CRONKITE Wed Sep 28, 2011 5:09pm EST 2 Comments
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i like woodies plan of buying a new-lows flush. thats sort of how last summer played out, the two have actually been very similar periods.
1. panic, computer driven selloff of stunning proportions accompanying shocking VIX spike
2. several tests of the critical low level (1040 last summer, 1100-1120 this summer)
3. the lows were on a very brief flush below that “critical level”
@checklist,
all theories work for only so long. what is different this time is we have trading ranges that are making a step down formation.
also we are facing world wide austerity where as last time we were in a worldwide stimulus environment.
i just use the PPT to tell me when we are overbot or sold to maximize opportunity near the pivot points.
good luck trading