OK, guys and gals! I don't care - I just saw HUGE supply towards the end of the day. Get prepared. 800 on the S&P has a gap and it's going to be tested/penetrated....
How can we break 900 and go back to 800 on the same week? This is 3% up and 12% down on the same week.
There could be some type of dramatic move up because of the stimulus package but overall by the end of the week the market in my opinion will be down.
What indicator are you using to look at this (huge supply)? All of the action for about a month and a half has just felt like traders against traders (and much manipulation). Go down some, collect some shorts, squeeze, rinse, repeat. At some point, some people who have a longer term outlook are gonna have to step up to the plate, whether to sell or to buy. I'm thinking sell, because the way jobs are, who wants to risk long-term savings in the market? Maybe I'll get surprised, though.
The economy is still a messâno improvement until Q4 or, more likely, 2010. The market needs to retest the lows to confirm 750 was indeed a bottom. If we hit 900 next week, it will probably whiplash back and do just that.