I sense a rally in the market

Discussion in 'Trading' started by hajimow, May 8, 2012.

  1. Market is down 1.5% to 2% today. However based on the low volume and the fact that we already had a few down days, I sense a rally in the market. It is coming. Maybe by the close today.
  2. Two things happened that makes me believe that being cautiously bullish is the way to go now.
    1- Sunday night, the futures were down about 1.5% but by Monday, market came back and closed almost flat/green.
    2- Today market dropped hard but is coming back and many stocks (including my fav YHOO) is closing green.

    Those facts make me believe that tomorrow we shoudl see a big rally specially with supporting/comforting talks by Bernake.

    Forgot to mention that volume was low today which is a bullish sign.
  3. lwlee


    Interesting that you mentioned this at about 1:36pm EST. I saw a symmetrical triangle pattern in both the YM and TF at around 2:30pm EST. Since then, futures have exploded higher.

    I would tend to agree with your assessment but don't know if I would classify it as a "rally" rather a short term bounce.
  4. I don't know where you got 2% lower. Another dilettante who can't make a call to save his life.
  5. 1.5 to 2 were just rough numbers. As I was typing market was moving around like 1.7% to 1.4% and then up. I am sure Russel 2000 was down over 2% at some point today although I don't follow Russel 2000 :)
  6. I checked DOW. It was down 1.5266% today at its lowest.
  7. I agree. I don't see SPY over 141 in short term.
  8. lwlee


    Dude, you serious???

    Nasdaq 100 was down 1.97% close to 2%, from yesterday close.
    Dow at low point was 1.6% down.
    Russell was 1.58% down.
    Nasd Comp was down 1.9%.

    Since you been on the board a long time, I'll just attribute this to a momentary brain fart.

  9. He chooses a range and then attributes his "call" to whatever index is down the greatest %. If he's wrong he'll attribute the call to whichever index is outperforming. Thanks but I too can divide the change by the index value. That must make me elite.

    Maybe by the close today? Infers the ES futures in the second post and then mentions the Nas LOD? So we're to use peak to trough hindsight in our calls? Who cares what the Nas LOD was when it lacks any relevance to the time of the "call"?

    A call constitutes a price and time. And the ES was down 1% when he authored this thread.
  10. lwlee


    I don't know if you two have a history, if so I don't want to get involved.

    All I know is that he was correct in saying the markets were down 1.5% - 2.0%. He also predicted a rally at 1:36pm which has happened. He gave sound reasons for why he thought there might be a rally tomorrow. I tend to agree since we seem to have hit a support line (check TF, SPX, YM, NDX).

    You blast him for saying markets were down 1.5% - 2.0%. Not cool.

    #10     May 8, 2012