Today we blew through resistance. I thought for sure we would retest 7600 before we closed above 9000. Anyone else as disillusioned as I am? Could it be the Plunge Protection Police or was I just wrong?
Who cares where the market is going so long as there is a very good trend to sail on. It could go up to 20,000 next week, but I will be too busy trading into trends to bother asking why it is doing that. The market can remain irrational far longer than any of us can remain liquid, so don't fight what it wants to do. When it changes trends back into a bearish mode, believe me -- you will know when that happens. aphie
Why worry or question the trend...unless you area long term investor or swing trader. Even if you were any of the two, you still put in your stop-loss and trade. For daytraders, who cares what the trend is? Take what the market gives you and you have money making opportunities every single day. One thing a daytrader (or any other kind of trade) should NEVER do is to have that "conviction" about where the market or stock is going. Im sure you know too well...that's a sure way to lose your panties. Predict where the market is going tomorrow or next week? Hell - I dont know where the stock is going next tick!!
Good chance it will be several years before we see the SP500 under 800 again. The market fell to 1997 levels. If you plan on waiting for a retest......you will likely be waiting a long long time.
I think if we don't see 800 for a couple of years we might never see it again. However, I think we will see 800 within the next 18 months. But if we don't, who cares? (I mean on this board. We don't trade because we can predict the future, we trade because we think we know how to millk the present.)
Numbers only matter when the markets decide they matter- schizophrenics aren't known for their consistency. Feels like the bears are playing rope-a-dope here. Lay chilly, let the bulls swing at thin air for a while, step back in fresh when they're tired and extended. Hedgies made some good dough in the first half and now they are keeping it tight and light. With all that bond money flowing back into stocks, who wants to step in front of billion dollar pension fund allocations? So we drip higher like a faucet. Optimism is the default position via human nature, so it will probably take some ugly news or bad numbers to get the ball rolling downhill again.
It was a peculiar day, along with yesterday, with multi-hour supports broken to downside then reversed into close. Depends on your time frame how it affected you--for intraday swinging it was a pain.
Seven (7) straight up days for QQQ- longest streak of the past year- up or down. Shorts had it too easy (myself included ) for too long. IMO, they must feel a bit more pain before this move is over. In a couple of weeks when the longs are comfortable and volume returns, this market will get plastered. Been a long time since I threw money at longs in the dead zone and sold on the close with green on the screen. I could get used to this..... not. The market owes you nothing.
as i've been saying and will reiterate; you just saw and experienced the mirror image of early 2000. Buy the dips and be rewarded, especially since the TV gurus have been adamant in instructing the uninitiated how dangerous that trading philosophy is. Also there will be some short sharp corrections to keep the shorts in play, step into the fray at those times, cause I doubt you'll see anywhere near the lows without an exoginous event.
Ballsy call, gotta respect that (though I suspect markets won't). Can I ask what your strong bullishness is based on? (Please don't say gann or elliott wave or chinese theory.)