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IBDvalueinvestin (99.68)

Will Nov. 21 Lows "HOLD" I am worried now that what many hope is a buying chance

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January 14, 2009 – Comments (5)

of a lifetime at 7,500 djia may not hold and go to 7,000 and in the process crush those that buy at 7,500

Now only 670 points from Nov. 21 lows.

Its gaining momentum to the downside. A week ago I would have said no way in hell will it re-test lows. Now its not a matter of if it will re-test but will the old lows hold.

5 Comments – Post Your Own

#1) On January 14, 2009 at 11:46 AM, Schmacko (63.82) wrote:

I'd be happy if they held but I think it's only a matter of time before we break through them.  I expect this week to be nothing but down and maybe we get an Obama bounce next week.

I make no predictions of what an eventual bottom might be, it's not really important.  The market is still so volatile and investor confidence is still so low that those with a long term buy and hold strategy can probably expect a lot of short term pain still.  You can make money doing short term trades though. 

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#2) On January 14, 2009 at 11:55 AM, BradAllenton (31.40) wrote:

The lows haven't held in this whole bear market. Why would they hold now? Lower highs and Lower lows for months now. The trend is down you can fight it if you wish.

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#3) On January 14, 2009 at 12:01 PM, jasongantt (42.68) wrote:

look at the short term gains after the 21st wait for the bottom then jump in ride the waves buy low sell high (only if you have a good return in order to taxes and still have some left over ) or take advantage of the lows to off set loses and improve future returns the market will rebound

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#4) On January 14, 2009 at 12:26 PM, YoungNGunnin (< 20) wrote:

im a short term trader and even im hoping they hold.......i feel more comfortable going longs but i have no problem short selling......its faster and easier to make money.....but i would like for the market to hold....

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#5) On January 14, 2009 at 12:48 PM, PrestonCheek (31.71) wrote:

im a short term trader and even im hoping they hold.......i feel more comfortable going longs but i have no problem short selling......its faster and easier to make money.....but i would like for the market to hold....

Maybe this is wrong, or bad, but I have made a little money lately buying and selling on the waves. I'm sure it will get me this looks like another opportunity for some stocks that had went up and now are down again. Just don't be greedy and take some profit when there is some.

These stocks are really cheap now; MCD, SQNM, HPQ and AEM. POT would be alot better around 65.

What do you think?

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