Doomsday clock for global market crash strikes one minute to midnight

Vapor1 said:
Sunday night, futures tanking again. All that matters this week is does the Fed "say" something that reverses course. If so, it will likely be short lived.
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Watching with bated "breadth." Get it => "breadth." Its a funny.....:snicker:

Anyway on a more serious note; I know a Fed reversal will help the market in the short/medium term but if we gotta pay the piper with global recession at some point to compensate for over capacity, better to do it sooner than continue with the global money printing until we have a slow down and busted fiat money simultaneously. Some body needs to stop the madness!
 
Currently looks like Nikkei down 3%, Shanghai down 8.5% and Hang Seng down 4.6%. US futures looking like Dow -2.5%, S&P -2.4%, and Nasdaq -3.9%. If S&P hits October 2014 lows in the 1820 range, that would represent a 15% correction and my guess is would represent a tradeable near-term bottom for a nice bounce. Whether it holds will depend on many factors but there's another 100 S&P points between where the S&P Futures sit right now and that level. Wow, anything high P/E and Growthy is getting shellacked! Nasdaq Futs -3.9%!! Hold on to your seats and tighten those belts gents....
 
Shanghai down 8.5%....bad day indeed.
I don't know about your guys but I always feel like upgrading my system during time like this...
 
:shocking:[TABLE="class: tbl_priceChart"]
[TR="class: tr_big"]
[TD="align: left"]Gold Price Per Ounce[/TD]
[TD="class: td_2, width: 102, align: left"]$ 1,162.90[/TD]
[TD="width: 86, align: left"]-2.90
[/TD]
[/TR]
[/TABLE]
:whoa:[TABLE="class: tbl_priceChart"]
[TR]
[TD="width: 223, align: left"]Gold Price Per Kilo[/TD]
[TD="class: td_2, width: 87, align: left"]$ 37,388.10 [/TD]
[TD="width: 76, align: left"]-93.24
[/TD]
[/TR]
[/TABLE]
 
Dow in the 14,000's is a real possibility. That's MY guess for a bottom and the number I predicted in May for a "by October" bottom.
 
There's already a bounce off the opening bottom as more stocks begin to trade. Lets see where things end up at the end of the day. We are officially in "correction" territory so there will likely be some bottom feeders coming it at some point.

However, the mass retail market will likely be putting in orders to panic sell with the mutual fund companies, so they might well be selling tomorrow, and also as margin calls come in others may be forced to liquidate tomorrow. I thing Tuesday is a better day to take advantage of some stabilization and buy some things into your retirement accounts for the long term. Lots of nice fat juicy dividend paying stocks that took a big hit, like Verizon and GE and such.
 
BobM said:
There's already a bounce off the opening bottom as more stocks begin to trade. Lets see where things end up at the end of the day. We are officially in "correction" territory so there will likely be some bottom feeders coming it at some point.

However, the mass retail market will likely be putting in orders to panic sell with the mutual fund companies, so they might well be selling tomorrow, and also as margin calls come in others may be forced to liquidate tomorrow. I thing Tuesday is a better day to take advantage of some stabilization and buy some things into your retirement accounts for the long term. Lots of nice fat juicy dividend paying stocks that took a big hit, like Verizon and GE and such.
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Exactly. I see opportunity.
 
BobM said:
There's already a bounce off the opening bottom as more stocks begin to trade. Lets see where things end up at the end of the day. We are officially in "correction" territory so there will likely be some bottom feeders coming it at some point.

However, the mass retail market will likely be putting in orders to panic sell with the mutual fund companies, so they might well be selling tomorrow, and also as margin calls come in others may be forced to liquidate tomorrow. I thing Tuesday is a better day to take advantage of some stabilization and buy some things into your retirement accounts for the long term. Lots of nice fat juicy dividend paying stocks that took a big hit, like Verizon and GE and such.
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I traded full time through 2006-10. It was a nasty time, but I killed it that entire period. If you only listen to one thing I say, make it this. Do not put a penny in this market right now unless you can afford to lose it. And if you put anything in right now that you don't want to lose, you better take profit the second it happens, because wait one second too long and it can be gone and then some.

Keep your head on a swivel, don't take a piss with open positions ... hell we just dropped 150 points in the 90 seconds it took to type this!

I'm thinking about getting back in right now, but I'm a pure momentum trader, in and out in a matter of seconds. And if you do think about it, don't get stuck in the mindset of thinking you have to go long. There are plenty of short (and double, triple short) ETF's.
 
Mike said:
Exactly. I see opportunity.
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Be careful Mike. The only way you make money in markets like this is to realize you don't know a damn thing, and only believe the candles. Don't convince yourself this is a buying opportunity, just play the action and have no opinion on how you think things will move. If you have an opinion either way, you'll just get yourself stuck waiting for it to happen.

I've traded during VIX 50 times before. Be fast or be dead.
 
Vapor1 said:
Be careful Mike. The only way you make money in markets like this is to realize you don't know a damn thing, and only believe the candles. Don't convince yourself this is a buying opportunity, just play the action and have no opinion on how you think things will move. If you have an opinion either way, you'll just get yourself stuck waiting for it to happen.

I've traded during VIX 50 times before. Be fast or be dead.
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I'll bite my tongue and just say this: the opportunity will be in the next month or two when I predict the market will correct itself - typically after the Feds SHOULD announce no raise in interest rates in September.

What's happening today and the later half of last week is a correction in confidence.
 
Vapor1 said:
Be careful Mike. The only way you make money in markets like this is to realize you don't know a damn thing, and only believe the candles. Don't convince yourself this is a buying opportunity, just play the action and have no opinion on how you think things will move. If you have an opinion either way, you'll just get yourself stuck waiting for it to happen.

I've traded during VIX 50 times before. Be fast or be dead.
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You were/are a day trader?
 
Mike said:
I'll bite my tongue and just say this: the opportunity will be in the next month or two when I predict the market will correct itself - typically after the Feds SHOULD announce no raise in interest rates in September.

What's happening today and the later half of last week is a correction in confidence.
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Making predictions is where people get in trouble. When things are this volatile you just have to roll with where things take you. The rate hike is off the table already, and when they come out and announce it formally, the half like of that bump will be short. Just don't make any bets either direction right now.

I wouldn't be surprised if the algos chase stops all the way back to green today. The talking heads will breath a deep sigh of relief and try to convince us the coast is clear. But there are deep, troubling warning signs all around the Globe right now. We may get back to green, then have a couple days of relative quiet, but who knows ... somebody like Glencore or Noble might file for bankruptcy any day and make this morning look like a speed bump. There are 1000 possible bad scenarios, and the scary thing is the only good scenario revolves around the Fed dumping more cash into the market.
 
Vapor1 said:
I was for 4 years and did quite well. I just hated being glued to my laptop so gave it up. Now I make speakers and am glued to my orbital sander instead :)
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I knew that you have been in the speaker building business for a while (have seen the many threads about Vapor speakers). Just didn't know if you were still trading on the side but as you said, if you're going to be a momentum/swing day trader, you have to be glued to your computer because otherwise you will get your ass handed to you if you are not nimble and fast on the trigger. What always concerned me about day trading was the potential for getting whiplashed if you are not fast enough (even with strict buy and sell discipline rules) and the transaction costs that will eat into your profit pool although, especially if trading options (stock trading has become so cheap that transaction costs while not zero are negligible).
 
These markets are classically going to whipsaw many retail investors. Anybody who sold yesterday is going to get so pissed today with Futures pointing to an up 3%-4% across the Dow, S&P, Nasdaq and Russell 2000. Crazy. China lowered 1-yr benchmark loan rates by 25bps to 4.6%. Fifth time in 9 months. We'll see if up open holds today by market close.
 
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