End of the day rally? Will next week be up?

Discussion in 'Trading' started by bbraunstein, Aug 2, 2002.

  1. So what do you all think of the end of the day rally?

    Was it short covering by traders in order to go flat over the weekend?

    Was it real buying?

    Are we headed back up after a minor pullback?

    Is this the bottom for the naz?

    I'm am interesting in hearing your thoughts for the beginning of next week.
  2. Sorry, but I think that was short covering:cool:
  3. friend of mine said the US stock markets are poised for a significant up move.

    Today I invested all my sweat money in the Nasdaq stock market.

    We'll see what happens in a few months. I'm sure u daytraders are thinking Nasdaq is getting pretty low? how much lower can it go? Seems like risk is on the short side, and less risk on the buy and hold side from this point on eh?

    Double bottom?

    Looks good to me. But hey, the economy is strong. Don't fight the FED! They have saved the day.
  4. I consider my self a day trader however I have been too busy lately to trade every day so I have also been loading up on some choice NYSE and NAS stocks incl some qqq calls. I wish I could say that the pathetic late day rally was more than short covering but to me it felt like only a small % of todays shorts even covered. I think allot of them are still short. Hope to see them fighting for stock Monday AM :D
  5. As long as it moves who cares?
  6. Dustin


    That's brilliant.
  7. if he were really your friend he wouldnt talk such trash.. the market is OVER-VALUED even at these levels.. no one knows what will happen next..

    why would you assume that "daytraders" think the market is low? true daytraders dont give a rip if its up down or sideways.. and how much lower can it go? it can go as low as it wants.. Nasdaq 700 isnt out of the realm of possibility.. and if you think im nuts, remember the talking heads that thought 3000 had to be near the bottom.. and i wouldnt be too quick to assume that even if we do reach "bottom" that we will automatically go back up..

    we have NOT had a double bottom.. even if the market touches the lows again next week and rebounds we still have not had a double bottom.. for a true double bottom to occur there needs to be a significant reaction seperating the lows.. this means we should have more than a month between the two lows and the peak between the lows should be at least 15%.. then the double bottom would occur only after the price then breaks higher than the peak between the lows..

  8. "A trader's only concern is whether the current activity is oscillating or trending. Once you stop watching the Dow and Nasdaq indices and concentrate on identifying and adapting appropriate trading techniques, you free yourself from the influence of popular opinion."

    From "Reacting to the Movement of the Market"
    by Jea Yu, Active Trader May 2001.

  9. lol nice trading system!
  10. bouncer


    probably after CSCO reports. Then another and another........it's a relentless grind down. When CNBC goes off the air for good and Maria B. starts collecting unemployment and the average Joe doesn't want to hear a farking word about stocks anymore, we may get a nice rally :).
    #10     Aug 3, 2002