Believe me, if the S&P gets below 800 again, I will absolutely be bullish. My guess is if it gets that low again (which I don't think it will), the masses will likely turn bearish around that time, confirming the belief that most people exit at the exact wrong time. At this time I will put on a bunch of longs and watch them grow. So while I don't think it will happen (S&P 800), I am certainly rooting for it!
No need to answer to anybody on here my friend. Although I'm glad you took somewhat offense to it because it enticed you to post a full analysis. Good points, thanks for the insight.
NOT TODAY, we have a strong dow however tech is lagging big time today, SMH still negative on the day.
Good points indeed. Your "OVER" speech. Fail. No such thing as OVERKINDNESS in the english language nor the root word, kindness, exist in real life. Except in the arms of a high priced hooker. "It took a run all the way up from 666 to penetrate 200 DMA. Do you really believe it will penetrate it back falling from just 50 points above?" What is so special about moving average. The Dow was crossing over and under the 200d sma like a bee with a broken wing in the last recession/recovery. Also, DMA is displaced moving average if you mean day moving average then write it out or do what I did. Regarding VIX, what resistance are you talking about. It looks to me that it broke a downtrend that started in mid march. Don't have time to argue other points because I have to trade but looking forward for a nice debate.
Good work doodi. I'm happy that you decided to contribute as opposed to whatever else you were previously doing on this thread.
800 next stop <object width="480" height="390"><param name="movie" value="http://www.xtranormal.com/players/jwplayer.swf"></param><param name="allowFullScreen" value="true"></param><param name="allowscriptaccess" value="always"></param><param name="flashvars"value="height=390&width=480&file=http://newvideos.xtranormal.com/standard/eb586d02-5c65-11de-b813-003048d6740d_6_standard_medium-flv.flv&image=http://newvideos.xtranormal.com/standard/eb586d02-5c65-11de-b813-003048d6740d_6_standard_poster.jpg&link=http://www.xtranormal.com/watch?e=20090618204011101&searchbar=false&autostart=false"/><embed src="http://www.xtranormal.com/players/jwplayer.swf" width="480" height="390" allowscriptaccess="always" allowfullscreen="true" flashvars="height=390&width=480&file=http://newvideos.xtranormal.com/standard/eb586d02-5c65-11de-b813-003048d6740d_6_standard_medium-flv.flv&image=http://newvideos.xtranormal.com/standard/eb586d02-5c65-11de-b813-003048d6740d_6_standard_poster.jpg&link=http://www.xtranormal.com/watch?e=20090618204011101&searchbar=false&autostart=false"></embed></object><object width="480" height="390"><param name="movie" value="http://www.xtranormal.com/players/embedded-xnl-stats.swf"></param><param name="allowFullScreen" value="true"></param><param name="allowscriptaccess" value="always"></param><embed src="http://www.xtranormal.com/players/embedded-xnl-stats.swf" width="1" height="1" allowscriptaccess="always"></embed></object>
OK Since we've started the discussion and I'm still advocating the bullish case - let us continue. Bullish developments for today (yesterday actually) High Yield Corporate bonds were up big time actually confirming that yesterday's volume was a buying as could be seen on the chart of ETF called HYG. This means less risk to me Financials were strong and now (late at night) futures of nasdaq also lead us higher. $TRAN was strong today VXZ - an ETF tracking mid-term VIX futures was OUTPERFORMING spot VIX saying that supply of underlying security (VIX) was bigger than demand. So big fall in VIX today has good chances to continue in order to fill that gap I mentioned yesterday. Bottom line: If friday will be really bullish - we can have a big short squeeze in the making. PS Thank you for correcting my english.
Another busted call by Rowshan. Look how he tries to save his "ET cred" by trying to define the word "for now". Face it, he tried to predict the top and was wrong, dead wrong.