S..S: if you're not here 'cuz you're greedy, you need to find someplace else to hang out. Trading ain't no eleemosynary pursuit. in other news...I'm thinking I might play the FOMC meeting for a reversal. From time to time, I put in a trade in the afternoon on a bet that when the statement comes out, the direction from earlier in the day reverses: if up, then down, or vice versa. Anyone else try this?
for a moment today i thought SPY will go straight to 120, but of course it was probably just Fed using their worthless dollars to screw around with the Shorts. for the day: SPY -0.2%, UUP (dollar ETF) -1.1%
Market is green. I think it is a trap for bulls. Who is fading it? What do you guys like to eat? Rib/sirloin steak? How do you like it rare/well done?
Here's what I wrote in another thread: SPY finally closed down yesterday...it was something of a reversal bar (went higher but closed lower). What makes it significant is that it occurred on the largest volume we've seen this month for the SPY. Also, some are still watching a long-term head-and-shoulder for the S&P 500: Left shoulder: 1150 in January Head: 1220 in April ?? Right Shoulder: topped out just under 1150 today. We've also had weak volume on the right side which supposedly makes a H&S more reliable. No predictions here. Do your due diligence and all that. Just some observations. At the least, it could mark a short-to-intermediate term top. We're "overbought" by every stretch of the word and market sentiment (AAII survey, etc.) is at frothy Oct' 07 and April 2010 levels...
EUR/USD at 1.3434. A good looking number for a resistance, and stop of rise today and start of roll? It is the print at 9:52AM. Let us see if markets are synchronized.
Most likely direction I still think is up, but only just enough to set the bears' teeth on edge. Any given day can be down, but net over any multi-day period should be up just enough to drive the bears to distraction. Shorts capitulate just like longs do, but that hasn't happened yet.
All markets rolled at the same time! Equities are back at the bottom of the day. It was quite a show. Watch what happened on your charts. Is the market going to give second chance later today for bulls who bought at the top?
after bouncing a bit from the morning lows XLF and SMH still look like crap given moderately weak general market. XLF -0.95%, SMH -1.42%, SPY -0.28% what does it all mean? probably that we gonna gain >1% on SPY by EOD