Well, what do you think of the action today JTH? Modest rally.... do you see much more of a rally in the next few days?
Looking across the broad indexes I see several signs of a tweezer's bottom being put into place. Today, we need to not make a lower low than the current low, and close above the previous close. If we can close above 50% of Wednesday's range, that would be a bullish clue. Regardless, anyone who takes an entry here is trading against an established downtrend.
Good points jth.I believe, now that everyone is so scared about the debt ceiling not being raised, the debt ceiling will be raised. A contrarian view, if you will.There are other issues like eurozone and downgrade to us debt ratings. But most seems to be factored in now. Still a lot of fear but I think we will climb the wall of worry.
100 G
RSI - Relative Strength Indicator DMA - day moving average
I jumped all in yesterday from a 30% allocation. Now with this bounce, I'm trying to decide if I want to pull a bit off the table and protect it... I don't have any IFTs to protect for the rest of the month... decisions decisions...
I do watch CNBC, it's not something I recommend for the newer investors, but if you are capable of not letting the short-term news affect your long-term views, than it's not so bad. When I was new here, a 2% down day would freak me out, then I'd watch CNBC and they'd freak me out some more, then I'd sell everything thinking the world was coming to an end. The CNBC crew can't see beyond the noses attached to their faces, if you have a deep understanding of this, than it makes it easier to filter out the noise.
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