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Jack Haddad
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Jack Haddad
  • Fake bear trap 2 comments
    Oct 6, 2009 10:09 AM
    The 400 point loss on the DOW from 9810 to 9407 proved to be nothing but a bear trap.  Major counterparties like GS can easily kill the trend and dictate market direction. 

    In concliusion, this market will only reverse when the least expected.  So long as sentiment is negative and expecting a downtrend, it won't happen.
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    The pattern has been the same...kiss the 20 or 50dma and bounce. The trend is still up and it wasnt a bear trap...the trend had not signalled a short.

    Now, wouldnt be surprised to see 1100 or 1120 and then drop from there. watching 3 month libor...that is the key i think
    6 Oct 2009, 10:55 AM Reply Like
  •  
    I'm keeping a close on 9810. If we close above again, it will prove a consolidation to propel the maket to a new high.


    On Oct 06 10:55 AM Macro_Man wrote:

    > The pattern has been the same...kiss the 20 or 50dma and bounce.
    > The trend is still up and it wasnt a bear trap...the trend had not
    > signalled a short.
    >
    > Now, wouldnt be surprised to see 1100 or 1120 and then drop from
    > there. watching 3 month libor...that is the key i think
    6 Oct 2009, 11:15 AM Reply Like
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