Time to go long?

See the attached chart for bullish divergences and trendline breakout by the MACD and RSI. Aggressive traders can take this signal, and the others can wait for a confirmation if the price breaks out of the downtrend line on the price charts.

For the contrarians, the pessimism is on a rise and that is bullish. See this link for reference.

http://post.polls.yahoo.com/quiz/financeresults.php

Just an observation.

Maji

 

I would wait for a little pull back though. We are overbought on short term basis.

 

Thats why i'm bullish. All you guys waiting for a pullback that might not happen, therefore you will be buying much higher causing the market to really spike

 

I didn't say I am waiting for pull back I am already long for a couple of days. I just gave my advice for the ones who want enter long now.

 

What did I tell you about pull back. Here you go - GM downgraded to junk :eek:

 

WOW
down 10 ES POINTS in 30 min !

 

Did you catch the long QQQQ trade when I initially posted the long signal? Lucky Guess

Don't forget to move the stops up and protect some of the paper profits. Note the strong resistance at the 38 area, maybe a place to book partial profits.

Good luck,
Maji