Hey fundamentalists, what's the reason for this little rally?

Discussion in 'Trading' started by 1a2b3cppp, Jul 1, 2011.

  1. I don't follow the news or anything. I was moving for the last few days and just saw the S&P is way up over the last 4 days. What's going on?

    5 up days in a row is weird.
  2. its only weird if you're not long.

  3. No, then it's still weird, it's just awesome.

    I'm long SPY.
  4. must really suck to be a short today.
  5. zerohedge crowd caught short.
  6. I feel like that was an inside joke/poking fun at someone, and probably funny, but I don't get it.

    Who or what is zerohedge?
  7. NoDoji


    Fundamentally, uncertainty over Greece was resolved, earnings were good last quarter and are expected to be good this quarter until proven otherwise, the market tends to run up into an earnings month, so asset managers are afraid of missing the boat on this last dip that found very strong support exactly where it should have. Stocks weren't overvalued before and the big dip was a solid buying opportunity that the asset managers are now afraid they'll miss out on.
  8. NoDoji


    The last line in the sand for swing trading shorts was breached on 6/28. You should be long or sitting on the sidelines if you hate buying.

    If you're a day trader you can trade either direction, but there wasn't a short signal in sight today once the 10:00am ISM report was released.
  9. After the fact, we have the best in the game right here on et.

    Before the fact, not so much

    Of course there are exceptions. I called for a large correction and gave s&p 1260 as the target. It hit 1258. Now 1336.
    #10     Jul 1, 2011