What do you mean by technical rally? Iceman1 points out the P/C ratio in the 50s 2 days running, and volatility imploded. You might see strength early Monday as a carryover, plus due to some euphoria over catching that scumbag 9/11 planner, but the P/C ratio and VIX like above usually foretells weakness, maybe in the pm or Tuesday. 880 by week's end? Maybe. Market is real event driven now. I will make one bet. S&P to 650 minimum by mid 2004. The Secular Bear won't be dissauded by anything.
Agreed 650, but see it within 2 months (2003); then a stiff rally. My only basis for this is that SO MANY are expecting an IRAQ relief rally that IMO is total BS; the structural problems in US equities are far beyond Iraq or anything I can bring to mind; the speculative bent is TOO alive and well for major upside; players need to be smacked into sheer hell b4 meaniful upside happens. David
It doesn't take any guts to copy someone else's call, lol. You started a thread and asked for suggestions and I said 880. Now you are claiming you said it first...HA! http://www.elitetrader.com/vb/showthread.php?s=&threadid=14554&perpage=6&pagenumber=2
but of course, I agree, and that's what matters saying something first on a message board plus $2.50 will buy you a Starbucks coffee.
Just for amusement sake, what "technicals" do you refer to Arba? I still can't figure out if you are even half serious about this thread. Mondo obviously backed it up.. and you copied his conclusion. Try not to simple quote his post if you even attempt to back up this theory of yours. Moderators please move this thread to chit chat. If Mondo wants to start a thread, at least we would learn something. This guy has too much time on his hands.
IN THE PAST THERE WERE MANY TIMES I "KNEW" WHERE THE MARKET WAS GOING TO GO, AND SOMETIMES IT TURNED OUT I WAS CORRECT. THAT IS WHY I BECAME A DAYTRADER, "KNOWING" THE NEXT FEW POINTS IS CHALLENGE ENOUGH.
Well, Spoos threatening to break a trendline here at 838 area right now. That trendline being on a 10 min chart though. Don't know for sure but I have always heard that a lot of fast money watches 10 min charts on a five to ten day level to get prespective on where the index's or their stock is for the week. Anyone care to comment on the relevance of of trendline breaks on 10 min charts? could be just noise, but they seem to have some signifance to me. Anyone have any experience with what charts hedgefund's usually do watch. I'm thinking 10 min's are most common...am I wrong.