It’s Not Over Til I Say It Is, an iBC Update 11/5/2008
The selling today was heavy, which is what you might expect from down 5% on the indices. The weekly balance of buying to selling went negative as a result of today’s selloff.
We are still above strong support at 920, and we ended the day a little oversold. The obvious trade is to buy the gap down tomorrow and wait for the filling. If we don’t fill the gap (which I don’t expect, sorry for the 2x negative), then that would reflect considerable weakness, because one would expect the bullish optimism of last week, if still in place, to assert itself strongly by buying this dip.
Incidentally, I said I would buy this dip and still believe I will. I haven’t given up entirely on this dead-cat bounce, but I have to say, it is tough when the deluge of news varies only from “bad” to “really fucking bad.” Maybe I should just stick to my friend, buddy, pal SDS.
What’s stunning to me, is that with so aptly titled charts like “The Graveyard” (titled at 1005) and “The Bone Zone” (titled at 881), I don’t hear more stories of you guys making money off this shit. Oh, and those three blue lines? I drew those yesterday.
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Also interesting is the IBD 100 index:
up later.
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I’ll put up a for more charts later.
Thanks for nightly update. I always check in to find out what your analysis shows.
I’m still around, just pretty busy lately. Exited most of my longs Friday – Tuesday, and gradually legged into TWM, SRS, QID, etc over the same time period. Wednesday was nice for me.
I am, of course, playing this day by day. But I am inclined to believe that we are still in some sort of triangle / sideways pattern, if only for a little longer.
Can’t wait to trade the new x300 ETF’s. Ha!
me neither. it’s gonna be awesome.