That is what is going on right now. Rumor is that the bill is going to pass, as soon as today. That is the hope levitating the markets here, once the news comes out, what's going to drive the market? Fed rate cuts? More bailouts? Nothing fundamental, just more government intervention. Look for new lows in October. Sell the news!
one scenario that would be interesting is that they make it look like its going to fail, it miraculously passes, we fake-rally then selloff anyway.
Nice call - 50 ES points down from Friday. Any thoughts on what this portends? IMO there is a strong possibility of an October meltdown, maybe even this week. It would not surprise me at all to see ES 1000.
Monday September 29: riskfreetrading called a bottom on his blog at 12:20 with NDX (not NQ) at 1575. RFT never missed for a long time now. So if the series continues, we should have a bottom.
Watch for more weakness today, but I don't see 1000 on the cards for the S&P, I do see us getting close to 1100, but the Fed will likely have an intermeeting rate cut if we break the lows from 2 weeks ago, and that will probably keep us floating higher than we should be.
Check the charts folks, riskfreetrading 40 points in the hole (NDX 1535)....go pimp your blog somewhere else.
1535 is where I reloaded my friend! You forget that NDX went up to 1590 from 1575 before tanking. Now the elevator will go up.
I sold at 1568 what I bought at 1535. Now waiting for the elevator to come down, so I can re-board for an up flight.