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Another day for the sucker Bulls to get Long before the rug is pulled up under them!
Carl - the trend is not up. The trend is down. The top is in.
S&P has bounce off from the 50MA resistant on the 60 minute chart and fall back into the downward channel that it just break out an hour ago. If S&P can not get itself back out of the channel and break below 1055, I guest there will be another huge leg down of 50-60 points.
Hi Carl,My work tells me a close today above 1063.00 will be a confirmed buy signal. This would mean the selling is over and we should see the rally resume, but we must close today above 1063.00 as an absolute prerequisite.Thanks.Kindest regards,PM
Jobs number on Friday. I don't want to be infront of that number in either direction currently.
Carl, the trend was broken last Friday, this is all a retrace and bulls are getting sucked in. Careful treading here.
why would carl buy @1059 when dow is already up ~200 pts at that point..even granting his bullish case, this DAY trade doesn't make sense..OTOH, i am beginning to make a sizeable position on SDS... will double up at ES1070 if it reaches there
How can anyone know the top is in ? :)
DMA - no one knows unless someone has a very precise model that tracks the energy flowing into the markets and even with that it would be damn hard to figure out in anticipation. I never bother my mind with such questions, instead I try to improve my setups to achieve excellence in trading them, then the money will flow and you wont' bother anymore with such questions. Hope this is of help ! Cheers. MC
I am beginning to believe that the intermediate top (top for the year) is in too, and we might not see S&P go over 1120 until Jan 2010. All the good stuff seems to be baked in already, investors might wait for 2nd quarter guidance to put new money back in. And for today there is more potential for market to pull back ahead of jobs number than to further rally. But I don't want to bet against Carl too.My nickel!
DMA,Its finding support/resistance each day and pivot areas!
Maverick, you really enjoy fighting these market rallies, don't you?Somehow, I wouldn't find that to be very profitable.:)
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