gap up at the open fooling novice investors into thinking this is the stsrt to a year end rally and then bamm! the rug gets pulled from underneath.
"Obviously"... the only thing I learned in the markets that nothing is ever obvious unless it's in hindsight.
looks like it is a gap and trap. c'mon jimmy jam,don't be so skeptical of my calls. when i'm wrong i admit it. this was an obvious call since the street is scared to death of recession and stagflation. funds are dumping on strength. look what they just did to BBY! perhaps BBY bounces back during the cc.
The only obvious thing I see is that sooner or later Mr. Market will teach Mr. Obvious a big painful lesson.
Yeah, it seems a little too obvious now. I know people who are almost always wrong (or always too late), and they're saying the same thing: it's going down, sell rallies, etc. Things are never that easy. In addition, the Nasdaq already filled it gap on the downside and now has one to fill above. The S&P still has gaps in both directions.
Everyday, it is my road map for the day's mkt. action with an end of day chart to validate accuracy. For example: