SPX up nearly 100 points in 3 days!!!

Discussion in 'Trading' started by S2007S, Oct 6, 2011.

  1. S2007S


    Alright so another day and another rally!

    3 straight days of rallies, the SPX has JUMPED nearly 100 points in 3 short days, now is the rally over?? Well the SPX could easily jump past 1200 again, but keep in mind this was a rally I spoke about days ago when I said the market will have huge upside potential.....now what is to follow will be the exact downside potential, so what I am saying is on days like today and yesterday long positions taken during the massive dip NEED TO BE SOLD, no questions asked. Tomorrow job numbers are due out, markets will have yet another volatile day. Moving forward there is absolutely no reason to chase this market, time and time again we have seen this market move higher only to sell off hard, wait till the market comes back in, no need to chase stocks. There is absolutely no catalyst for the SPX to go to 1325, and there is no catalyst to take it to 1450 or 1550, these rallies are just oversold rallies and bears covering short positions. This market is stuck in a trading range, and will be for a while, there is more of a chance of this market breaking to the downside than to the upside. So dont be surprised to see the SPX rally another 4% or 8% only to drop another 15%, its going to happen, nothing in this economy has been fixed and wont be anytime soon.
  2. ASE1245


    A good spot to sell some calls against a long position.
  3. Ash1972


  4. some of the dumbest people on earth use volume as a tell
  5. Ash1972


    It's almost as dumb as using

    1) fundamentals
    2) what happened yesterday

    but not quite..
  6. stock777 right again.

    fade me, and die

    actually, I don't know a thing, its just that I can tell when you're fos every time. I kind of back into being right 99% of the time, kapish