1/2 HOUR TO GO LET EM RIP! BIG UP BARS! We need a new song folks for this frivolous risky stage, maybe with a chinese slant i'm open to suggestions but right now it's this catchy Go Team with I think it's called WE WILL NOT BE DEFEATED " Options are over it's a normal time to pause but we did not break...... download that song! Stock_Trad3r I thought we had come to an understanding. I am the genius and I tolerate you and don't make fun of you and you agree to make only one out of three stupid comments. No one rushes to the podium faster when he blows a call than me, I just happened to called the two stumbles and their recoveries perfectly so far... what comes after two stumbles again?~ stoney
Boy it's been tough sledding up here folks. And now the market is being tested with the big write offs of the banks. With Friday's unemployment report looming this is getting tricky. i believe we are in for one more BLAST to the upside but lets take Friday's action seriously. Despite only modest percentage losses in the broad market the declines were matched by higher turnover. Total volume in the NYSE rose 14% above the previous day's level, while volume in the Nasdaq similarly ticked 9% higher. The losses on higher volume caused both the S&P and Nasdaq to register a bearish "distribution day." Sorry! This smelled of end of qtr institutional selling into strength, as such it was the 1st such day of higher volume losses since September 7. Friday's pullback caused the S&P to settle just below support of its uptrend line from the September 10 low, still within the range of its recent sideways channel of consolidation. This is how a market builds it's own artificial overhead resistance... Thanks to tech-related sectors, the Nasdaq Composite has been showing much more relative strength than the S&P 500. The Naz looks ready to test resistance of its multi-year high that was set in mid-July of this year. The Nasdaq also remains well above support of its intermediate-term uptrend line, just above the 2,650 area....... ~ stoney
Well what do you all think? Looks like today is the day. There is an incredible amount of restraint right now both on TV and when I call around. This bodes well for future price appreciation. Last time if you remember that Bob Passani threw a little party on the exchange floor-virtually ensuring viewers of higher prices. Management shipped him off on vacation to get his head straight as the market tanked 1000. Lets see how he acts at the close today but so far so good; no mad cheering for the record close as of yet. And when you cross a record threshold in the manner we are, in confident steps of having been there before... you just keep on walking! Let's Drink!~ stoney
Most of the med sized agressive hedge funds sat out yesterdays run. They are proably close to entering now, as soon as any minor pullback low is established today I would imagine buying into the close. ~ stoney. PS Gold DOWN $20! Good for stocks.