I'm a-scared!

[Tape Reader]

Hi All,

As long as this is anonymous, I most confess, I'm a-scared!

The dramatic market decline?

The high price of gold?

Is there something that we are not seeing? Or, are the chickens just coming home to roost?

[boxcar]

When it comes to roosting (and possibly even roasting) chickens, you have to ask the expert on that subject -- BO's pastor -- the "Revered" Jeremiah Wright.

Boxcar

[PaceAdvantage]

The entire February to April runup was a joke...that is all being taken out right now as we type.

You do realize we have done NOTHING but go pretty much straight up from the March 2009 bottom?

From March 2009 to April 2010, the S&P (I'm using a futures chart here, so the exact numbers are probably off, but you'll get the idea) went from a low of 644 to a high of 1213. Essentially, it DOUBLED in the span of one year.

Without ANY serious retracement.

I predict the S&P will be testing the 930 level sometime in the near future. The next day or two will be very telling as to where we go near term...it is basically sitting at some weaker support levels at this very moment...and today's volume was very light (relatively speaking to the last week or two).

However, the S&P is down almost 15 points in after-hours trading as I type this...if the futures close below 1036 (they are at 1056 right now, and closed at 1071 earlier this afternoon), it is definitely going to 930 in a hurry....

[JustRalph]

Neil Cavuto had a quest on this last weekend who said this would be the bloodiest week in 2 years......... get ready........

[PaceAdvantage]

Neil Cavuto had a quest on this last weekend who said this would be the bloodiest week in 2 years......... get ready........This probably means you should load up on the buy side...no joke...

When everyone says to zig, it's best to zag...

[NJ Stinks]

Hi All,

As long as this is anonymous, I most confess, I'm a-scared!



You've come to the right place, Tape Reader. The sky is falling down here in Off Topic every day. :eek: ;)

[lamboguy]

When it comes to roosting (and possibly even roasting) chickens, you have to ask the expert on that subject -- BO's pastor -- the "Revered" Jeremiah Wright.

Boxcar
you are a very funny predictable guy

[PaceAdvantage]

However, the S&P is down almost 15 points in after-hours trading as I type this...if the futures close below 1036 (they are at 1056 right now, and closed at 1071 earlier this afternoon), it is definitely going to 930 in a hurry....Now down 25 points on the S&P after hitting a low of 1042 on the night...looks like we're definitely going to see if that 1036 area holds tomorrow or not at the close...reason for this dive? Europe and Asia are tanking...

Dow futures off 190 points at the moment...I guess Ralph was right...this might very well be an ugly week after all...

[Tampa Russ]

This probably means you should load up on the buy side...no joke...

When everyone says to zig, it's best to zag...

I'm afraid there will be plenty of time buy. The reality tsunami is underway. That nagging feeling of uneasiness that so many are experiencing...hang on!

[RXB]

I got out of equities completely at the end of Feb. The genie is out of the bottle. I see liquidity issues morphing into solvency issues... there's no way that this is going to end without a lot of financial pain in the short and medium terms. To be honest, the sooner it unwinds, the better. The band-aid "solutions" are just making it that much worse in the longer view.

[Robert Goren]

For what it is worth(which isn't much), I see the dow going below 9500, but not below 9000. I think this is just a correction.

[DJofSD]

Wall Street loves to build a wall of worry then climb it. Most analyst have said we are due for a 10% correction.

[Ocala Mike]

Intraday reversal today; the shorts were running scared at the end, and couldn't cover their positions fast enough. Tells me they don't have the balls to ride the market down much lower.


Ocala Mike

[PaceAdvantage]

I predict the S&P will be testing the 930 level sometime in the near future. The next day or two will be very telling as to where we go near term...it is basically sitting at some weaker support levels at this very moment...and today's volume was very light (relatively speaking to the last week or two).

However, the S&P is down almost 15 points in after-hours trading as I type this...if the futures close below 1036 (they are at 1056 right now, and closed at 1071 earlier this afternoon), it is definitely going to 930 in a hurry....1036 was indeed solid support short term, as the futures traded down to 1036.75 and promptly reversed, shooting strongly higher on decent volume from about 6am on through the rest of the day...

I think the next test is obviously going to be resistance at the 200 day moving average, which currently sits at 1096.22 on my chart...we're up almost 8 points in after-hours trading, currently at 1080.75, so it appears they will probably be testing the 200 day moving average sometime tomorrow...could even happen before the markets officially open at 9:30...this will be the first test of the 200MA since they closed below it on 5/20...

[Tape Reader]

1036 was indeed solid support short term, as the futures traded down to 1036.75 and promptly reversed, shooting strongly higher on decent volume from about 6am on through the rest of the day...

I think the next test is obviously going to be resistance at the 200 day moving average, which currently sits at 1096.22 on my chart...we're up almost 8 points in after-hours trading, currently at 1080.75, so it appears they will probably be testing the 200 day moving average sometime tomorrow...could even happen before the markets officially open at 9:30...this will be the first test of the 200MA since they closed below it on 5/20...

Nice call Pace.