I think we're going to test new highs. Hard to believe with oil, katrina, economy etc but I think we stand a good chance and then its up to seeing how hard the squeeze is whether we break into new uptrends. Trading wise == bullish, real life == majorily bearish. Trading is so funny.
=================== Thats actually quite typical , of good bull markets/shrugs off bad news; reguardless, OCT teck stocks tend to downmove notably And even though it didnt happen last OCT; still tends to be a good pattern, OCT tek stocks usually dip so much =good buy.
The market has yet to discount the possibility of a recession caused by a sticker shock at the gas pump. I almost drove off the road when I saw the price of regular unleaded at a local gas station - $3.31/gallon. The gas station was nearly empty, and the roads appeared to be half deserted. If rattled consumers stop driving their SUV's from one megamall to another chasing cheap chinese-made stuff like there were tomorrow, the US economy may cave in along with the stock market. All bets are off if there is a shortage of gas. Yesterday, I took some chips off the table reducing my exposure by a third. I am looking for a Labor Day rally to unload half of what is left.
i went long nq with 10 pt stop on the december nq futures, we'll see what happenz QQQQ = 38.92 for the record, looking to sell around 40.50 on qqqq
Market will smell the reality and will correct itself. I am short. It won't crash. It will correct itself.
I'm sure you've heard the saying... "the markets can remain irrational longer than you can remain liquid" Just a thought...