Although long wave analyst predicted a crash in 2007 but right now it should go back up. Notice the low of the day was above 714s1 and it closed near the high of the day. Buyers were not out in full force yet but the downward slopping channel is bullish. Tomorrow's numbers are 720r1, 718pvt and 716s1. Nov OEX 720 calls are good.
2c
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Technicals aside, do you think this market has any chance on ugly earnings, 90 oil, falling dollar and danger in the credit markets back.
I feel OEX is on dive alert, maybe next week.
bigelam
Bigelam,
I have to admit this is a weaker than normal buy signal. Buyers are not out in full force. A more conservative buy point would be above 722. I hear you with all those concerns, but since the market is in such over sold condition, it would not pay to be overly bearish here, with the exception of day trading as opposed to swing trading.
2c
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