My 2nd admitted I got fooled by looking at the Russell, which did in fact go up for the week. Also, shooting star? Whatever. The next week could be a downer because it's the week before earnings start to roll in, and maybe they'll pull back in anticipation, or dread, or something. The bottom of the recently demised correction was July 1, two weeks before Alcoa's report kicked things off last quarter, as a matter of fact. Earnings were very nice last quarter, and really the only reason it went back to test 1050 was that some of the economic reports were a bit off. The stock market is about companies and how they're doing, though. It's related to the economy, but it's not the same thing at all, although you'd think it from the way the bears characterize things all the time. If the economy's crawling sideways, which is what everyone thinks it's doing right now, companies can do very well anyway.
street.com poll is bullish. one probably does not want to be with the crowd now that the market has put in a huge positive month. What would best describe your stance heading into the coming week of trading? Bullish 52.67% 118 votes Bearish 29.91% 67 votes Neutral 17.41% 39 votes http://www.thestreet.com/stock-market-news/10603675/poll-bull-or-bear.html?kval=dontmiss
a bullish pattern based on a weak finish to the quarter: http://quantifiableedges.blogspot.com/2010/10/two-days-down-to-finish-quarter.html
is anybody Long USD here? since the SPY rally is largely explained by the dollar weakness we may not get SPY correction until the dollar gains strength.
U.S. issues travel alert for Europe amid threat of Al Qaeda attack Intelligence reports of a possible large-scale strike in the making spur an alert, which falls short of a warning, for the entire continent: 'U.S. citizens should take every precaution.' http://www.latimes.com/news/nationworld/world/la-fg-us-travel-alert-20101004,0,6319157.story SPY could easily gain 2% just on that news
i am kidding around. the market right now is not paying attention to bad news. until we start dropping again...
It's not nearly that simple. So far, this fall has looked a lot like 2007. Both years had big rallies in September for stocks, gold and oil while the Dollar fell. Fed intervention was heavily involved both times (rate cuts in '07, QE and POMO now). The Dow peaked (its all-time high, actually) in early October '07. At that time, oil was in the $80-85 range and the Dollar Index was around $77. Stocks began a steep fall while oil and gold continued to rally and while the Dollar continued to fall . The whole commodities up/Dollar down trend didn't end until 6 months later in March 2008.
Futures turned around and ready for another rally tomorrow, asia is green green green. Tomorrow is also known to some as mutual fund monday. Get ready for another run and of course higher commodity prices.