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Globex 10-16-08


Well gang, we certainly went true to form yesterday,plunging thru 920 and my downside objective at 912. We are definitly in crash mode! On the plus side, closing ticks on the nyse are more indicative of a rally than a crash at -700. Ithink we had a Lowry 90% down day and my price proj. from 1067 at 878.50 can be considered fullfilled by tonites globex low at 880. On the negative side, i have outstanding sownside proj. from the weekly charts around 815 and monthly charts to around 777 not yet achieved. Oil is down again at 72 or so , as investors worry about global recession, and the libor is still around 4.5& indicating the credit freeze continues. Not a rosy scenerioby any stretch. Lets be very careful out there and remember, its a bear market!
ill sell one at 916 area.
man its hard to trade in this market but kool u r the best man out there
sold one 917.50, 3 point stop
wow right @ the top
covering 910 area
uot 911.50, nice scalp...plus 6
wanted out 909-10, Akola but as you point out ,its moving way too fast!(which is indicative of another crash today, in my opinion)
i min. avg. is 910.50
it should be noted that upside proj. from last nites globex low(880) was 918 having been met by the globex high at 919.50. It might be of interest to know that the downside proj. from that 919.50 peak is aroud 858-9. Valid unless 919 is seen again.
selling again, 913.50-916.50
switching to es thread