Discussion in 'Trading' started by aaronk321, Jul 12, 2007.
What is it?
So much for "relax, it will sell off into the close"
Which actually it did finally....
I would say this COULD be a short term top.
But it's just not clear if this is a chance to short. I just got burned with some QIDs: it also looked like a short term top, but didn't.
Will wait for a -moderate- selloff, before going long again.
With today's volume it could very well be a climax top, but I'll stay bullish until the trend changes. Either way, my normal stops are not affected by market direction, only my initial picks are affected.
1600-1608 on the spx cash... the 20% long awaited correction will commence.... at least thats how I will be playing if it can get up there. If I am wrong I will take a small loss and cover immediately.
All time highs, the most bullish seasonality of the past 5 years oct-dec and many other things = a freefalling market if it gets started.
This is the problem...is this a climax top like the original poster mentioned or the next bull run. This is what is really confusing...
Today when I saw the market pullback ever so slightly only to be bought constantly into the close I thought, wow this feels like the dot com days all over again. Everyone was buying like 1999 all over again, even my friend who doesn't know what stocks are told me today that the market was at a new high. When you hear things like that something big is going to happen and I think that something big is going to bring us back to the days of 1998-2000 all over again. Today I think shifted my opinion about this market and this economy, that a falling dollar, housing collapse, inflation and even oil approaching 80 a barrel mean ABSOLUTELY NOTHING. The entire emerging market along with every international market is up over double digits year to date. I think there may a slight pullback but 14k is coming as early as tomorrow and once 14k comes 15k should only take 40-60 trading days to cross. The NDX is now above 2000 which in my opinion could easily now trade as high as 2200-2400 range. Seems to be no risk at all in this market like many have mentioned constantly for the last 18 months. Who knows when risk will be back, right now there is ZERO.
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