I say we are at another short term bottom today and the bears will not get the index under 1300 in the next 2 months. Gap got filled, we retraced 50% from 1281 to 1327.
Are you sure? Now 1304 already. Seems like pretty strong move. The next week could be some sideways with down bias. 1300 could well be penetrated again.
Poll is looking good. Chart still looks good, draw the trendlines, higher highs, lower lows. Anyone who has traded for a while knows that tops like bottoms do not happen fast, especially when setting new 52 week highs. If you disagree with me, I would love to hear why along with your prediction for the S&P.
In the past 2-3 weeks we saw two upside price-surges on above average volume. Usually when something like that happens, we see follow-through in the direction of the previous movement. Today's action proved that there is no real long-term buying here to support the higher prices. I think that we'll see 1260 before 1330. In 1998 the market went down after it made a new high.
yes I have said before, i've covered my shorts and am basically 40% long 60% cash, but we have 1 down day and were oversold? if you're long commodities you're happy, but the mkt has gone nowhere for a month, while we have everyone on this board pounding the table long? I was willing to sell strktrd(?) everythting he wanted @1334 when he said we were going to get there by 4/30 (1360). I still don't think either the dow or spoo will get past where they were in 2000, but come on fellas, give it up, the internals are AWFUL.. earnings season is over, where is the catalyst to move us higher from here? Any rational comment I will give it's due, but from where I sit it looking right a rounging top to me.