In my humble opinion, I just can't believe this bull market. As the saying goes, when it looks to good to be true it usually is. My charts are telling me we will take out Dow 10K in heavy volume during the next 30 days, but as the days pass this seems to be more and more a distant possibility. I am short the market. If anybody has any idea, what could possibly take the market down since the majority of the economic numbers lately have been benign or neutral ? Could the Euro seriously fall apart and take the world financial markets with it ? I can't see what else could go wrong. Cord p.s. A few months ago I posted that I believed the USDollar was going to appreciate in value at least 20 to 40 percent. For the life of me I could not see what would make it move so much so fast. The answer was the demise of the Euro not the strength of the Dollar. It's amazing how imminent price movements find their cause in our physical world...
It looks like a healthy consolidation that will take this market higher. But I am usually wrong on long term market directions.
Being a gambler, my money is on what Sly Stone would say.."I want to take you higher, higher" I feel the market is going to explode up on the upside very soon but of course, not being a trader, what do I know? nothing really but that is where my money is going....LONG..
What bull market? Stocks churn for pennies most of the time and then make quick moves on gaps squeezing the shorts. In a real bull market, you see real buyers, volume & direction. Even smth like the liquidity rally of 2003 had push behind it with volatility & retail money. Right now all you have is speculators fighting for dwindling profits. Anytime a real seller or buyer comes in, all the day traders, programs & maggot hedge funds swarm all over it like flies on bull crap, completely strangling the moves. Mutual funds won't sell & won't buy all while sitting on loads of cash. The retail Joe Shmoe seems to be completely extinct, well besides the 253 share big time investors watching Jim Cramer.
I'll go on record as saying that I'm quite skeptical that we will see a continued rally, more likely we will see a downwards correction over the next couple of months until mid to late August. Keep in mind that I primarily focus on tech stocks, but take a look at a chart for INTC or NVDA. In my opinion INTC has now broken the upwards trend, just a question of whether it consolidates as this level or breakdownwards, I think the latter will happen. NVDA already had a large downwards break today, the stock steadiliy trended downwards about 3 points from open to close.
There is no bull market, it's chatter and rumors to make the idiots think there's one. Irrational Exuberance.