The bears are dining at the Ritz this weekend, meanwhile
AIG canceled its luxurious spa getaway. Looking forward, I still see no bottom at all whatsoever. Buying here it definitely trying to catch a falling knife but stocks are insanely oversold. To look for support in this market you need a ten year chart. I see 8,000 as a major level with the confluence of a 90's trendline and horizontal support. Then the next levels to watch would be the 2002-2003 bear market lows at 7,533, 7,416 and 7198. If you're looking at the S&P 500, 875 looks very solid but after that expect a panic down to the last bear market lows at 789, 776 and 769. We have a situation where you have to be crazy to buy given such a massive downtrend but even crazier to not take advantage of this frenzy of fear. I'm hoping to add near 8k tomorrow, good luck!
The bears are dining at the Ritz this weekend, meanwhile AIG canceled its luxurious spa getaway. Looking forward, I still see no bottom at all whatsoever. Buying here it definitely trying to catch a falling knife but stocks are insanely oversold. To look for support in this market you need a ten year chart. I see 8,000 as a major level with the confluence of a 90's trendline and horizontal support. Then the next levels to watch would be the 2002-2003 bear market lows at 7,533, 7,416 and 7198. If you're looking at the S&P 500, 875 looks very solid but after that expect a panic down to the last bear market lows at 789, 776 and 769. We have a situation where you have to be crazy to buy given such a massive downtrend but even crazier to not take advantage of this frenzy of fear. I'm hoping to add near 8k tomorrow, good luck!
1 comment:
We finally found some support, albeit at 8,000.
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