Thursday, August 9, 2007

Beulah the Market Hag


Can anyone identify the 5 Fat Girls candlestick formation?

Why not just go for a 10% percent correction?

What really scares me is that the fundamental credit crunch may over-ride the technicals, even after falling 10%. However, it seems likely the asshole dip buyer will at least make a showing at that level. We'll just have to see how many more Countrywides out their skeletons.

6 comments:

Dogwood said...

I am soooo tempted to liquidate everything.

Woodshedder said...

Are you still in your system picks? That would be a hard decision to make for me. I think I would be considering over-riding the system, which of course is the wrong thing to do. However, unless your backtesting includes periods like 1987, it may not be ready for what appears to be happening.

The way I see it, it is better to lose a little and have a boat load of cash when the bottom comes rather than staying in and having little cash to make buys when it is time.

Ragin' Cajun said...

Thanks for the chart, I can't wait to see what tomorrow brings.

Dogwood said...

Yeah, I'm still doing system picks and they are actually holding up better than I expected.

However, this morning I will be putting stoplosses in place on all of them, even the ones up 50 percent.

The news out of Europe sucks. Someone big is going to blowup soon, or already has and we just don't know about it yet.

Scary stuff.

Bill said...

Ho-hum. Still 95% long with SSO and QLD in the port. My shit says "we've bottomed ALREADY" and I'm holding.

Woodshedder said...

Bill- I am rooting huge for you.

However, I still feel that the market is going lower.

Lucky for me, I will be happy for you if the market goes up, and happy for me if it gets cheaper. Either way, I'm happy.

Believe me, the way you've detailed your process on this one will make an exciting recap should we be looking at the bottom here.