Friday, November 21, 2008

Where's The Bottom?

Simple enough. Let's see what you people think.

1. 7500
2. 7250
3. 7000
4. 6750
5. 6500
6. 6250
7. sub 6000

3 comments:

Soulfire said...

You can eliminate several choices easily...

7500 will certainly not hold since we have too much bad news in front of us...

If 7500 goes then 7250 and 7000 are sure to follow...

Capitulation could bring us between 5K and 6K.

As long as the majority of talking heads are proclaiming a "big turn around" next year, you know we're going lower.

Scott said...

As a day trader it doesn't matter where the "bottom" is. It's a waste of your time to try and predict anything. Momentum is the only thing to go by these days.

Dinosaur Trader said...

Scott,

This is somewhat true... it doesn't matter, but it's useful to try to visualize so you can develop a strategy.

Like on Friday for example, 7500 was a level we were all watching, we bounced hard there, and the office pounced.

-DT