Dealguy123 said: ... I believe in TA (technical analysis) and the "breakout" the spx experienced when the Dow hit 14k was barely a breakout, and I saw the quick pullback as bearish...

---- I am not too good at drawing charts --- but if you watch the market every day (and the CNBC propaganda --- you might get a gut feeling

--- funny at the beginning of the correction --- they were calling all the sellers lemmings --- what a bunch of CNBC doo doo

--- they weren't lemmings --- they are traders --- what an idiotic show

germanpope said:---- I am not too good at drawing charts --- but if you watch the market every day (and the CNBC propaganda --- you might get a gut feeling

--- funny at the beginning of the correction --- they were calling all the sellers lemmings --- what a bunch of CNBC doo doo

--- they weren't lemmings --- they are traders --- what an idiotic show

CNBC in general consists of alot of cheerleaders, which is largely why I can't stand watching Cramer anymore. He's just so damn bullish (in general), as well as many of the other pumpers on the network. Kudlow and the woman after Cramer are always VERY bullish. lol I figure you just have to take it for what it's worth and just stick to what you believe. The only show that I can watch w/ some regularity is Fast Money because some of the guys on there will really speak their mind at times, and they have conflicting opinions. They also do a nice job imo summing up and discussing the different news related to the market in case I wasn't able to catch things during the day.

Good luck next week to everyone!

germanpope said:looking very nasty in Asia overnight --- here we go again folksBoom shaka laka. But all the European indices are up overnight, so who knows what'll happen tomorrow? ;p

ChiefRocka said:germanpope said:looking very nasty in Asia overnight --- here we go again folksBoom shaka laka. But all the European indices are up overnight, so who knows what'll happen tomorrow? ;p

--- try again --- Europe off 2%

ifyouhavetoask said:richfish13 said:120k a year put you in the top 1% of income earners in the world. Yeah, 120k, man that guy has it rough.

It's not about income.

It's about control of your own life.

A successful doctor or lawyer, who runs their own practice, is in control of their own life, and is considered upper middle class.

Making $120,000/year by working at Apple Computer, is nothing more than agreeing to trade your life for X number of dollars per year. That's not freedom, and that's not independence.

A big part of your social class involves your ability to control your own destiny. If you're investing in a 401k plan, and your boss can fire you, you aren't free. You're trading your freedom for money. That's not "upper" anything.

It's not just about income, and it's not just about control, but there are components from each. I live in NYC, and around here -- $120k isn't buying you too much. $120k puts you squarely in 'middle class', and $200k or so is where you would need to be to start talking about "upper middle". That being said. I don't know where you would define me, but my income is upper-6 figures, and I still contribute to a 401k -- Who knows if I'll ever need or touch that money, and it's a really long time away (I am 25), but it is a good idea, so why not.

As far as control -- I own my own business, and have an upper-6 figure income, I definitely still feel the 'controlling' pressure in my life, so does that make me less than 'Upper Middle Class'? Where do I feel 'control' from? I know that if the s**t really hits the fan in my business, and my employees don't know how to fix it, I don't have the luxury of saying I don't want to or don't know how to fix it, I have to fix it. If I don't, I'll have customers who will be very upset and stop paying, which will drive my income down real quick.

I think your idea of not having controlling forces is either an illusion, or you are pushing the class up one notch. I personally don't feel "Upper Class", so I'll define myself in "Upper Middle", and for your information, I have no college degree. All of these 'classes' are imaginary lines that can't be really accurate anyway.

To add to all of that... A programmer for Cisco or Apple certainly can have plenty of autonomy if they are good at their work, and probably have a hell of a lot less 'controlling forces' acting on them than I do, albeit at a lower income.

The bottom line of how classes work is, almost everyone sees themselves in a higher than actual class. I know plenty of people who live in NYC and make under 50K/year and consider themselves to be "middle class" -- In NYC, that's totally absurd. You can't afford rent in a decent apartment in almost any neighborhood on that pay. Why do they think that way? Because they don't want to consider themselves "working class" or "lower middle".

Also, almost everyone in a lower class sees people in a higher class and considers them much higher than actual as well. Someone who is making $100k/year might consider the fact that I drive a $150k sportscar to make me "upper class". On the other hand, I can drive through Alpine, NJ to see some $10-$30M houses and realize that there is another level way above where I am.

welphd said:Didn't Greenspan retire?
Greenspan did retire but he's still very much investing in the market, and now he uses scare tactics for his own benefit. He sure is an ugly man, so is his wife (ugly broad). Couple of uglies with alot of power.

germanpope said:looking very nasty in Asia overnight --- here we go again folksAsia/Europe is often down overnight in response to what happened in the US the previous day. So suggesting that overnight selling in Asia/Europe will then cause the US to tumble would create a never-ending cycle of selling if true.

Maybe its my American-centric view but I notice that the US likes to lead not just follow. The US markets could just easy easily ignore the overseas selling and end up in the green today; futures are rallying nicely right now as I type.

zimaman said:winter said:germanpope said:looking very nasty in Asia overnight --- here we go again folksAsia/Europe is often down overnight in response to what happened in the US the previous day. So suggesting that overnight selling in Asia/Europe will then cause the US to tumble would create a never-ending cycle of selling if true.

Maybe its my American-centric view but I notice that the US likes to lead not just follow. The US markets could just easy easily ignore the overseas selling and end up in the green today; futures are rallying nicely right now as I type.

What futures are you looking at?

http://money.cnn.com/data/premarket/

Seems pretty negative to me...ESU7 (S&P) was as low as 1442 overnight (off 20 pts) now its only off 4 (1458), YMU7 (Dow) was down to 13111, 13243 now (-33) Things are a heck of a lot better now then they were at 4:30am eastern...

zimaman said:So Much for futures....

DJIA +48
NASDAQ +8.18
S&P500 +4.42

I am not much on conspiracy theories -- but it is possible some big boys are pumping to contain the fire

winter said:germanpope said:I am not much on conspiracy theories -- but it is possible some big boys are pumping to contain the firePPT at work for sure.

I was thinking more like the trilateral commission ....