QQQQ and DIA finally broke their 8 week winning streak but in a somewhat pathetic way -2.5% and -1.7% respectively. I wanted to see more blood, but this market can't go down in any meaningful way. Next week I expect to be flat/down and WIDE Range. On the one hand, the clean bull run seems over and there is obvious damage to the bullish charts. On the other hand, we have too much fear that accompanies relatively small drops in the indexes. The most recent example is from this Fri when VIX went +20%(!!!!) as SPY lost only 1.7%. The most recent example before that is from Tue when VIX shot up +30%. The excessive fear from Tue resulted in a strong 2-day bounce. The bottom line is that the coming week may be similar to this one. The volatility could go higher still. We might even see some crazy daily ranges. Unless there are major NEW news, the market may finish the week flat. Now about possible NEW news: Greek riots: "...News of the additional austerity measures provoked an angry reaction from trade unions, which are organizing a general strike for May 5. Demonstrations are also planned for Saturday, which is Labor Day." Even though the general strike is on Wed, the first mass demonstrations are on May 1st. I speculate that there is a distinct possibility that the crowds could go nuts tomorrow.
Its all Greek to me, They will be saved and market will head higher, if not get short. Did i cover all the bases in one sentence,,lol. Ef
No riots today. I was wrong. Notice that the Greek government made sure the deal is not signed until after May Day. the government is surely worried about the possibility of social unrest. "More than half of Greeks say they will take to the streets if the government agrees to new austerity measures, according to an ALCO poll released on Friday by the newspaper Proto Thema."
04-26-10 12:22 AM Quote from shortie: the chart indicates that there is buying pressure until the end of may Lojanica May 6th shortie are you sure it is not 4/19? Um OK last time I was a day late. Maybe Mayday is May 5th?
even a lazy ass starts moving when the benefits are cut. i must say that i am a bit disappointed in greeks. i thought they would put up more of a fight. they still might.
uh...where ya'll been?!? "Hundreds of youths rioted in Athens on Saturday, throwing Molotov cocktails and stones at police who responded with tear gas at a May Day rally against austerity measures being enacted by the cash-strapped government to secure foreign loans to stave off bankruptcy." http://www.nydailynews.com/news/wor...day_rallies_explode_into_riots_in_greece.html