I'll appreciate it if readers of this thread take 5 seconds and two mouse clicks and voice your opinion! 12 votes and 137 hits :-O. Disproportionate..
If we get a decent gap down open I would be even more bullish for taking some longs for a 1-3 day hold. An up open and i would sit on my hands. I was surprised that the mkt went out on the lows on expiration after trending all day. Definitely not a normal expiration so would think a LOT of traders are short term upside down so would be a buyer if additional puking at the open. Just my thoughts FWIW.
my humble opinion... Key psychological numbers breached on Friday (-200 on the Dow, -50 on the Nasdaq) will cause more selling on Monday. The foreign indices will drop very hard as a result of the big American selloff, which will run down the futures and cause more weakness. A lot of fear is present in the market's mind, with Iran, Al Qaeda, peak oil, and disappointing earnings all weighing on stocks. Investors are now beginning to realize that oil prices will probably stay high and inflation will rise. This week, with housing starts dropping hard and CPI rising bigtime, the possibility of stagflation exists... The huge 21% gain on the VIX Friday shows an abnormal shift in investor sentiment. Beware. Any gains on Monday could be short lived, imho.
Thanks for all your input. I'm bullish on Monday, but not so sure for the rest of the week. I think if there is a good intraday chart patern on Monday morning, an entry could be made(index futures) and then a quick sell when it turns sour. Pretty good chances of a quick move downwards after an initial upwards move.
after a day like Friday it will be a suckers rally and a further selloff most likely. The geopolitical and internal affairs of the US are pretty fucked up. Watch Gold.