I'm curious if today's market activity changed anyone's opinion on the direction of the markets in the short- or long-term. Personally, I'm less bearish in the immediate sense, though still bearish in the intermediate term. In other words, I wouldn't be surprised if we saw a rally tomorrow, though we should see red for the week. Any thoughts?
Down days on Friday followed by further weakness on Monday are historically bearish if I am correct. Investors had all weekend to view oversold charts but did not buy today. Suggests more selling pressure in the next couple weeks
i am short-term (2-3 days) bullish and longer-term (10-20 days after that) bearish. This is all psychology of market and fear after many months of rampant complacency. needs to work off, but housing is a big issue for next 2-3 years http://lauristonletter.blogspot.com/
Today's action made me slightly richer (laugh) Oversold bounce is imminent... could be a powerful short squeeze at any time, quite probably Tuesday. When that occurs, it better hold for the bias bulls' sake. If the pending relief rally gets reversed soon after, especially the very next session, a second leg lower will make this first blip down seem mild. Ball's still in bull's court, score or fumble is their next awaited play
My stats showed market strength for the first half the day, and no, I do not determine this by looking an the index's charts. I wont reveal what im looking at, nothing anyone has ever mentioned on this site, but it clearly showed strength today. I was hoping for a lot more panic actually so I could make more money. Today was a below average money making day for me. Sucked compared to the free money last week thats for sure.
I am voting that we get a turn-around Tuesday based on the action in the markets today. Although we did give it up at the end, it looked more like day trading length stopping out rather than further liquidation selling. Also, the S&P seemed to be the leader which is the king of day specs. I liked the action of the bonds failing to rally much on the late weakness and the Yen stayed well below the intraday highs. I do however think that the best this market can do now is make a double top, at best.