Discussion in 'Trading' started by shortie, Jun 11, 2010.
Feel free to share your thoughts on market direction. Post charts, opinions, analyses, etc.
The zdaq closed above an important moving average . . . lots of the leaders (CRM, CMG, nflx) closed at new highs . . . Lotsa reasons to be bullish.
Lots of divergences today Friday. What to make of it? It looks bearish for equities IMHO but man is it hard to figure out right now. Lots of choppy action.
For next week, up down up (flat). Ultimately, we're going to new highs. After that, I hope the bear market resumes.
In the FWIW department, Statistically, something like 80% of expirations see the market moving up.
maybe it is just me but there is something strange about a triple bottom. even when i see one i have hard time believing it is real.
Cautiously bullish. If range top 1120 or so cannot be removed, then we'll return down. For now, long positions, tight stops, smaller than avg. But HAL9000 isn't going to let go.
ES is green on Sunday. There are some idiots bidding 1094.75. Why they do not buy at a lower price?
They are smarts asking 1095, but I doubt there would be enough idiots to meet the need of all the smarts.
Shorting at 90.25, 4 point stop.
Friday, 6-11, The market traded in a narrow choppy range throughout the day and then pushed higher into the close most likely to last minute short covering before the weekend. In any case it closed at a 5 day high after several down days that took us close to key support levels. The Dow added +38.54 or +0.38% to finish at 10,211. The Nasdaq gained +24.89 or +1.12% and the S&P 500 was higher by +4.76 or +0.44% to finish at 1,091. On Friday the S&P cleared the downward sloping 20-day but remains below a downward sloping overhead resistance line stretching back a month. We are also still below the 200-day moving averages. Those are the hurdles to overcome for this market to push higher. Over the short term, the market is slightly overbought with a slight bias for a pullback but much will depend on how the market opens on Monday. If we break the overhead resistance line we have a good shot to run up to the 200-day. If not we may see a few down days.
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