Quote:
Originally Posted by PaceAdvantage
Not going to see any sort of turnaround until we get some big volume days...we're at the point now where it's lookout below...and it's not going to stop until there is blood in the streets and panic selling ensues...
There hasn't even been a hint of a panic day...at least as I see it.
Is support at 3500? 3000? Somewhere around there, probably...that's my guess anyway...
Prepare for a couple of monster down days, coming soon to a market near you.
"Sell in May and go away..."
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I agree that we have yet to see the real bad "blood in the streets" days.
I want to say that 3,360 is a good number on the S&P, that's a 30% drop, but we are over halfway there already and we don't have weak earnings or the housing market bed shitting that is inevitable yet. So if we get to that range and earnings estimates have not been revised I could easily see it being much lower.