caymanbrac12
Member
just opening account. Let hope uncle Ben talks us up. I got to keep money coming in the take care of the dogs I take in.
Greg

Greg
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Which one of the favorite dogs gets to ride in the Aston?
Good Job with the dogs, your dad would be proud of you.just opening account. Let hope uncle Ben talks us up. I got to keep money coming in the take care of the dogs I take in.
Greg
thanks 12. It should be interesting to see how some on this board play the fomc meeting at the end of the month if we don't have an emergency meeting which I believe is highly unlikely imho. I wouldn't be suprised if his obsession with inflation makes him put out only a 25% cut.
Just as a side note it seemed to me that Bernanke was sweating bullets yesterday and would have rather been anywhere but there and all he did was repeat history like he has seemed to do lately with Princenton University ivory tower mentality. It was like he was seeing things thru a glass "hoping" for things to get better. :blink: I have never seen a fed chairman exude so little confidence - just again imho.
I remember the 1982 bull start up of August that year - the recession of that time didn't end until around December. And that was an excellent run because no one believed it was happening. Bob Farell kept all his brokers out most of the way up - the same may happen this time. I don't believe we are in or heading for any kind of recession - even so the bull will run long before the recession ends. Don't fight the Fed.
looking at some of numbers/charts to me it looks like after the market followed through on Thursday we could see a brief pullback develop (futures look good for tomorrow so far but tomorrow is a long way off and it may not develop until next week) in the near term leading up to the Federal Reserve Meeting next Tuesday. The first area of upside resistance for the S&P 500 is at 1361 and we are at 1352 so it may stall out near this level in the near term. If the S&P 500 can rise above 1361 then it will encounter even stronger upside resistance around 1390.
Keep in mind we are in what I believe to be a bear market (THERE I SAID IT) and although we may have put in a short term bottom we may still see more downside action in the longer term (next several months) IMHO>
Basically though If we don't fall off before the meeting we could get a good 5 to 10 oversold bounce (including and starting with what we have done so far). I'm looking at resistance for the Dow around 12600 it's
38.2% retracement level and upside resistance of 2470 for the nasdaq after the oversold bounce. After that I reiterate a downward trend probably in the cards IMHO over the next several months.
Take it for what it's worth. One guys opinion.