If they can push this market above 1410, you are looking at huge amounts of downside and limited upside for shorts. Today was a vicious short squeeze and fund managers scrambling to mark up their portfolios. Jobs data tomorrow will probably be rigged to the upside to keep bulls happy. Great opportunity to short in the coming days on further rallying.
Although I've been as bearish as anyone, I think your a bit off. Market's got a lot left in it to the upside granted all economic data comes in @ par in all honesty. 1410 is not the place to go short unless you want to risk a substantial drawdown. I hope I'm wrong though. IMO we've probably got about 400-500 points left in this.....GRANTED everything comes in @ par. Watching unemployment for tomorrow.
duh!!! i forgot that fund managers have to show some kind of gains so they just go ahead and move the markets higher....what a fun game.
100% agree with you. I am looking to short again and soon. I also think managers are hard pressed to show results and must buy. Even if the economy doesn't look so bad from the numbers it will all come back down to the financials and there is still no closure there. The bottom of the market comes when the financials come fully clean and they still havn't.
I think we'll bottom right before the elections, around October, I see maybe a couple weeks of sunshine thrown in every few months till then. I expect S&P 500 to break 1200 with ease before then and Nasdaq to break 2000. This mess is far from over, look for more shoes to drop and people totally giving up on the market and the 2nd half. Not there yet.
Either short the index, or short banks and high beta tech like AAPL, RIMM. Or buy the QID. It will be an equal opportunity slaughter, waiting patiently for bulls to overstep their bounds. We will not see positive % on the indices again this year. Its gonna be negative from start to finish. When has that ever happened?
BSC and maybe a retail diversification. Hell, in all honesty I'd do most trading with puts than anything else.
Shit, 1410 is right on the money. Sorry detective. Just looked over my charts and thought you meant today's push. What the hell am I smoking today...