Well, I thought we were overall Bearish of a theme and now what the hell are the bulls trying to prove today???? I think this is a lot of stupid buying in my opinion and I can't wait to see the bulls get a rude awakening once the market tanks again over night... Buying at this time is just stupid money... Long term buying = bad Short term buying = not as bad, but still not smart.
Just so you know, it's not necessary to make a whole new thread every time a thought pops into your head.
All signs suggest the market wants eventually to move lower, however when markets move up or down, as i'm sure you know, they don't move in a straight line, they ratchet. With the VIX at 24.31 as i write this, and also judging by the size of the weekly candles, we are in a period of great volatility. We can expect big swings in both direstions but with the bias down. The 1450 area in the S&P is proving to be a major area of support. This is at the bottom of the S&P trend channel, give or take 25 points, depending on how you draw the line. We have knocked on the door leading lower several times already but it has yet to open wide. My guess, and it is just that, is that the door will open sooner or later and we will move on down to the 1375 area, where another door awaits. Perhaps the 1450 door will swing wide for us this afternoon, the market is looking weak today as it has since mid july on the weekly chart. Good trading to all.
so far, dow 5 minute in a megaphone pattern at least until it isnt nasty, because it runs everyone's stops in both directions
If I could make a suggestion.... you may want to consider another perspective. Instead of judging the mkt, look at what it's doing and then try to understand why it is doing it. Since the vast majority of us are too small to control any liquid mkt for very long (or at all), the mkt is right. The more you understand about its moves, the better trader you will become. Every move it makes is an opportunity from which to learn (and eventually profit). ... or people w/ different timeframes from yours ... or some of the mkt shorts ringing the register .... or some of us playing the bounce (and then ringing the register) or .... R