It will be higher buy the close... and it will drift higher overnight. This sell off was your chance to buy, so buy.
Roman, out of curiosity, what instruments to you (live) trade? Don't you ever go short? i.e., TODAY near 930 basis JUNE. --Harold P.S., I don't think the upward momentum is over until it's turned back at 940 area. P.P.S., lousy call. P.P.P.S., why do you have 7 posts per day? DOn't you ever trade??
Hardly a "selloff" when it's back to the price it was 2 days ago. Thank goodness for the "ignore" function.
I told ya, 6 more points and yesterdays selloff is history. It floated up on 130k contracts. That trades in about 30 minutes on a busy day. Amazing I know I'm not the only one takeing this easy money.
NYSE Bullish % now at dangerous 74.32 % (yes, it went up again last night). Since 2000, the highest level it's been at is at 78 % (twice hit - January, 2004 and March, 2004). Expect a hard short-term correction imminently. Basic laws of supply and demand.
Lehman induced shock took us from 1200>800 in two weeks. The Lehman shock (as well as systemic risk) is now absorbed. Now the market bleeds higher to 1200 at least while everyone begs for a correction constantly. Look at treasury yields, econometric analysis of employment indicators, volatility, commodities, etc. for evidence the depression the market was pricing in wasn't as bad as everyone expected. Once the next round of foreclosure inventory is absorbed (6 months) and PPIP is well in full gear, you will be blown away how fast equities move up.