The market rallied 391 points without much catalyst or major news. Investors got tired of sitting on the sidelines hold money bags getting 2-3 % from money market accounts. I am glad Fed Rate cuts are working and will continue to fuel markets for months to come. Financials are taking the lead along with the Technology and Nasdaq. Today's action saw some high gains in BIDU, ISRG, GOOG, AAPL, and double digit gains. Shorts were scattering like cockroaches in daylight. It was complete obliteration of bears and shorts. I traded huge gains on BIDU and ISRG and AAPL. This momentum is going to continue since SPX is clearly above 50 day moving average which now flat and not down trending anymore, and cleared lots of resistance. We had a nice bottom on March 18, 2008 and now this will rally to upside at least to 1400 levels. Recession? Depressions? Bear markets? Never happened. Those deluded idiots are stinging today and may never recover but who cares about cowards ? Move on. No shorting into the rallies and blatant desperation and running to the hills...We were confident back in January we are confident now. Lets keep moving up and buying obliterating these bears and shorts. Enough of this doom and gloom. America is a great country and I praise our Federal Government for doing all this much. Thank you.
Today was a very strong day as the markets were tettering for awhile there. We may move up higher from here. But lets get one thing straight hedgefundtrader, one or a few days does not a market make. There are still many pressing issues that the US faces. Dont for one second think we are out of the water.
The damage you have done to the charts in incalculable. It will take another quarter to remove that. Hope your nasty short selling kind disappears for now.. because the momentum is to the upside and SPX has crossed major resistance including its 50 day which is now flat, and not down trending. Let people make money and live a prosperous life. Do not need your doom and gloom and negativity. Out of here!
Bro how many FUCKING TIMES do i have to tell you I trade BOTH SIDES OF THE MARKET EVERYDAY!!!!! Im not part of this doom and gloom crowd, I trade price action and I GO WITH THE FLOW.
Bears are asleep right now. If this moves up to short-term resistance up at 1390 area, bears might come out of hibernation and start bringing this back down. I added some short S&P options today and buying SDS at the close because I don't think we can hold an almost 400 point rally. Remember we have a jobs report due out on Friday and it isn't looking like to be improving.
There is no Recession. Just a slow down. Moneatry policy is working. The markets are undervalued. Bulls will ultimately win. Sure, we'll re-test another bottom. But, we'll be trending up late Spring, early Summer.
Bought BIDU at 239 and rode that Chinese dragon to 270 with 3000 shares. Go figure. I got stopped out 260 and re-entered at the high of the day to 270.
Negative sentiment and short interest fueled this rally. The more negative it goes better it is. There is a large amount of short interest on NYSE still!