Market View: Tuesday’s View Of “I Smell The Hammer” Proves Correct
June 26, 2008 10:14 PM
I have repeatedly warned that I wanted a new rejection of a low to have any confidence in the market. Well, we got a new low in a big way. I am a little suprised it only fell 350 to be honest. I have also long warned and OFTEN that I believed the market was 100% wrong about the economy and 100% wrong about the housing and credit issues. Like I have said, this is a fundamental problem, not a cyclical one as people believe. This is not easily going to be fixed. But one thing is certain, we have to make a drastic change in course in trade policy or this is going to get far worse long term.
Anyhow, back to the market. We still have to see a strong rejection of a new low for me to have any belief on ANY level we can hold a level. I find it very unlikely we will see a reversal tomorrow. Possible, I just find it unlikely. I want a total and complete panic washout and a rejection of a low. If we get that we “may” make a bottom, at least for now.
Comments
Got something to say?
-
Recent Commentary
- Site Update: It Has Been Fun, But Closing It
- Morning Call: Open Sold
- Market Recap: GM News Was Not Really A Deal, Dow Low Cleared Late and Down She Goes
- Morning Call: Open Sold, Dow 7773
- Market Call Revisited: Sell Asia
- Market Recap: Not Good
- Market Update: Doesn’t Look Good, 818 and 826
- Market Recap: Buyers Above 818
- Morning Call: Open Gap Bought
- Market Recap: Buying On A Big Number, Now What?
- Morning Call: Still Uncertainty
- Market View: GM Holds The Cards
- Stock Charts VS Market Charts
- Market Recap: Somewhat Predictable, Low Came Where I Said Was Likely
- Morning Call: Unclear, Risk Is High
- Huge Rally: Now What
- Market Comment: Does News Even Matter?
- Market Recap: Close Day Craziness
Our Mascot Trading Goal: Ferrari 599
