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Gap down below yesterday's low, so the gap might not be filled.
For Global ES, I don't know if the breakdown is real or not, the 100% Measured Move target would be 1390.25, the 1-2-3 Formation or Inversed Cup with Handle target is 1400.25, the confluences area are 1406 or 1400, so maybe 1406 is more likely.
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I was a broker in 1987 when the markets went to hell and I very much remember the chaos.
I remember the phone call from our main office telling us that there had been a shooting in another city and that we should lock our doors.
I remember the client who had made millions and was now sitting in a corner crying as we hand entered ticket after ticket to the wire room liquidating his entire portfolio trying to stay ahead of the margin calls - we were unsuccessful. He awoke that morning a millionaire and left that afternoon broke and in debt.
I remember thinking that investing was going to really change and that retail was probably going to be slow for years - I left and went into private money management.
This does not feel quite the same and isn't happening for the same reason, and yet the same approach should be taken by every investor: do not attempt to trade with margin or you will be ripped apart. Realize that what we are currently seeing does not begin to equate to the extremes we experienced in 1987 - but it could very well begin to.
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Is it just me or does it seem like everyone is whiffing on earnings this quarter? I think I saw something from you Cobra showing earnings were stacking up to be pretty bad this quarter compared to recent years.
Also interesting to see the secular shift away from PCs (pain for INTC, AMD, MSFT, DELL, HPQ, etc.) towards smartphones and the cloud (EMC, VMW, AAPL, etc. feeling the love).
I'd wait DAX to break the recent low to count it as Double Top.
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I still read gold as OK. I don't read it as double top but in case you want to know the target would be 1679.
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euro is OK, but the 2nd revisit of the previous high may be failed, so with bad omen.
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TraderGirl wrote:Check this out...needs to hold or we melt down soon...
agree
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Last edited by KeiZai on Tue Oct 23, 2012 9:53 am, edited 1 time in total.
My satisfaction always came from beating the market, solving the puzzle. The money was the reward, but it was not the main reason I loved the market (Jess Livermore)
Out of Bounds wrote:I was a broker in 1987 when the markets went to hell and I very much remember the chaos.
I remember the phone call from our main office telling us that there had been a shooting in another city and that we should lock our doors.
I remember the client who had made millions and was now sitting in a corner crying as we hand entered ticket after ticket to the wire room liquidating his entire portfolio trying to stay ahead of the margin calls - we were unsuccessful. He awoke that morning a millionaire and left that afternoon broke and in debt.
I remember thinking that investing was going to really change and that retail was probably going to be slow for years - I left and went into private money management.
This does not feel quite the same and isn't happening for the same reason, and yet the same approach should be taken by every investor: do not attempt to trade with margin or you will be ripped apart. Realize that what we are currently seeing does not begin to equate to the extremes we experienced in 1987 - but it could very well begin to.
Good luck.
Thanks, well said. And salute who have experienced the 87 crash.
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