This is ugly..i meant worse...correction,this is zimbabwe...i bet the likes of gordon ghecko of wallsteet(money never sleeps) are laughing all the way to the bank,which one are you?...and i got grilled some weeks ago for stating"saying"da market is very bearish!!!!!lol!
we might be bearish, but we are nowhere near a bear market. Start worrying if we trade below 33000. We just made new highs, so until we get a series of lower highs / lower lows, we are still in a bull market by definition.
Its trying to close the gap between 35,100 - 35,300. But longer term it could either bounce up from there, but more likely it could go down to 32,500. Like skaaptjop said though, just because its bearish doesnt mean its a bear market. Its healthy to have a small correction of 10-15%.
My opinion is its great if it gets there, it finally gives the bulls a chance to join the (longer term) bull market, I know Id be buying below 33,000 with a target of 40,000. We had such a fast ramp up last year.
The nice thing about TA, is that it puts everything in perspective. We might be seeing red right now, but the market still views the outlook more positively than it did in April. Is this the start of a bear market? Who the hell knows? I think not. If I am wrong, well, I will be a couple of percentage points overall poorer. If I right, well the potential reward out weighs the risk. Now a short trader might bet on more downside, sure. I believe markets are inherently biased to the long side, so I almost never short. But that is just me.
well, the US markets will open with a huge gap...if they try to close it we may see a decent retracement on the ALSI wiping out most of the losses...until then any retracement on the ALSI is shortable(my view only)