama would just resign and Ron Paul would take over. That health care bill is horrible, and it will do tremendous harm to everyone. He's not going to sign his family up on it, why should we have too?
Red
Thanks, Steveo77…
I try to do my posts a little different then Tim or Mole's. They are really good at the TA charting, which is very helpful in trying to figure out where we are going.
On the other hand, I just like to throw other things out there that seems to be affecting the markets also… and that is the “Manipulation Factor”. Knowing what the insiders are doing, with TA to back it up, makes for a more informed trader.
Red
Valid point…….hmmmmm.
Great post and waiting on sidelines still for some discounted stocks. Playing DNDN swings though, for day or two trades.