Baffled
- Thread starter mattjclark
- Start date
We all know that eventually gravity will take over the bearish rising wedge and drive it down.
I have to admit that I am shocked at the price action. This mutha just won't go down......yet.
What is really crazy is almost all the indicators point down...
1.) really super duper overbought
2.) put/call just keeps going lower along with the vix (no fear left)
3.) lack of leadership
4.) did i mention overbought?
5.) complete and total lack of volume
6.) big boys (aka: smart money) loading up on index puts
7.) the little turd stocks rallying big time (CMGI, BLUE, ICGE, PALM, HAND, etc.)
8.) talk of a bottom and a new bull market
Yet we still climb higher. I think this is just the futures traders having fun while the senior traders are on vaction...but what the hell do i know??
I have to admit that I am shocked at the price action. This mutha just won't go down......yet.
What is really crazy is almost all the indicators point down...
1.) really super duper overbought
2.) put/call just keeps going lower along with the vix (no fear left)
3.) lack of leadership
4.) did i mention overbought?
5.) complete and total lack of volume
6.) big boys (aka: smart money) loading up on index puts
7.) the little turd stocks rallying big time (CMGI, BLUE, ICGE, PALM, HAND, etc.)
8.) talk of a bottom and a new bull market
Yet we still climb higher. I think this is just the futures traders having fun while the senior traders are on vaction...but what the hell do i know??
What is up with you guys? You seem to have gotten so used to shorting you won't see a long opportunity when it's in front of your nose 
I bet that's exactly how the bulls saw their expertise and felt about shorting in general up until the burst of the bubble 
Unless there's a war with Iraq or some other drain on the economy, ain't gonna see those lows again.
Smart money loading up on puts? Time will tell how smart that is...
...haven't shorted a single stock this month yet, and my volume is about 200,000 (nonpenny) so far.
Happy trading.
I bet that's exactly how the bulls saw their expertise and felt about shorting in general up until the burst of the bubble Unless there's a war with Iraq or some other drain on the economy, ain't gonna see those lows again.
Smart money loading up on puts? Time will tell how smart that is...
...haven't shorted a single stock this month yet, and my volume is about 200,000 (nonpenny) so far.
Happy trading.
Markets never go in a straight line.....
The dow will have to retest dow 7500. NOT.
Did the Nasdaq retest resistance at 5000. Nope.
This is the same thing.
The market was clearly at disequilibrium at 7500, thats why it spent a whopping day at those levels and has risen nearly every day since.
In any event, this question is a little late. It was more relevant when dow was 8000 or 8200. The market is now up over 20% from the bottom, thus clearly no retest.
Did the Nasdaq retest resistance at 5000. Nope.
This is the same thing.
The market was clearly at disequilibrium at 7500, thats why it spent a whopping day at those levels and has risen nearly every day since.
In any event, this question is a little late. It was more relevant when dow was 8000 or 8200. The market is now up over 20% from the bottom, thus clearly no retest.
Oh my god, now I am super bearish. What the hell are you smokin' anyway? Naz not re-testing 5000 is the same thing??
THE BUBBLE IS BACK!