Markets on the downswing again

[sweeps]

Dow is at 7534. Nasdaq is at 1322.

[Broken Arrow]

Yep yep yep.

For a very short while, it looked like the market was set to rally when news broke about a tenative deal being hashed out for GM.

But after that, it begin an impressive slip when Democrats said, "No deal".

In retrospect, it was an extraordinarily dangerous day to be going long today.... Luckily, I still made it out with a 10% gain! Of course, that's not including the 12% loss from my last trade so... in the end, not much to write home about.

[tripods68]

Technical is broken. Get ready to slid some more perhaps closer to DOW 5000.

[Broken Arrow]

Yeah, the charts are scary lately. It isn't just broken, but it's more like.. shattered into a thousand tiny little pieces. I still use it of course, but in my opinion, it isn't reliable anymore for purely technical trades. But then, I've always long held that a lot of technicals don't make much sense to begin with, and that's also why I can't day trade.

All of my trades, for better or worse, are made from some form of fundamentals, and I only use technicals to zero in on my entry and exit points....

I don't know about the Dow going to 5000 though. I agree about it sliding more, but don't know how low and for how long. We'll just have to see.

[KB24]

is there no bottom??!!

[kork13]

is there no bottom??!!

That's like asking where the horizon is... Yea, it's there, but you'll never find it.