Aren't we getting a little ahead of ourselves here....January highs? Sure we *might* get there -eventually -but this bounce calls for a move towards 810. Then we re-evaluate. To call for a move back to Jan highs is pie-in-the-sky. Wishful thinking if you ask me...
I would be happy with a move to 802 right now. Since we sold off this morning, it has not been able to change the trend and move higher. We just had a nice bounce off the low but were unable to cross 792 the first level of resistance I see. When we hit 802, then we can start talking about 810. Until then, I'm not going to get overly excited about this market and as I speak we are selling off again and just above the support level that we bounced from last time. I really hope we hold here and break above 793 soon enough to reverse the trend of the last 30 mins.
It appears we broke 793 and almost touched 794 before selling off this time. Maybe Carl can offer his opinion if this is positive since it 'appears' we are currently holding at a higher level. I guess if that were to be the case, the next leg up would have to have it cross 793.79 so, let's wait and see what happens.
Well, I really thought today was the day for the breakout, and was just waiting when I saw the s&p at 797 for it to hit 800 and it never happened and now look at us. The dow just broke 7500 and the s&p has broken through Carl's support of 786 but I'm not sure if he meant intraday support or closing support. WFC, BAC, and citi look absolutely horrible and they are now pulling JPM, GS and MS down with them. I don't know how we recover although I am trying to be hopeful here. I'm a bit disgusted with myself that I really thought the market would reach 800 in the morning. Maybe we recover this afternoon but I could have a nice short opportunity if I had trusted my instincts. Live and learn and at least
6 comments:
Hi Carl,
I joined the bulls at 793.00, we may now test the January highs.
Thanks.
Kindest regards,
PM
Aren't we getting a little ahead of ourselves here....January highs? Sure we *might* get there -eventually -but this bounce calls for a move towards 810. Then we re-evaluate. To call for a move back to Jan highs is pie-in-the-sky. Wishful thinking if you ask me...
I would be happy with a move to 802 right now. Since we sold off this morning, it has not been able to change the trend and move higher. We just had a nice bounce off the low but were unable to cross 792 the first level of resistance I see. When we hit 802, then we can start talking about 810. Until then, I'm not going to get overly excited about this market and as I speak we are selling off again and just above the support level that we bounced from last time. I really hope we hold here and break above 793 soon enough to reverse the trend of the last 30 mins.
It appears we broke 793 and almost touched 794 before selling off this time. Maybe Carl can offer his opinion if this is positive since it 'appears' we are currently holding at a higher level. I guess if that were to be the case, the next leg up would have to have it cross 793.79 so, let's wait and see what happens.
Anonymous at 10:55, you have the right attitude! We should never get excited. But, unfortunately, we do.
As it is said, time moves too slow for those who wait. We wait only when we get personally involved or attached.
It will be easier to not get excited if you could watch the market and act at an appropriate time, but with the detachment of a Yogi.
I like your approach of here and now and not worry about the future. But, the short term moves can only be parts of long term moves.
Even for day trading, we need to look at the market in many time frames, from 1 min to daily.
Well, I really thought today was the day for the breakout, and was just waiting when I saw the s&p at 797 for it to hit 800 and it never happened and now look at us. The dow just broke 7500 and the s&p has broken through Carl's support of 786 but I'm not sure if he meant intraday support or closing support. WFC, BAC, and citi look absolutely horrible and they are now pulling JPM, GS and MS down with them. I don't know how we recover although I am trying to be hopeful here. I'm a bit disgusted with myself that I really thought the market would reach 800 in the morning. Maybe we recover this afternoon but I could have a nice short opportunity if I had trusted my instincts. Live and learn and at least
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