um hum um it isn't 1PM yet the markets have 7 hours to rebound and close the gap GS has MONSTER earnings and the qqqq is moving higher in premarket (although still red)
This was one of the points of my initial post. The sell-off a few weeks back was quick to be discounted by the financial talking heads. It started in Asia, it is perfectly normal in an uptrend, market outlook still looks bright, blah blah blah. Being that most in this forum are perma-bulls, there is little room for a pessimistic outlook. But for those who have studied market action last week, one had to notice the lack of follow-through on any buying activity. Lots of selling near the close on rally days. This tells me that sentiment has changed. If there is any single important stock market fact that a trader should never forget, it is that the performance of a stock, or the market as a whole, is more closely tied to GROWTH than any other fundamental or technical facet.
Well we have the FIRST technical trader's remorse and the first semi possible p[positive statement about this rebound. Are we calling a bottom due to the VIX and VXN reversals? We think we did see a bottom on Tuesday, but that much is obvious. Will that bottom hold? We don't know, but we think a retest lower is likely to happen early in the coming week. If it doesn't happen then, we will have to consider opening long positions to benefit from potential bullishness which will likely become the mood.... I expect the rest of those I check in with occasionally to come to the bull camp soon and then we can resume our decline. Do The Words Go Away In May ring a bell?
the buyers are gonna fill the gap easily no bad news or anything ...just more the ol' subprime **** GOOG and GS good plays today
i must confess i am a surprised at the markets resilience to such overwhelming bad news. the figures dont really seem to be that healthy and the sub prime news seems to be getting contagious. but the market wont go down. if the market is not going down on these facts then i can only assume that we will rally sooner or later.