Could rally back to or even break all time high. Then after, another wave of bear market or consolidation, i think. Anyone shares my view? Reasons pull back after rally to high: 1) High oil price (will probably stay high for a while) = steady inflationary pressure and higher consumers costs. 2) Fed will keep raising interest rates if economy grows to fast b/c fast growth means inflation will grow even faster. 3) Housing market cooling down a little = tightening of consumer credits. 4) Market has only enough room to grow moderately and slowly as the result of 1, 2, 3. It will get very rough eventually, unless energy prices go down a little, which is quite unlikely.
so let me guess. everyone was only thinking of danger today so the market goes up. everyone is thinking of a happy day tommorow so tomorrow it will go down?
Trend day? No way! When trend is recognized, it's a little late b/c of the huge surge. Trading after the surge could be dangerous b/c of all the trapping going on. It's tough due to all the volitility. Stop loss can be easily taken out. I only trade today b/c of the probability of a rally plus a little of something else.
This was so easy, if you didnt make 20% on your account today, give up your seat to the next contestant.
Today was an excellent day - but remember this was only about 1/240th of a trade year, so now you only have 239 trade days left to go in the next fiscal year to keep up all your great work.
The focal point should be extracting profit. Being right (or wrong) is merely a by-product. Just about everything was gapped this morning, long before the Fed announcement (gee quarter point, what a surprise). That was by design to induce demand. Sucker rally. Yep, shorting into strength all day.
stock_trader Registered: Jun 2006 Posts: 52 06-29-06 11:47 AM markets on fire...this is absolutely amazing The buying will stagging next week. Nasdaq gain 150 points easily. Strktrader is back! His "desk" was buying 'em today! Last time he posted he called the top to the day! and then disappeared. Lets see the earnings start to roll out b4 the all clear sign is posted. Tell me when "you're desk" is out there buying again, I will gladly sell you alot @ spooo 1334! Not that we will even get close to that level.