Discussion in 'Trading' started by shortie, Nov 26, 2010.
All known information is priced into the market.
ouch gap up!
this gap will fill in eventually, right?
IWM breakout level is 75: this was the weekly close right before the Lehman debacle. Very close at this point, I think we easily go through this on Friday if the employment numbers are good.
Same level on SPY is 126, a bit harder to get to, but doable if Friday is good.
Notice the difference between this market??
Market gaps higher, it usually hangs on to gains throughout most of the day.
Market gaps lower, trades off its lows and in the past few sessions has actually staged a comeback a few times throughout the day.
The dow pushed higher at the open and has traded within a 20 point range for the last 2 hours.
SPY 126? i must question your wisdom here.
i know you have been spot on this market at least for a few months but SPY 126 by Friday is almost as close to impossible as it gets.
are you sure that you don't want to retract your statement?
only commodities can stop the orgy
so I will add to forecast - if spy 126 then oil 94
Accusing me of irrational exuberance?
That is 4%, so yeah, on the outer edge of what's possible.
So does anyone notice the difference between up days and down days.
Today the market gaped up and did NOT once pull back, it was gap up and trade higher the entire 6.5 hours of trading.
Noticed the last few down days, small gap down of 50-100 points and then a small rally into mid day followed by some afternoon volatility like the day the market was down 150 points only to nearly erase all its days losses.
Talk about manipulation!
86.71 2.6 +3.09%
I wish this was a joke but I guess not, the higher the market goes the higher oil prices push which is not a great thing heading into the winter season. Nothing like paying $3.25+ for a gallon of gas. I say what inflation are you talking about, there isn't any inflation.
Your last sentence is nonsense. Market is perfectly normal. As I mentioned months ago, the US market would be the best market going forward. So if I want to short I go to markets like Brazil, etc.
As for the rise in market today, nothing special there because EUR/USD rose after hitting a bottom.
Also as I wrote for weeks now, the 117 level is solidly defended by bears who are buried under it. For the moment it is the entrance to the graveyard, and bears want to rise from their tombs. The market gives them hope for break even each time it heads there, but there always is that 1% separation. Bears are not yet ready to take the loss. Once they do, then the market may retreat (but if it takes time, and it would also take a lot of losses).
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