If you go read my post about What Edwards&Magee have written I will quote it here for convenience sake You would know that widespread panic does not mean bear market is over, there could still be prolonged descent on low volume.
Oh snap markets surging again. Cover noobs, cover. Also microsoft reports earnigns after the close. That is good for another +2% move on Friday. AAPL, GOOG, IBM, INTC all surged after earnings.
I covered on the close yesterday. Actually only made three trades today-all longs. +7, -6, +9 ES points. I'm very agnostic at these prices. For now......
We are going to go near 8000 mark my words(not today but tomorrow and the day afterward is what I mean, i.e the general direction). What stock trader calls up big time is not a sign of strength. Check out the screenshot of Russell 2000 as of NOW (the moment of my post) Anything interesting there? hehe.
The market is waiting. The next shoe to drop is nov 4th. We may see a push to stay below 8000 into the elections on the INDU. NASDAQ,....is finished, IMHO. If the new "Leader of the Socialist World" OBAMA is elected, I betting that we will see one of the biggest sell offs in the History of the Markets. INDU to 5000 easy, Nasdaq to under 1000. This is the first time in our History that a US presidental canadate was out right, in the public face, running on Marxist Idea's. The political body to follow will bring in more Regulations over the Stock Market, far more than what we are seeing now. 99% of the traders on this site have their head in the sand. They truly beleive that the US STOCK MARKET will still be tradable 6 months after the elections, if OBAMA is elected. It is beyond Race, it is, at it's core the "Turning point" for free market idea's. This election goes into the core of the "ROBBON HOOD" theory and the blind asses, the Mass of YOU, yes you, are champion such a leader. The US MARKETS are very aware of the Danger that awaits on Nov 4th. The majority of Smart money is out of the US markets. The money left are in Pensions, 401ks and a money markets. The VIX is reflecting "nervous" investors who are still in the game. Game over but most are still trying to play Equities. Hard Assets are the play for the next decade if not beyond. The problem with Hard Assets, you have to have "Cash" to play them. Very few can afford 1000 shares of gold, 20000 in oil futures, 250K in cash for RE and beyond. The final blow to the middle class is upon us. Capitalism will survive and flurish all but for the very few who are "Wealthy". Obama can not save you, even if you think he is the second comming.
"Final solution" is justified for people like this. Are you this f*cking stupid? Our compassionate conservative did more damage to this country than the supposed failed carter administration. Bush got thousands of americans killed, wounded, wasted trillions on idiotic misadventures, trashed the constitution and got US universally hated across the world. And you worry about what obama can do? Obama could actually stand on his own 2 feet instead of owing his daddy everything.
God help you if you believe a Marxist spewing Obama is better for anyone but those collecting welfare. Anyone who WORKS is going to get demolished by Obama. If you pay income taxes he is coming for you. That being said I want him in office. It will solidify real conservative wins for the next 20 years after Obamas one term. Nobody but the true believing kool aid drinkers will vote for him again after he regulates your ass, taxes your ass, and makes you sit at the doctor for four hours with your kids behind jose, Miguel and their whole family.