Spoos tangling with overhead resistance at 1500? Support at 1440 area resistance 1500. A pause to refresh perhaps. A chance for those that missed the initial buying opportunity if move back down to1450. A chance for further short covering?
Market looks to be putting volatility aside today, dont think that lasts too long, getting ready for this market to swing lower soon.
Not sure. Perhaps the latest bout of risk worries is over, and we've got another 3 or so months of upmoves (like after March) before we have to worry again. The "feel" if one can call it such, seems to be of confidence. Even if the floor is still all rotted out underneath. No one seems to care.
Of course... But I think an attempt at retesting this "correction" is in the cards. However the point about volatility is good one. With a quick trip to the liquor store one might miss the retest. Ckeck out the 3 day squeeze going on in ETFC.
what?? so now that you think we got this minor 5% dip out of the way its time for another 10-15% jump??? Its hard to believe, it seems on days like this everything in bad news land is forgotten. There are more things to worry about, I do not think the dip is done with. One thing to worry about that no one seems to be mentioning is consumer spending slowdown, it hasnt happened yet, but when it does this could lead to the next recession. Remember the consumer makes up 2/3 of the GDP.
Some are calling for 1600 in the spoos. If so for 2007 then back to 1425 area at most once before a 10% to 1600 before rolling over. If you look at the market hedged in EURO's or gold our markets really haven't been that stellar.
Hey, dont shoot the messenger. I'm just stating that the risk mood in the market place, particularly in carry trades, seems to be back in full force with no concern for cloudy skies.