I'm looking for some kind of rally by midweek. I think we need to come down one more time either monday or tuesday to around QQQQ 46.05-45.87 level. Then I think a nail pulling grind higher into fed with a sharp spike into the 20 sma on dailys right after the .50 bp. Then its turn the lights out on the long side of the market until Oct.-Nov. Thats my roadmap atleast.
Bingo. With everything that happend last week (including Iran incident), markets should've easily broken 2007 intraday lows. But they didn't...
It seems like that SPX is unable to breakdown below 1400 level. The DOW can go down 230 points but SPX held its ground and so did the NDX at 1900. Day after day it tries to go down but it doesn't seem to break those barriers. Lets have a bear market for God's sake if thats what is coming. I cannot understand this see- saw action.
Hey there now! Good observation! Does that mean the news lately has not been horrible enough to move the market higher? Apparently what the bulls need now is a real disaster way beyond the sub-prime fiasco. May i suggest a Moody's downgrade of US Government I.O.U.'s might be just the trick to get things moving up again. Or maybe we could lay a few spare nukes on Iran? (Afterall, their little snippy boats did scare us the other day.) That might goose the market right good. Obviously, the only thing that's going to give us a real bear market is some supper good news, like for example, George and Dick decide to go Duck hunting together.
Or let's run back up near October highs. Then we'll have a triple top and triple bottom...something will have to give.
The market right now would need a Delta Booster up its ass to get back to those levels.. http://en.wikipedia.org/wiki/Delta_IV_rocket
Inflation next week will push market down.... Also not so good earnings maybe, poor forecast, etc This is a break out, support must be tested first before, there is a short covering rally.