Great day today all the martkets in the green post fed scare rebound Foreign markets will also rebound later If you include todays gain and add it to yesterday's loss we're only down a few tenths of a percent Hardly a selloff
I'm hoping the public is smart enough to know (1) The fed had to say what he did to prop up the dollar the weakness of which is causing our European friends some anxiety. Something had to be done. Baring intervention this tough talk was it. (2) No one is really TALKING ABOUT THIS AT ALL-- and I just realized it myself-- the whole anticipating the upsurge in the economy that was in so many prior reports was it totally absent? I've got to get the full transcript not just the headlines but the VIBE I'm getting in the economy has been a slowdown LARGER that first thought and leading economic indicators are pointing towards that fact.. yet each warning about raising rates was based on this anticipation of a re accelerating economy and in fact that has kept us all in the market investing merrily. accelerating comfy = good stock market environment... or does it? I'm confused on that fact as well as I'm not getting the feeling the fed is on this same mindset it's all inflation now. Hummm. At the end of the day the Bulls can say bent but not broken. The SPX challenged the uptrend line and held on to it. For now, the uptrend remains in tact, but I don't think stays that way for long. Wednesday's action puts the SPX right back on the 76% retracement level of the decline, 1439. 1440 has played a pivotal roll since it was first reached in January. The NASD was weak too, but like the S&P 500, it held its defining uptrend line from the March lows. It did fall below 2460 support, but technically, it held the line. On both indices, we were due for a down day and we got one. With the bulls reluctant to throw in the towel, even on a very short-term basis, the potential for downside acceleration remains significant. If the Bears fail to break 2450 and keep it brokenâ¦its just a little overdue pullback. The bears need to break these up trends with some authority to momentarily breach the Bull's confidence.
Well folks I hope I'm not being premature but I'm putting an end to this conversation by saying I think we weathered a very important storm. Todays economic numbers really cut to the fact that the fed is jawboning and cannot raise rates. With that thought process re locked in we can go back to the buy with both hands mentality. FRPT / GFA / FMCN / ONT / OVTI were my buys today. What did you buy?
Technically the conversation ends when people stop posting ..lol Anyway, all upside from here. Even with the selloff on Feb 27th the dow is still up for the year. Many people here shorted a month ago and where have they gone? Where is the fib retracement? Or the elliot wave of doom?
Gotta love ZERO RISK in the RUSSELL 2000!!! RUSSELL 2000=FREE DOLLARS!!! Keep up the good work Stoney, you have succeeded in batting those indexes back up to a higher level. Im looking for new record highs! No correction, correction done! We go higher! YEAH!
Do you see everything in black and white ? I was vocal on shorting rallies the past few weeks and I made out really well with it. The market followed the fibs very well thank you. But "I" never said we were in a bear market.. Today I made money long on momentum plays JSDA and PDLI. At this time I am a cautious bull. Until we break that previous high we can be forming a double top..everyone should be careful. I do agree with someones comment about the 'mother of all short squeezes' though... its a good possibility.
No need to be flatulent about it. I see things in black and white because the markets are compilcated with dozens of variables such as earnigns, fed, rates, inflation, CPA,PPI, CPA, manufacturing that it help to filter out the noise. Thats why I am very polarized. If you are easily distracted you are more likely to sell to soon and miss out on profitd as well as make other poor decissions. Have to stick with your convictions.