pull back to 1100 and then next leg up to around 1200 thru summer and then roll over thru elections...........and well see then.
mental warfare by gov is working - "look the markets are up so the recession is over" - artificial or not I think it is working. They just need to convince more people to stay in market or believe they are missing the boat which sailed several months ago. It just takes time to brainwash people. We can only go up from where we were, as for now, it is the most important push that is needed to bring everyone aboard. I believe the only time market is tanking is because traders, GS, JP, & hedge funds are booking profits. Up we go through 2011.
I can't wait to see these permabear "this is the end of the rally" threads disappear because when you guys give up shorting the market, that will be a great warning that the bull market pauses or is over.
This isn't a perma-bear/perma-bull issue. This is a trade. There's a difference. In an essence, it's quantified. Now if it doesn't work, you'll know. If it does work. You'll know. From there on you trade/add.
Well I sure hope 1170 is the top. I have a bear call spread expiring next week that says the S&P 500 won't be above 1175.
Ticker Last Max Pain Strike Max Open Int (Call) Max Open Int (Put) Put/Call Ratio Max Open Int (Call or Put) Earnings SPY $115.46 $112.00 $115.00 $ 85.00 1.728 $85.00 (P) max pain is -3% from friday close. -3% is certainly reachable before the expr friday.
coincidentally, 112-113 is where the recent gap is. i guess max pain by itself does not mean much but with the gap around that level and overbought market the max pain may just work out perfectly.
E-mini S&P 500 (Dollar) Jun 10 1142.75 -3.75 looks good so far this Sunday evening. the bears have the best shot if the could gap it down significantly on Mon. Longs may panic given the spring time change and the possibility of an unfavorable Fed's announcement on Tue.