The S&P is on the verge of breaking the 1600. Ppl late to the bus is buying now?!? I hate to tell these ppl, but if there's a general market selloff, you can buy LINE at much lower prices than now, after a 10% run-up. Too funny, LINE is like a handful of stocks up 2% in a sea of red.
A meaningful sell off to me would be in the double digit % range.I'm not a t/a person I'm more of a sentiment watcher.That said 3 levels come to mind one of which jumped out at me for the SPX 1420,1490 and 1550.Of the 3-----1490 gravitated to me.I think many are watching1550 and as always some are calling for the End of the World.Somewhere in between is correct.
the_nerdy-guy: Technically 1600 isn't the big deal - the number of 1578 is the number to watch - breaking between this range is not quite even a 5% correction point... Depending on your numerics we could have different inflection points being used as a threshold marker, but the results would be similar - market has reached an over-sold position, with a typical over-reaction, that has not yet played-out (maybe after-hours or early morning tomorrow); however, once it does, it could potentially be a great buying opportunity...
I chose 1600 because it acted as the critical support/resistance juncture. April 13,14 S&P reached intermediate top there and cannot break through. Once S&P did decisively broke through 1600 on May &, it continued its rally to the current intermediate top of 1675. Resistance had now becomes support. Notice how 1600 acted now as support twice : June 8 where we bounced to a lower low of 1645, then another bounce off on around June 13. Support had held twice.
Today we decisively sliced through that 1600 mark with a large candle. I can say now that support have now become resistance. 1600 will now act as a ceiling until you can once again decisively break up above that. We may try over the next several days to rally back above 1600, but if it fails, then the downtrend has a higher probability of continuing.
Well, now that LINN is joining most everyone else in the red today, I'd buy more too right now if I had more to invest. I have NO DOUBTS AT ALL that every purchase at today's price will be largely rewarded in the next few months. Strong buy! Strong Hold for decades to come!!!!!
you buy now since because (1) the S&P is just correcting after a huge run - LINE is still 21% off its 52 week high (2) LINE is trading flat for the past 10 days (3) I'm not good enough to time this so I catch it just before the BRY deal is finalized which will drive the stock back to $40 as the lame attempt to derail the company by an attention seeking firm will then stop
(1) The S&P once breaking below 1600-1589 can easily go to the 200D MA which is 1500-1515. The 52 lows (or close to that) may be revisited - so you definitely will have a second chance. (2) LINE wasn't trading flat for the past 10 days, it had a selloff followed by a bounce - how long this bounce will hold is anyone's guess. (3) The BRY deal won't be finalized until Q3 (That's in September), so definitely can time it because you have over 2 months with this looming correction on the horizon. If fact most ppl here was able to time the bottom pretty well to make money.
I just find it funny how these folks continually make wrong way trades over and over. First they wouldn't buy in when prices were too cheap and they are scared. Now they are not scared because LINE had made over a 10% run while the whole S&P is on the verge of a correction. No wonder they lose money time and time again.