The S&P put in a short term top on 2/20/07

Discussion in 'Trading' started by volente_00, Feb 20, 2007.

Will the S&P close higher than 1464 before if first declines to 1444 ?

  1. Yes

    6 vote(s)
    24.0%
  2. No

    19 vote(s)
    76.0%
  1. In this market a "correction" is defined as a day or two where market does not make new 52wk highs.....:D
     
    #11     Feb 24, 2007
  2. But its not just tech..... its also the likelyhood of the end of the fed rate hike soon..... and this summer, if oil cant get back up above 70/ barrel, it most likely will fall... slowly but deeply. Also take into account what the sectors are doing and where do they put us in the business cycle?
     
    #12     Feb 24, 2007
  3. That's just it - speculators are going back to the oil well and energy sector now (along with corn and wheat) to juice returns.

    But crude inventories are still in glut mode, and corn and wheat futures are notoriously bad historical plays.

    How many times can oil/energy drive real gains in a slowing growth environment, when housing is a huge drag on GDP (unlike 2000-2006)?
     
    #13     Feb 24, 2007
  4. Aaron

    Aaron

    The Fast Money guys (CNBC show) were talking about a 200-300 point drop in the Dow and 40 points off the S&P next week. They suggested taking profits on Monday but getting ready to buy the forthcoming dip.

    I don't put a lot of weight on what they say, but I'm not any better at forecasting. I thought this market was looking toppy last November!

    Aaron Schindler
    Schindler Trading
     
    #14     Feb 24, 2007
  5. That's it, I'm putting on the full Bull Suit, all four Legs! :D

    JJ
     
    #15     Feb 24, 2007
  6. i wouldn't be surprised if the DOW makes a new high within the first week of March.
     
    #16     Feb 24, 2007
  7. JSSPMK

    JSSPMK

    What is the point of predicting a top if you can simply ride the decline that's going to build a lot of momentum when it does happen. Just because charts show something to you, that doesn't mean that the actual top is in. You have to observe institutionals behaviour, they mark tops & bottoms, we follow. If we try & front run them then we would be gambling. I would rather participate in a sell off, than predict it. I don't see the point as you might get burnt 10 times before you hit bulls-eye, so what is the point? It sounds like you are playing some sort of a game here.
     
    #17     Feb 24, 2007
  8. You'd "rather participate in a sell off?"
     
    #18     Feb 24, 2007
  9. He'd rather trade with the trend, certainly makes sense when looking at the large timeframe.

    Good trading,

    Jimmy Jam
     
    #19     Feb 24, 2007
  10. That's great, as long as one manages to avoid getting caught in a stampede.
     
    #20     Feb 24, 2007