We'll kind of a weird situation today on the Emini S&P 500 futures. A ton of downside on all indexes including DOW, NASDAQ and S&P but the futures are flat??? My thoughts going forward is the market is a buy going forward. Either we take off tomorrow right off the open or we gap down big tomorrow morning and reverse to the upside. On a gap down I would be a buyer 20-30 points lower. Support levels are 769,754 and 741. The sentiment feel is way to negative and everyone is looking at the November lows on the S&P 741. Good Luck and Trade well.
Thursday, February 19, 2009
Time To Buy
We'll kind of a weird situation today on the Emini S&P 500 futures. A ton of downside on all indexes including DOW, NASDAQ and S&P but the futures are flat??? My thoughts going forward is the market is a buy going forward. Either we take off tomorrow right off the open or we gap down big tomorrow morning and reverse to the upside. On a gap down I would be a buyer 20-30 points lower. Support levels are 769,754 and 741. The sentiment feel is way to negative and everyone is looking at the November lows on the S&P 741. Good Luck and Trade well.
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2 comments:
That's a pretty good analysis... I happened to have on "Fast Money" tonight and at the end of the show there was a round table ... long story short - they were all saying negative things about the market.
I don't think there is a bull for miles around.
The two best pc's of advice I ever received were this - 1. The market doesn't know your price; 2 - The market WILL move in the direction that hurts the most people.
I would say we chop around tomorrow and stay in the channel... I don't see the breakdown, esp. on op-ex.
Take care,
Jeff
Well, looks like I missed that one, but I was ready for the breakdown... There were some real bounces out there too. WFC, BAC etc etc.
Keep up the good work.
J
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