Checking futures now but I believe he's right. EU up on bad news, Asia's up. Oil futures up says marketwatch. Advancers led decliners by 2 to 1 Fri. It's still hard to get excited about anything. Read a retarded article about "market bottom in site". It scares me that some people invest on info. from these mostly under qualified commentaries.
http://www.marketwatch.com/news/sto...18-43AF-492E-9F89-755E0B9BD67D}&dist=hplatest LONDON (MarketWatch) -- U.S. stock futures traded higher in Europe Monday on a day when the cash markets are closed for the Martin Luther King Jr. holiday. The March Dow Jones Industrials futures contract was up 0.7% at 8,301 at 1115 GMT. The March S&P 500 future was up 0.9% at 855.90, and the March Nasdaq 100 future was up 1.7% at 1,197.0. The advance followed gains for stock prices in both Asia and Europe, where they were helped by news from the U.K. of a second bank rescue plan. The FTSE 100-share index in London was up 1.6% at 4,213.90, the DAX in Frankfurt was up 1.3% at 4,422.80, and the CAC-40 in Paris was up 1.2% at 3,053.08. The pan-European Dow Jones Stoxx 600 index stood 0.8% higher at 194.44. The moves came after the U.K. government unveiled its second massive bank rescue plan in a renewed effort to shore up the financial system and revive lending by insuring banks against further losses
only reasons stocks go up "legitamentely" are because of EPS , earnings per SHAre any other reason, its because of a bear rally, short squeeze, etc Do you see EPS going up for any companies lately?
If this were a regular trading day, I'd say we had a classic fake out move higher, then crashed back below the 858 area on high volume........currently down by almost a point @ 848.00 ~ the low of the session and below the key 850 area. Steve
The Joker has discovered the thread. He is the greatest contrarian indicator - ES down 7.50 as I write this.
Feeble but nevertheless a forthcoming rally. Dead cat bounce to the support line? The only volume that counts is YOURS. But, it does satisfy the primal instinct of safety in numbers. Volume can be induced. That's how specialists merchandise paper. Hmmm, lotsa cash on the sidelines and lemming money managers.
Like I said in the 1st post........If the bear flag works, watch for test of that 813 area, it needs to hold, if it fails, there is very little to stop us from heading down to test that 739. Just fwiw Steve