Not looking pretty today

[PaceAdvantage]

Looks like a test of the 2040 support level is coming up shortly...

Oil getting hammered for the second straight day...Gold has been shitting the bed for a while now, which is kind of odd given the turmoil in Greece and the Chinese markets getting blasted...would have thought Gold would be rising as a safe-haven at this time...any thoughts on this? Why isn't Gold rising?

[_______]

I'm watching the tour right now, not the markets. But given what you've described, I would guess treasury rates are down. I think most people see t-bills as the safe haven.

I know a lot of people are obsessed with gold but its record as a "safe haven" is actually poor. I posted a link to an article somewhere in off topic about this. I'll see if I can track it down.

[_______]

Here it is:

http://www.forbes.com/sites/danielfisher/2013/08/08/gold-not-much-of-a-hedge-for-anything-unless-youre-a-centurion/

[barn32]

Looks like a test of the 2040 support level is coming up shortly...

Oil getting hammered for the second straight day...Gold has been shitting the bed for a while now, which is kind of odd given the turmoil in Greece and the Chinese markets getting blasted...would have thought Gold would be rising as a safe-haven at this time...any thoughts on this? Why isn't Gold rising?It depends upon your definition of pretty.

[PaceAdvantage]

Well, there you go...the market solidly rejects the test of 2040 and is shooting straight back up...some sort of Greece news I'm sure will be blamed on all of this...

All is well now folks...time to buy again.... :lol:

[badcompany]

Well, there you go...the market solidly rejects the test of 2040 and is shooting straight back up...some sort of Greece news I'm sure will be blamed on all of this...

All is well now folks...time to buy again.... :lol:

When the final shake out comes, it's always sharp, kinda like the downward part of a roller coaster. You just have to hold on tight.

[barn32]

When the final shake out comes, it's always sharp, kinda like the downward part of a roller coaster. You just have to hold on tight.Do you really think we're in a spot where the DOW is going to go up another 1000 points?

[badcompany]

Do you really think we're in a spot where the DOW is going to go up another 1000 points?

I'd like to see a strong continuation day, tomorrow, to confirm that this was a significant bottom.

If we get one, yes.

[barn32]

Gold has been shitting the bed for a while now, which is kind of odd given the turmoil in Greece and the Chinese markets getting blasted...would have thought Gold would be rising as a safe-haven at this time...any thoughts on this? Why isn't Gold rising?"Chaos has gripped Chinese stocks in recent weeks, sending the previously red-hot market nose diving 25%. The ferocious selling (http://money.cnn.com/2015/07/02/investing/china-stock-markets/index.html?iid=EL)has forced investors who bought stocks with borrowed money to pay back loans by dumping other assets -- including gold and other commodities."

Link (http://money.cnn.com/2015/07/07/investing/china-gold-copper-greece/index.html)

[ReplayRandall]

"Chaos has gripped Chinese stocks in recent weeks, sending the previously red-hot market nose diving 25%. The ferocious selling (http://money.cnn.com/2015/07/02/investing/china-stock-markets/index.html?iid=EL)has forced investors who bought stocks with borrowed money to pay back loans by dumping other assets -- including gold and other commodities."

Link (http://money.cnn.com/2015/07/07/investing/china-gold-copper-greece/index.html)

Your first decent post in months... :cool:

[barn32]

Originally Posted by barn32
Do you really think we're in a spot where the DOW is going to go up another 1000 points?I'd like to see a strong continuation day, tomorrow, to confirm that this was a significant bottom.

If we get one, yes.Well, as I write this at 6:36 pm PST the futures are down 14. They were up. My second question to you is this: Don't you think the markets are acting awfully frothy, toppy and sporadic?

Then you throw in Greece, and China, which is probably contributing to the above descriptions, and to my way of thinking you have so much uncertainty that it just seems downright dangerous to be long right now.

Now I could be wrong and this is just noise. But I've seen noise before and it doesn't quite act like this.

[badcompany]

[/i]Well, as I write this at 6:36 pm PST the futures are down 14. They were up. My second question to you is this: Don't you think the markets are acting awfully frothy, toppy and sporadic?

Then you throw in Greece, and China, which is probably contributing to the above descriptions, and to my way of thinking you have so much uncertainty that it just seems downright dangerous to be long right now.

Now I could be wrong and this is just noise. But I've seen noise before and it doesn't quite act like this.

I agree with you that there is an abnormal amount of noise, right now, but, that's no reason to bail when the market is less than 5% off an all time high and there is still a lot of technical support underneath.

Tolerating volatility is how you get paid in the stock market.

[DJofSD]

So where is all of that money going? On the side lines?

Is there any sector rotation going on here?

[PaceAdvantage]

Market trying to claw back again...I would have liked to have seen some more volume yesterday if I am to believe we aren't going any lower...so I am going to hold to my going lower theory...2080 is resistance and 2040-2050 is support for the moment...I say we don't see much above 2080 anytime soon.

[PaceAdvantage]

Trading halted on NYSE around 11:32...supposedly some "glitch"

Maybe they are trying their best to stave off an all-out crash? :eek:

I'm going to repeat my "NOT LOOKING PRETTY"

We are at lows of the day and the volume is looking pretty perky at the moment...we might even be testing 2040 again soon...I say it doesn't hold...

[Hoofless_Wonder]

I'm no expert in the precious metals, but I've read where gold is considered more of a hedge on geopolitical risk, and not so much for weathering a financial storm - though of course often those two events occur in tandem.

Look for gold to perk up when ISIS gets a hold of a nuke.

It will be interesting to hear the cause behind the halt in trading...quite odd....

[badcompany]

So where is all of that money going? On the side lines?



Back to the bank. The weak hands that get shaken out on pullbacks like this are usually the most levered.

[badcompany]

It's amazing how many things are coming together simultaneously.

Gold is re-testing support of a multi year low. If it breaks, where she stops...

[PaceAdvantage]

All is well again today...don't worry... :lol:

[Ocala Mike]

AAPL crappin' the bed today!

[badcompany]

AAPL crappin' the bed today!

Pretty standard correction geometry. I'm not a shareholder, but, if I were, I wouldn't be concerned, and, considering that the stock has doubled in the past two years, I don't believe shareholders have too much to whine about.

[badcompany]

With the market up 4% from the 2040 bottom, a new area of support has been created at the 2070-2080 level.

It actually is looking pretty, today ;)

[PaceAdvantage]

Yeah, I guess my opinion has been proven wrong...I'm used to it though.

[badcompany]

Yeah, I guess my opinion has been proven wrong...I'm used to it though.

Until it proves otherwise, and breaks out for real, the market is still range bound.

That said, Google is up 10% after hours on earnings. If it holds, this is a breakout to an all time high from a market leader.

[PaceAdvantage]

Until it proves otherwise, and breaks out for real, the market is still range bound.But I said we wouldn't see much above 2080 anytime soon...LMAO