Simple poll, simple question. Has this rally run out of steam? Or is it just consolidating for another run up?
Difficult to tell right now: we have to wait to see how earnings play out and get some direction from econ data due to release next week. Mkt nevertheless doesn't want to go down hard and sentiment is still pretty positive in front of bad news and worries over Iran's nuclear ambitions. A sudden turn in sentiment could change all that; if traders see they cannot push mkt higher they will get pissed and sell with both hands. At least that's my view.
Don't trade until Wednesday. INTC, YHOO and IBM report prior evening, and CPI morning. Personally I've long QQQQ since Jan 3 and cashed out half this week. I don't beleive the FED story is done yet, market should be UP until we get FED out of the way. As for earnings, they will be bad anyway, did market listen last week, NO. However, it might be a good idea to lighten up a bit of your long position. And play day-trading with openning gaps by earning noises or one-day sell offs. Of course, I can be wrong, as I don't have enough capital to make the charts!
The S&P will rise next week if it's buying from the "Low". But not if it's selling from the "High"....Simple as 123..
I think the recent run up might be a little overdone , but a lot of the moves get that way- a simple "probably" from the fed and the s & p soars 20 pts in a day- no new numbers out to back the move. I think we'll see green early in the week and red later on INTC and then GE on friday- keep in mind some analysts overshot and jobs came in weaker while still positive- there is plenty of short open interest in the index futs on the hedger side and those Dow Transports..maybe a repeat of this past week.
I think we have to wait for the earning and see what going on then only we will come to know where the market is going i Think retail sake were down and i think they will give disappointing earning but that my opinion