What's everyone's opinion of this rally? I was expecting a bigger pullback when Down started hitting 8800 so I had moved all my funds to money-market in my long term investments ... but this bad boy keeps hitting higher highs without me. What do you say?
All things in the financial world related to Sep are expiring today, including the index futures contracts that are cash settled. If one were to have acquired a bit of length in the instrument, they could not only caryy it into close, but buy all they wanted to into said close thus propping. After close, the register is automatically "rung", and after clearing, you would have a very large pile of cash with no market position. Also coincidental is that money market guarantees expire now, how fitting for the times. This is the point I would not want to be holding length anymore.
oh yeah and I forgot to add this- 'Sell on Rosh HaShana and Buy on Yom Kippur' That starts at sunset today.
Agree ... I am trend trader myself. By higher days lower volume and dog day sof day in August were on my mind...tho VIX has improved over months where crazy swings no longer present...but I still pulled the trigger and existed entire porfolio. Pullbacks were minor ... not enought dip to re-enter but ...