DOW 23,000+ today?

Discussion in 'The Paddock' started by Grant 302, Oct 17, 2017.

  1. Grant 302

    Grant 302 OPM Spent: $509,979 Moderator

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    Just normal market forces. I don't see any evidence of real monkey business.

    Sometimes, the market simply has a hard time finding or 'making' buyers. Elections have a tendency to do that. The results don't necessarily matter...just that they're over.

    Any market needs to periodically 'test' averages. Short term say 20 day gets tested pretty frequently. But watch out when longer periods like 100 and 200 day averages haven't been tested in a while (SMA, EMA - doesn't really matter). Eventually, those averages get tested or crossed even when the general direction is still the same.

    Days like yesterday 'shake the tree'...some of the monkeys gotta fall out.
     
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  2. VoodooBoss

    VoodooBoss Rick Moderator

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    I agree, this is a pretty plain vanilla market correction. It looks more dramatic because of the large numbers but if you look at the percentages it's not that big and very comparable to other corrections. Plus it is October...
     
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  3. TymeSlayer

    TymeSlayer Tramps like us, Baby we were born to run...

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    Speaking of Blood, Sweat and Tears... (Another post)

    What goes up must come down
    Spinnin' wheel got to go 'round
    Talkin' 'bout your troubles it's a cryin' sin
    Ride a painted pony let the spinnin' wheel spin
     
  4. 302BOB

    302BOB TMO Addict

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    Get in that Boss and take no prisoners................
     
  5. TymeSlayer

    TymeSlayer Tramps like us, Baby we were born to run...

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    Your right Bob, if the market gets you down, ride your painted pony!
     
  6. Grant 302

    Grant 302 OPM Spent: $509,979 Moderator

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    Tree is getting shaken again this morning...
     
  7. Fat Boss

    Fat Boss TMO Addict

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    My folks are in their 80's. They can't agree on what to invest in, so my mom does tech stocks and my dad does old cars. His comment, "if the market crashes, I still have my cars."
     
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  8. Fat Boss

    Fat Boss TMO Addict

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    My mom laughs when I ask her if she's in conservative investments because of her age. She does quite well.
     
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  9. Grant 302

    Grant 302 OPM Spent: $509,979 Moderator

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    That's a good thing. I'm glad my parents don't have the same investing practices.
     
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  10. Grant 302

    Grant 302 OPM Spent: $509,979 Moderator

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    Relief bounce/rally this AM. Still maintaining the ~23,800 target. Cashed/rolled some of the hedges with the near term profits. 'Cheap' protection below that level, if my target ends up being conservative (ends up *much* lower than that).
     
  11. VoodooBoss

    VoodooBoss Rick Moderator

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  12. 302BOB

    302BOB TMO Addict

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    It's a crap shoot no matter how old you are........your Mom is one happy camper!!! Cherish your tyme with her!!!!!!!!!!!!!!!
     
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  13. Grant 302

    Grant 302 OPM Spent: $509,979 Moderator

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    Carter is *definitely* one of the better/good presenters on CNBC, IMO. Might be 'talking his book' a just a little there though. I don't think the market needs to test that low, and his channel could use some exponential adjustment - JMO.

    My take is that this second 'leg' down is enough of a pullback, but that a third (or more) is certainly possible and would fit in the timeframe both he (ave. 40 day) and I (around election day) suggest. If I saw things more like him, I would have let *everything* ride yesterday, and just add positions for lower.
     
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  14. TymeSlayer

    TymeSlayer Tramps like us, Baby we were born to run...

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    Drank that Koolaid
     
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  15. Grant 302

    Grant 302 OPM Spent: $509,979 Moderator

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    Decent relief bounce and End-of Month effects in play. Re-bought some of the stuff (put side) I sold on Monday. Friday and next week expiry positions for cheap.
     
  16. Grant 302

    Grant 302 OPM Spent: $509,979 Moderator

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    I think there's a good chance that the bottom is in. Might need one more small dip (not lower than this last low) to 'confirm'.
     
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  17. VoodooBoss

    VoodooBoss Rick Moderator

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    I agree with Grant, most of the drama is over although if the GOP retains the house you could see a melt up in prices very quickly. I don't think that's going to happen though.
     
  18. Grant 302

    Grant 302 OPM Spent: $509,979 Moderator

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    Ready for the melt-up! Expecting new highs before/by early next year. (Jan-Feb). Maybe another small dip between now and then, but no 'new' near-term low.

    Nice move so far and a good drop in volatility/vix to go with.
     
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  19. Grant 302

    Grant 302 OPM Spent: $509,979 Moderator

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    'minor' prediction for tomorrow is AM dip but higher close for the day.

    There's near term topping action seen today, but still looks bullish in the weekly action.
     
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  20. TymeSlayer

    TymeSlayer Tramps like us, Baby we were born to run...

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    I'm waiting to move from my cash position until about a week before Christmas. This will allow the market to settle and we all know about the trend of people buying in the last day before a holiday.
     

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