Even before the Housing Data is released. Could easily disappoint or be "buy the rumor, sell the news." Could be a good day for a smart fader who can carefully play against Pomo and irrational exuberance. After the reversal on Tuesday's Fed news, I think there may be a sea change...but plenty of bulls left to drive things up temporarily. I'll even join them for a bit, but only at the right price levels.
...that's the part that drives the market higher and higher. You're not going to get whatever that price level is.
housing data missing the mark is irrelevant. if it misses the mark, then the market thinks QE2 is more likely and ramps. oops...too late it just did!
I'm not sure sure. This reminds of the Fall of 2007. The Fed's aggressive rate cuts initally made everything go up--stocks, gold, oil, every currency vs. Dollar, etc. However, the effect on stocks was short-lived after an initial bubble, though the rest continued to climb until everything collapsed. The smart money knows QE is good for gold/treasuries, terrible for the Dollar, and bad for stocks in the long run...unless we've turned into Zimbabwe (Heaven help us)!
it'll depend on the communist central command orders from the US gov't the US fed owns the market now. Fed is goldman sachs most profitable client. fed wires money to goldman sachs everyday. small traders hedge funds are like birds in a hurricane..just don't be on the wrong side of the wind.
I also show up when the market moves against me. I covered 35% of my call position @ $1.75 approx for a loss. Yes it happens the s&p hitting 1200 before 1000 is now a 4 to 1 favorite. I'll take the 4 to 1 and say that it hits 1000 before 1200