the rally over in stocks?

Discussion in 'Trading' started by gharghur2, Sep 8, 2005.

  1. All three major indices sold off early on a little 'pop' in crude.
    And, when crude turned down, they failed to make any headway as they are already in overhead resistance. When crude rallied late in the day, the indices nearly tanked. Nervous market.

    Crude, on the other hand, appears to have made a short term bottom at $63.10 and has rallied successfully over the 6 hr/ma on 10 minute chart. Overhead resistance is now $ 65- $66.

    Hate to see what happens to stocks if crude rallies $2.00

    However, still see crude declining to $60 - $61 before the next major advance.

    I think the counter trend rally in stocks, from last monday's low, is turning over.

    How are you guys seeing it?

  2. mhashe


    Small correction in what will be a test of yearly highs and then higher. Long Tech. esp semis.
  3. Oops. Selling at the open?
  4. it's a bull market


  5. Nothing to sell

    Long only a biotech and an oil/gas explorer

    Waiting for the correction to be clearly over before I venture into tech and such...
  6. Bowgett


    Do not fight the trend and the intermediate trend is definitely up.
  7. NO. there is still some upside to go.

  8. Bowgett


  9. fstrader


    The NASDAQ may likely find support at the 2161 level first. It would be nice if that holds. But if it does not, then the next level of support is 2152-2153.

    This would just be a consolidation phase before more gains next week.

    I don't think higher crude prices will necessarily mean the market falls. Maybe the market will find some hope somewhere else.
  10. okay ... six replies, one question
    and all six replies were bullish

    contrary indicator or very smart guys

    we'll see shortly

    thanks for the responses
    #10     Sep 8, 2005