For the first time in a week the market has traded above a previous day's high. I think the low at 1437.25 which was reached late yesterday will hold and that this initial rally will carry up into the 1485-90 range. From there I would expect a break of about 25 points or so. I have canceled my orders and will be looking to be a buyer after this expected reaction develops.
why don't you just ride it up?
See, the thing with "buy the/any equity dip" mentality is that there really are people out there who think that it actually "always works". Those may be the same people who believe that house prices "always" go up, that carry trading is a legitimate way to make money in FX markets, and that the USD is a "strong" currency. Good luck to all of those. I think they are about to wake up to a new reality.
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