For those who are interested in market symmetry, the early August rally went up for 7 days after the initial gap. It traded almost the same range in the S&P 500/SPY (this one went up to to touch the June highs on Friday). This one is up for 6 days, with no definitive range breakout yet... http://www.elitetrader.com/vb/showthread.php?s=&threadid=206817
it is strange: by now the bears should be crapping their guts out somewhere in the woods. i vaguely recall that we had similar bearish sentiment in March 2010 and the market kept going higher.
This is what gets me about permabears. You do realize they've been closing banks on Friday's for about 50 years now, right?
i did not know that Friday culling is in place for 50 years. as i said it has no relevance on the market. i predict that ~2 banks will fail next Friday.
We are at longstanding resistance, so I'm sure that's where all the bearishness is coming from. IMO they're wrong, but it's superficially reasonable, anyway.
Uh, no, not like this. Every weekend banks closing in 4 states? We would've run out of banks decades ago at that rate. Also, in the past, you didn't have so many banks unwilling to lend and sitting on who-knows-what toxic assets. (Yes, that's still very much a problem and time bomb.) But banks, closed banks or zombie banks, there are plenty of other reasons to doubt this rally, even if it continues a bit longer.
I'm amazed at the vivid imagination you and others have when every short term indication ( fundamental, news, or technical ) is for the market to go higher. I don't really care which way the US indexes go but it is patently stupid to post this crappy analysis suggesting the market will suddenly drop. But since you are an expert tea reader, I invite you to post the closing price as of end of next week on the following stocks : RIMM, ORCL, WDC, ABX, SLW, POT . Obviously you expect a correction so how much are these stocks going to correct in a week ? Remember, this is how you make money on calls not some random index musings.
Dow up in what...12 of last 14 days? Given that and how far stocks still are from their yearly highs, the odds point to a down move...even if it's a large retracement before highs are retested. You obvioiusly haven't done any systematic research in these areas, so I'll leave the "crappy analysis" to you.
Believe it or not, you can actually trade indexes. I have no interest in predicting particular stock prices. Amateur hour is over and I think it's your bed time.