S&P about out of gas?

Discussion in 'Politics' started by Manolo, Mar 7, 2004.

  1. Manolo


    My indicators tell me that the S&P 500 is about out of gas, and is very, very close to a top. The increase in volatility on friday confirms these indicators. My trendlines point to 1160-1170 as the maximum value, so there's very, very little upside left.

    As such, I am shorting a major portion of my portfolio.

    Does anyone else see the same thing?
  2. ertrader1

    ertrader1 Guest

    better pick ur shorts wisely, just because you see overbought levels does not mean that it will just give way. In fact Friday was a sign of things to come, chop and a lot of short squezzing, followed by moves downward that will not be smooth, but jerky and on low volume.

    I am very bearish on the entire USA...however, i do no think the blood is gona spill yet, its to soon, the sheep belive in this rally and so do most Mutal fund managers......
  3. No offence but where have you been the last 4 weeks the S&P ran out of gas then !!!

    We are simply in consolidation mode and my guess is we will stay range bound for the next several months.

    Sell the highs - buy the lows on any breakouts on there way back into the range.
  4. Do a check on the capital coming into the market presently.

    In fact go back through various plataeau and see the capital needed to support each range.

    then do afun trip on the various plateau that occured as capital left the market a while ago.

    Do another follow up on the asset allocation processes recommended at each of these times.
  5. HighBid3


    i think the market will stay up here until the elections in november.

    The market does not want to go down nor does it want to go up for now
  6. Manolo


    I wouldn't quite say that the S&P ran out of gas 4 weeks ago.
    The close on friday of 1157 was a 52 week high.
  7. I fully agree that we're outta gas. The ranges have been choppier. Im more careful here.
  8. I hardly consider that move a breakout to signifigant new highs like I said no offence but learn how to read a chart properly and it is obvious that we are in a range.

    Keep watching... ;-)
  9. Manolo


    Mon amigo, no need to get snippy. It's hard to say that the S&P has run out of gas when it closed at a 52 week high on friday.

    But I do agree that we are in a range. But the facts are that the S&P is at a 52 week high, so it's hard to say it has run out of gas.
  10. Your right ... like I said no offence meant .. it's just that this topic has been posted about 5 times since January. I do agree with you though the price action, volume and patterns all show topping/range formations (For now anyhow) a large spike up with STRONG volume and a strong close could change my mind fast.
    #10     Mar 7, 2004