Just a cute little pullback today closing down 1,23 % or 38,75 points. If I were a long term bull, I wouldn't be worried yet, although I would be cautious and paying attention. Due to the inflated values of the indices - smaller percentage change moves means fairly large moves in point value. That's good news for us as traders.
I'm more amazed that you're still amazed that a small correction like today gets the "bears all whipped up" … you see this over and over again. Who cares really.. the question is did you trade well today or not? and why?
Firstly Trump imposed tariffs on Brazilian and Argentinian steel and aluminium that cough investors by surprise rattling markets. Secondly weaker manufacturing data in both Europe and the US compounded the already weak sentiment. Shares, Bonds and the USD were all hit hard mainly because both events are indicative of things yet to come. Markets are overvalued, bulls should indeed reassess... there is nothing but sentiment to drive markets higher, if that dwindles, a correction is more likely that new highs. "tariff man" has again struck for reasons other than trade (as he did with Mexico)... just how much can Trump keep imposing new taxes on Americans before the consumer stops the extravagance that's lifting sentiment? The guy has no creative solution to anything other than the blunt instrument of tariffs for everything... He'll tax America into recession! It's good that he's looking after the farmers but he's doing so out of the pockets of other Americans. Putting a tax on raw materials or on components is counterproductive his "made in America" objective. Some tariffs on some fully manufactured goods is Ok, but blanket tariffs are not. Aftermarket prices continue to fall.
Marissa Tomei was a hawty back in the day. You gotta' watch HER biological clawk ticking, not Pesci's. Geez.
Depends on what you want the market to give you... if you're happy with 3 to 5 pts then yes, trade what you see, but if you prefer 30 to 60 pts per trade then a bit of thinking and strategy is required.
I don't have long term positions on as I mostly day trade, but I've been bullish on this market from week to week for the last month or two as per my posted calls. I do however share the sentiment of the bears in this thread and I'm sure this market will correct, even substantially, in not too long. May have to wait until next year though. Or not. I'm waiting for a trigger first. We can go higher still. EDIT: If we get decent continuation down tomorrow (Tuesday), that may be a trigger to reverse this uptrend and signal a down trend / correction.
Update. Year to date we're up 24,21 % on a closing basis (Monday 2nd December). If we look at the highest pricing, 3154,26 (Wednesday 27th November), we're up 25,83 % on the year. If we are to match 2013 - we'd need to see 3250 by year end, i.e., a 100 more points. Any chance that will happen? Seems like a stretch to me, but who knows. It's certainly a scenario which can materalize.