Dow is meaningless, all the pros follow the $SPX, therefore the dow's movements and whether or not it breaks some point is really hostage to the sp500.
Oh my you say on one post you can't play both sides of the market and then completely contradict yourself and say you can be on both sides. You are beyond fucking belief. Ok here is the easiest way to put it once and for all. Stock can (maybe, but I doubt it) teach you how to make money (I threw up a little bit in my mouth just typing that). A trader with disipline and money management can teach you how to get fuck you money. Stock you will never get to fuck you money.
Frank, mate. Put him on ignore. It's the worst thing you can do to a person like him. He's not worth getting worked up over.
It's important for traders to remember that in a bull market there is no such thing as overbought. Most of the time they don't have a problem with that. However, the reverse of it is that once a bear cycle starts there is also no such thing as oversold, and for some reason people have a hell of a time remembering that one.
Overall, putting all the name calling aside it was a great day. After Friday's big sell of NO ONE saw this rally coming. It proves that the bulls aren't gonna give up without a fight and that maybe things aren't so bad.
Breadth was 1700-1500 advancers leading by a thin margin, not the kind of breadth you want to see when the market advances 2.4%
If we get a close below this support line then the market might start to see some really aggressive selling. For right now the range trade is the trade, just with more volatility. Today the rally closed above the 200MA also so now there is more support to push through if we try to push the down trend again. By no means are we out of the clear to the upside either. This is just what the chart is telling me.