Everybody's expecting a pullback?I see a move to 9500 and perhaps 10k. Momentum is strong and market acted very bullish even tho it was a holiday week.MArket just had a very bullish and positive bias to it.They are tired of selling it.The market mood changed last week.They want to rally it hard now. The decent black friday sales will be the impetus.If the market doesnt rally hard on monday then yeah,the market will retrace the recent gains.
Yeah, same thing I was thinkin. If the market goes up, it goes up...but if it doesn't go up, it will probably go down. :eek:
Folks, On Friday Nov 21 at 2:37PM DSQ was very bearish when RFT announced here on ET (and on RFT's financial traders blog) the bottom call to go long (check two threads I started. The thread I started for the bottom was on Thursday Nov. 20, 2008 ) It took DSQ 7 days to realize that what I called for in real-time 7 days ago! Worse, he understood only after XLF (recommended vehicle to go up) made 40% gains. What should you call this guy? He was bearish at the exact bottom. In financials we are 40% up from the bottom that he opposed vehemently and called yours truly (RFT) an idiot and all sort of names despite the flawless record of RFT in nailing tops and bottoms to the level of 1-minute. If you want to know tops and bottoms, ask RFT. The best market timer that history have even know (and will even know). With modesty, yours truly!
For the record: Here is what OP (dsq) and his friends wrote at the exact bottom vs. what RFT (riskfreetrading) wrote (on November 21, 2008 PM at the bottom): http://www.elitetrader.com/vb/showt...&perpage=6&highlight=bear market&pagenumber=7 http://www.elitetrader.com/vb/showt...&perpage=6&highlight=bear market&pagenumber=7
Take a look at the volume for the past 5 days. A rising market on declining volume in an overall bear market is not momentum. I really don't care which way it goes but the chart certainly does not look bullish to my eyes.
As with all potential bottoms, indicators are inconclusive and cannot be relied on. However, A/D and Accum/Distribution seems to indicate accumulation is underway. Billions of dollars in cash now have to be slowly put to work by institutions. They will work to get the best price they can. But I think that ultimately, longs who hold will do better while shorts will definitely see their stress levels put to the test. The worse time to short is a turning bottom - especially if it is fighting headwinds of fiscal and monetary policy.