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Direxion Daily Emrg Mkts Bear 3X Shares Message Board

  • sterlingintentions2003 sterlingintentions2003 Jun 8, 2010 12:12 PM Flag

    Reasons I Believe That was The BOTTOM

    McClellan Oscillator has been bottomed for over a week.
    Market fell too far, too fast.
    Euro may have found a short term bottom.
    Dollar may have found a short term top.
    A Double Bottom was formed.
    China's market began an overdue uptick today.
    Those in control to save the market couldn't allow a drop below 1040.

    I always say "Tade your own trade, not mine." . . . but this time I highly encourage any EDZ holders to reconsider their position and SELL. I could be wrong, but I think we just saw the short term bottom for the US markets.

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    • It will be interesting to see if you were right as the week unfolds. You were right for today - but BIG WHOOP on that. Good economic data on its way this week. You may have called the bottom and your EDC purchase was AT the bottom and may be good for 5 -7 dollars if you are right.

    • Market fell too far, too fast.--No it didn't. The flash crash was followed by a steady DOWN draft.
      Euro may have found a short term bottom.-Euro is being worked and an escape from the Euro is coming to a theatre near you.
      Dollar may have found a short term top.-Flight to safety will continue along with the flight FROM the Euro and Yen.
      A Double Bottom was formed. A double bottom needs to be proven.
      China's market began an overdue uptick today.-China needs to be watched but has not found a bottom yet.
      Those in control to save the market couldn't allow a drop below 1040.
      Obviously, we have a difference of opinion. Cool.

    • edwardzak@sbcglobal.net edwardzak Jun 8, 2010 1:16 PM Flag

      agree with what is said here but one thing with this rally is NO VOLUME!!!!most important thing just M.M. trying to prop up what they own. but could be wrong the close will tell all

    • EEM closes at $37.50

    • 1065 Close

    • We just got a bullish cross on the S&P 30 day MacD.

      All good taders know this could go either way and could change in the next 20 minutes - BUT - barring new bad news in the immediate future, technicals are pointing UP.

    • Danoxx . . . I agree with what you wrote. I am in a bearish mode . . . but IMHO, markets don't go straight up or straight down, and I am simply looking to play what I believe will be a temporary bounce to the upside, followed by what could be a very violent next wave down.

      I also realize I could be very wrong, as I have been looking for a bounce for several days now. But I'll be watching and will have good discipline on the trade.

      I agree that there is every reason in the world for ALL World markets to tumble . . . but they might just go up for a few days.

    • I agree it could go either way, but EDC is working well for me off TODAY's bottom.

      Doc, did you read that Ron Walker had abandoned all long positions yesterday and once again went short? It looks like he would have waited for 1044 to see what happened. He was so certain there would be a bounce to form a right shoulder.

      I guess he is as confused as the rest of us. One thing you wrote one time that stuck with me was "A trader doesn't HAVE to trade every day." This might be a good time to just watch, but I'm feeling good about a short run for EDC for a $3 - $6 gain.

      • 1 Reply to i_doubt_that_one
      • I doubt that,

        I agree with you that this is a good time to be a spectator if you are a swing traders and long.

        However, this wouldn't apply to day traders. because this market is currently heavily one sided for day traders. where you have to be prepared to trade one side for 30 minutes, and be prepared to switdh to the other side the next 30 minutes, switching back and fourth all day. like a basketball game. where you may have 10 lead changes in 1 day. and in daytrading, a day trader ending up with 10 short term trades for the day... 5 for the bulls and 5 for the bears, in just a typicak day for a daytrader. that's where the 1 minute chart comes in real handy.

    • My buy order for EDZ went through at $52.71 and added some more up to .79.
      If the buy order wasn't in, it would never have happened.
      This market is sickly.
      GL with your EDC.

    • More like a dead cat bounce, nothing has changed, the world is going broke or is broke.

      War looms on the horizon.

      No jobs.

      PPT can only fake it so much.

      Upside volume is nil

      Downside volume is High.

      Fear overrides greed.

      Mkt will close red.

29.63-0.28(-0.94%)Jul 21 4:00 PMEDT

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