This past week was the lightest volume of 2010 and the 8th lightest volume week on the NYSE in nearly 6 years. :eek:
all doom and gloom - no reason to go up etc. everyone and their brother thinks the market is going down! why see your own chart see the rsi? think that is a top? i'm a buyer and when it come 2.5 % off it's top then maybe i'll be a seller.
sell off is definately close, even for a bull like me who doesn't short much anymore don't believe the crazy bulls. trade what you see makes you small money predict the future makes you big money this bull is on its last of legs, and i'm going on vaca )
Pretty good chance we get a serious correction in the next couple of years, probably test the lows. The Fed will try everything they can to stop it, so we will have to see. If the volume picks up like it did in 05 and 06, then we know that the Fed has succeeded in goosing it higher so more of the sheeple get drawn in before the slaughter. But shorter term I would be quite surprised to see a severe correction. More of a rounding off top or even go a little higher and then when everybody is board with the markets it will hit with a vengeance. Vix is still heading down and could stay down for quite a while. Just my 2 cents.
Big boys also like to have an eye on where more stop orders are sleeping. if they realize bulls have a tight trailing stops more than bears who shorted around 1140 to 1150 , Then its possible to see the drop, otherwise if there are more stops above 1150 ( like mine ) then they buy on monday and tursday to get them ... market always has a tendency to go toward where more stops are... I am sure you know why.... Also market turns around when there is not even one single man talking about shorting....... for sure it will be an interesting week ahead of us. I am short too, but the only hope for me is if we get a drop vith increasing ATR and VIX, A sharp drop has a lot better chance to force the bulls panic and get out, otherwise if it drops slowly , new buy orders will come in. generally that has been the major issue through out the last 2 weeks, a small drops and then No backup for shorts. a lot of stops are hit and has scared bears big time.
Well that settles it then. New highs are coming. That man has been incorrect so many times he makes stock_trad3r look like Soros.
two examples when bears got it wrong. in 1995 and 2007 the market continued its relentless grind higher. notice that the pull-backs were extremely short-lived and tiny. i am not suggesting that we are about to repeat the above, but it is a possibility.