Are we close to a top?

Quote from stock_trad3r:

A rising wedge forming on the one-day 5 minute DJIA . We WILL close green. buy the dips. GOOG MA PT
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We will close higher but we shouldn't.
 
Quote from Ivanovich:

All you folks who are short are suicidal.

The market clearly cares for one thing, and that is up. Manipulated or not (and I believe it is) there is only one way to make money in the market at present, and that is buying the dips.
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It's possible Ivan, but it's also possible that those who are STILL long at these levels are the suicidal ones.

I am concerened if the market does break out to the upside fast. It's HIGHLY possible. Over this weekend I'm trying to develop a plan of action to factor this in. I'm levered about 1.65, so not too extreme.
 
Quote from Gubinec:

I see a huge weakness in the overall market. No 10+ moves on good news, and even then there's a immediate sell off. Seems like either there are no more cash, no more fools, or both. I'll be looking to buy deep OTM puts on the SPY or even better, the 2x or 3x funds sometime during the next two weeks.
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I would say yes, as the rally is not backed by fundamentals.

By crowd stupidity can go a long way (remember dotcom bubble), before busting.
 
you guys are going back and forth for the wrong reasons.

who can tell me, seriously, what is the chart saying?

let me start - we are still in the continuation phase of the bull run, based on the momentum, upper target 1100, strong support around 900... since we are in the middle of the 900-1100 range, taking a mildly bullish stance is the best - e.g. selling Out of Money puts, or taking modest long positions in small pull-backs.

Shorting is gamble at the moment. (I am talking about daily charts looking at about 1 year worth of background)

who else?
 
Just in case someone missed my masterpiece :D

Quote from Gubinec:

2009-08-28-PROPHererET.jpg
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LOL

Quote from stock_trad3r:

According to my findings, there may be no force on this planet that can stop this bull market. DJIA 14,000 within a few years is a strong possibility. Keep in mind that interest rates are STILL at zero and the fed has given absolutely NO hint of raising them. We're going to have yet another housing & stock market bubble as a result, and no effort will be made to stop it even as it unfolds before our very eyes.

The US dollar is nothing more than toilet paper to the fed. That's why I am recommending MA POT GOOG which benefit from a falling dollar.

MA POT GOOG RIMM BIDU FSLR V EWZ FXI CLF IPI MOS AMZN QQQQ
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we need another bubble to continue this tarp rally, wont be techs, wont be real estate, wont be unemployed pumpimg legalized poker machiines, whatever it is , the banks will have to fund it , i dont see them letting go of any cash, they need it for the commercial real estate dump comin down the pike. At best we have a pullback to 950 and build a base, then this rally might fool most of the people most of the time, right now its still a knockout 10 1/2 trannie (sal's words)
 
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