Covered 33% of my position (1003.50 entries) at 999.50 .......now holding equal quantities of 1003.50 and 1004.50 entries for remaining held position. My next target will now be set at 994.00 for 17% of my position to profit from any additional selling prior to the close.
If the market sells off at the end of the day you may get a decent drop in oil......that was a reactionary run up in oil today as the oil traders watch the equities rally.
I think the market is rallying just on relief that this election is less than 24 hours from being over with a win most likey going to Obama, aside from that I do think that this rally will be sold once the election is over. I have heard too many people say the market is going to sell off if Obama does win which makes me want to go and buy buy buy, but cannot since I know there really is no other catalyst to push the markets any higher.
Hope and expectation from NObama are running very high. Does that mean it will be difficult to deliver so much and that disappointment will follow?
All I know for sure is, the financial grid takedown/takeover is no where near done yet! Unfortunately!!! Plus, todays rally was just too early in the session to trust with SO MANY unknowns hanging in the "chad's"
i guess you look at trends in credit markets to arrive at this "wisdom". or at your conspiracy theories sites? the fact that some banks will go down does not mean that these bank are going to be material in the big picture...
Market will go up for a couple of days for the clarity in politics which messed everything up during last 2 months and end of Bush. Volatility will come down but don't see any major rally after that without stimulus plan or major mutual funds buying / M&A activities. May go slightly lower but don't see the testing bottom.