sstasel
Member
At least we were spared this news before the closing bell. U.S. to Hit Debt Limit in Mid-October, Lew Says
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tsptalk's Market Talk
- Thread starter tsptalk
- Start date
The Transportation Index is down hard this morning, opening a new gap. It seems to be trying to complete a bearish head and shoulders pattern with a descending neckline. If 112 breaks on the IYT Transports ETF, the downside target would be somewhere between 106 and 104.
Looking for a silver lining, many times pre-holiday action is reversed after the holiday.
Looking for a silver lining, many times pre-holiday action is reversed after the holiday.
Good question. Basically pros and the smart money react to rumors, then do the opposite (take profits) when the herd (dumb money) overreacts. So, it works both ways. In this case it would be, sell short on the rumor, buy to cover on the news.
jkenjohnson
Active member
Today is very disturbing. I should have got out this morning. Probaly for sure tomorrow unless we rebound.
DreamboatAnnie
Well-known member
I think market is a little spooked. Will wait a couple more days to see what happens. Hoping for a bounce up.
OMG...this is getting frazzling...But that's what they do...The shake the market like this from time to time just to turn it for a huge profit as people sell off! You see it with individual micro caps alot! They use a little bad news or uncertain news to unhinge the market and spark a panic sell....then goble everything up and sell at a higher price once the dust settles, or they do what TSPTalk was suggesting...sell the rumor and buy the news!
Either way it's difficult to hold onto your shares while watching the whole thing take a nose dive like this!!!
Either way it's difficult to hold onto your shares while watching the whole thing take a nose dive like this!!!
Not sure I want to trust he action of a pre-holiday Friday (which is normally bullish) but the leaders (small caps and Transports) are testing some dangerous levels. This could all reverse on Tuesday, but the chart formations don't look very good.
The dollar moved up to the 200-day EMA, found resistance and backed off. This early strength in the dollar probably means the I-fund will feel the brunt of this - even if the dollar closes even, or even down on the day. And any late weakness wouldn't benefit the I-fund until next week - but it's up to the folks who make the I-fund share price each night.
The dollar moved up to the 200-day EMA, found resistance and backed off. This early strength in the dollar probably means the I-fund will feel the brunt of this - even if the dollar closes even, or even down on the day. And any late weakness wouldn't benefit the I-fund until next week - but it's up to the folks who make the I-fund share price each night.
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