Uh oh shorties market rebounding last half hour better cover now b4 the futures pop. Asia markets andeuro markets still to come. nasdaq now 15 points above the nadir from a TA perspective that marks the bottom big rally on friday
âº"why there is sudden down?" Because as the morning wore on more and more people began to realize there was no real reason for the gap up.
As someone else said,"who cares why, just take advantage of whatever the market hands you." On the other hand didn't anyone besides me notice that we went back to the old all-time high today (1550 ish) and past it by a bit to about 1575! When is the last time you saw a market go straight up through its prior high without pausing and falling back on the first attempt? Shouldn't we expect some further pullback here? I think we close at 1554 in spite of the drop, so i would expect some further move down before we really get going up again. So we hit the high, and that with the "carefully timed" JPM comment on BIDU , plus the other negative news items seemed to be what it took to accelerate the totally expected, from my vantage point anyway, pullback from the 1575 ish high. The rate of drop was pretty remarkable however, but then we have seen that these whoop-de-doo moves seem to have become the norm rather then the exception. I just wish i would get better at taking full advantage of them. Added in edit: Ooops, i guess it was technically the second attempt.
<i>"why there is sudden down?"</i> 2 reasons: 1. I predicted a down yesterday based on doubletop formation, and it is just nice that the market should follow my predictions. (the morning action we can call a headfake) 2. SPX reached the upper Bollinger on the daily chart during the day, and that was the target area of this rally.
Serious question: How do you guys trade without access to news?....I mean, not one person who posted seemed to understand what started the selling today, and most said they were oblivious to the news altogether from what they posted. Nothing on t.v., for example? What trader looks to t.v. for breaking market news. I just can't imagine being cutoff from the news flow. How do you put into context what your seeing? Like today, for example. Seems as though most were just confused...hence the OP. As an example of how important news is, I know guys who made 30+ points hitting BIDU exactly when the selling started. They had no idea what it would turn into but it didn't matter. Once it was going, they knew WHY and thats what keep them in for 30pts instead of a quick 4 or 5. I, of course, just sat and watched like a dumbass but at least I knew what I was watching. So again, how do you manage to trade without having access to news?