well said Frank. This rally has me so giddy, I cannot tell you. It's too bad my thread from yesterday was deleted in which I called a bottom (with volintes help) with s&p @ 1221. What a call that was.
how far do you see this thing going thorn? I think, all of a sudden, from ultrabearish, I'm turing into quite a bull on this rally. I dont think this is a headfake at all... plus this bounce was in sync with the bounce in asian markets.
Feel free to correct me but isn't the usual scenario for the markets to fall once a tightening cycle is finished!!!! no?
Rally or bounce? Isn't it typical to be down 8 days & up 3 days in down trend? CNBC was talking about it is better to form a bottom than rally like today. It could be sold hard down again. This is option expiration week. Option market makers have already closed most of their positions yesterday. Some indice option expire in the end of today & settled with tomorrow morning's price. Some indice & all stock options expired tomorrow. It is not good days to trade today & tomorrow unless you have fast fingers.
I think the Fed will be finished for a while after the June meeting. The market is the best crystal ball there is.
I'm the furthest thing from a permabear, amigo. How else have I made $$ for 11 consecutive yrs, and 43 of 44 quarters?? ps. I know you saw my thread yesterday where I called a short term bottom @ 1221. Unfortunately, the thread was deleted when volinte cried about it.
I'll have to get back to you on that on monday. Let's get past options expiration first. My loose estimate is that this runs out of gas @ 1265-1275. I appreciate you asking.
actually, i didn't - I only saw the thread where you were calling for a bearish week: http://www.elitetrader.com/vb/showthread.php?s=&threadid=68940&perpage=6&pagenumber=31 http://www.elitetrader.com/vb/showthread.php?s=&threadid=70912&perpage=6&pagenumber=7 one of the things i've learned: the people that need to boast about their track record are the ones that need to, else no one would notice.
yeah yeah yeah. Speak englishe? I said the thread was deleted by the moderator, so PM him and ask. I called the bottom within 1 pt of it. I started the thread with s&p @ 1221. ps. about 30 ET members voted in the poll, so I know a bunch of you in the "trading" section saw it before the thread was deleted.