Please, only seroius posts; no Bearish Doom & Gloom of Dow going to 0 or Bullish Bull of Dow going to 100k, Just whant to hear from the true investers out there, the Warren Buffets of the board; will the Dow break the 8k support or will hold, would like to know where you think we are headed, Dow 6k or Dow 12k?
I'm trading on candle sticks, we had a bearish three strike continuation pattern which lead me to short today, further, on the fourth retest, the bottom never holds, and thats where we're headed. I expect to see 7000's easily.
i moved into cash several weeks ago and bought DIA at 80 (roughly dow 8000). i sold later that same day after it registered a 10% gain, knowing it wouldn't hold that level.
i would buy again at dow 8000. i would be extremely interested in averaging down with larger purchases below that level - 7500, 7000, 6500...
i don't think we can sustain an upwards move until sometime next year, but 8000 is a good entry point for position trading.
7000 or below i would buy and hold indefinitely.
I'm also tempted at 8000 but i'm pretty convinced if we break through it we're going lower so why throw away good money, knowing you'll have to average down later. I'm trying to be patient to get a better price this time around, in the mean time i'll be playing short.
I'm going to go out on a limb here and say what I feel to be true - though it sounds crazy.
My prediction is that every common stock in the stock market will be trading at $1 or less if the Federal Reserve or Treasury doesn't step in and start buying stock in the open market.
Because, really, who else in his right mind would buy stocks right now?
Who cares how undervalued stocks are if they will still go down 40% or more within three weeks of you buying them? Even Warren Buffett has been proven wrong.
Somebody with REALLY deep pockets needs to start buying and keep buying to stabilize things. Otherwise, ordinary people won't buy stocks again - for at least a generation.
I think we stay in this trading range near term. Looked at a lot of the Dow components yesterday. Not much at all I would want to buy at these prices given the economic issues. At the same time, a LOT of juice has been squeezed out already. FWIW, I have done well with just OTM puts on any halfway decent uptick and dumping them on the next selloff.
So did you load up some at 74-75? I did. I said becareful if market stays above 80 end of week look out fo 86 next then of course swing back and forth and will be at 86-89 then 9000. But I will exit around 86-89. Someone on this board didn't think I know what I was doing. ha ha good for you buddy. I will start buy some puts at 86 then so on.. GOOD TRADING.
i made money, so i can't complain.
i didn't make my 2nd buy though. so instead of being up nearly 15%, i have a modest 5% gain on DIA.
my next DIA order was 72 after buying at 80.
i might change my orders to 74 or 75 for both DIA and SPY; however, i am afraid that if we see 75 too soon, it might be on the way to 65.
Broke 8K today and there was no momentum to bounce from this, which is not a good sign.
Market is hunger for some good news but none are coming out, and I don't see where we are going to get any good news.
But I'm sure we'll get to a low enough point and market will pull off a strong rally...only to have it pulled back again later.