Market peak on good news?

Discussion in 'Trading' started by Htrader, Aug 22, 2003.

  1. Htrader

    Htrader Guest

    I normally don't try to call market tops or bottoms, but this price action AFTER great intc news makes me think we might be at an intermediate market top.

    Short NQ at 1332.
  2. I agree with what you're saying (and technically we should hve a correction). But what's interesting is that the dollar has been doing well: foreign capital (and lots of it) may be coming back to the markets or at least may be poised. Notice that indexes have generally been rising and and bonds have flattened after an endless downtrend. Also, the Asian mkt is sitting like a coiled spring after years of a bear and has finally started rising. It'll be interesting to see what the big boys do - so far nobody's pulling up the SPY - I'm not going to fight them.
  3. IMO, shorts coming in at SPOOZ resistance point somewhere in the 1010-1015 neighborhood. It will be interesting to see if the market pushes through this level or settles back for awhile.

  4. I shorted NQ at 1342 and covered too early. Should have held on...oh well, maybe next time

  5. and S&P takes out the previous days low, which we have not seen in several days.

    Dow runs into resistance intraday at 9499.97

  6. First move is always fake move. There will be an attempt to take it up again end of month. Short the second bounce.
  7. Looks like some sectors have toped out
    Education and Training
    Apparel stores
  8. Why would Intel come out with this info and announce it at 6am their time??? Though I suppose they can do whatever they want to .
    I notice that many stocks are being upgraded this week and the price targets are being raised 2 or 3 dollars, very strange.
  9. I know why I'd like to do it, but if I did it they'd call it illegal manipulation.

    As for the upgrades - gotta have someone to sell to.

    BTW: I'm not short this market, but I'm not encouraged to go long with the market this extended either. I'm waiting to see what happens going into Labor day next week.
  10. Htrader

    Htrader Guest

    The market action looks really good especially with it closing at its lows so I'll hold my short through the weekend. I normally never hold futures overnight since it tends to taint my daytrading with a directional bias, but this setup is too strong to pass up.
    #10     Aug 22, 2003