I am starting this thread for a place for people to express their opinions on the market at this moment. This is not for long term predictions but rather where you think the market is going in the next couple of minutes or next couple of hours and why. This morning I think it is kind of odd that the market seems to be so strong yet the trin is rather anemic. I dont want to start a thread just for this but would like to throw it out there for comments. I dont care much for chat rooms so I hope this thread will fit sort of in between a chat room and individual theads and provide a place for those of us who just want to say something now and then about the market in general.
I think we go sideways now until the fed but have no idea where its going after. I think there is strong sentiment to try and take out the highs if the fed doesnt say anything negative.
I can't wait to see what happens when they: 1st---One member of the FOMC (LACKER) votes to raise rates....Leading to an ugly selloff 2nd---Shock the market and lower rates, because the outlook for housing and the economy looks like it does....Leading to a sharp spike followed by a crash (oops)... Highly unlikely, but I have over a hundred stops in place. $COSTAverageMAN
Well no ugly selloff with LACKER's vote....Well stops are still in place and I have had a few orders go through since the FED announcement....
As they ran it up a bit before the announcement I began to feel it was going down but I did not attempt to trade it. As I said earlier the weak trin was making me suspicious of the up move. Interestingly Nasdaq trin is quite low but Ive never followed it enough to use it.
If we pull back and close around 1318 - 1320 on the S&P today we might have a nice tradeable selloff for the next five days or so.
The futures traded nicely today with the fed decision. I was scalping it ever since then, was very nice market.
Looks like the fed was a non event. We are right back in the range that preceded it. Now Im almost sure we will take out the DOW highs in the next day or two.