Will today be an up day??

Discussion in 'Trading' started by womblevader, Aug 7, 2008.

  1. 1. Jobs sucked
    2. Retail sales down
    3. Oil up
    4. Salle Mae under admin [maybe]
    5. AIG missed the mark by a mile.

    If we close up today I'm giving up trading..
  2. OK, let me check my crystal ball.....mmmmmmmmmmmmmm what do you think about that? :D

    Seriously, I read in one of Jack Schwager' market wizards books that Victor Sperandeo found when he tried to train people to trade that the ones who are intelligent and educated enough to think that the markets are wrong and they are right usually have a hard time cutting their losses.

    In any case, any OTHER news might come out today right?
  3. Bob111


    up from open or yesterday close?:)
  4. You should know by now that the market always overreacts. In this case, they are still bullish, but it should disipate (sp?) soon. Whether that is today or tomorrow, or next week, who knows. But this happens very often. I remember when we were going down for the first time under 11700, i was saying "why is this still going down" . This is what happens. Just trade it
  5. Exactly.

    Stop looking at fundamental news "data" as the basis for identifying one day's action. On a similar note, ever think about trading technically?

    Ever think about looking at a specific sector, like oil and gas, drilling, etc. and not just the SPY or ES?
  6. Bob111


  7. I wish that it closes up, as it will confirm to us that you will not give up trading.

    PS: market has nothing to do with release of news/earnings/etc. I would even say that it has nothing to do with the economy. Actually, the market decides on the future of the economy (when people think it is the other way round) rather the economy deciding on the future of markets.
  8. Sorry guys the post was tongue in cheek.
  9. more technicals than fundamentals really.
  10. Lucrum


    "Will today be an up day??"

    I'm going to go out on a limb here and say, no.
    #10     Aug 7, 2008