Bears had their chance

Quote from drukes1234:

The price action speaks for itself. I don't want to hear any fundamental arguments here--the bottom line is, the bears have had their chance TWICE (the London bombings and now Katrina) to slaughter this market and both days the market closed near high's. I think we might see a very impressive spike in equities in the near future.
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The bears had their chance and they took it: They covered.
 
Well it's good to see the sentiment on elitetrader is more bearish than bullish--that always instills some more confidence in my position.
 
Quote from newbunch:

The market rises one day on the lowest volume in 3 months. All of a sudden, they think the trend has changed. Look at the long term chart. The trend is still lower.

I actually like today's move from the bear side. It convinced a lot of "suckers" that the market is going up. Sentiment had gotten too low, but today fixed that.
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I'm not sure that I agree, specifically where the Nasdaq (QQQQs) are concerned. If you take a look at a 6 month chart, I see two 50% retraces since the current mid-term uptrend began late April 2005.

My call would be to see QQQQs trading around $42 by early October.
 
Quote from newbunch:

The market rises one day on the lowest volume in 3 months. All of a sudden, they think the trend has changed. Look at the long term chart. The trend is still lower.
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I use a chart going back to 1776, and the trend is still up.
 
Cmon, today was candy, every one of the 75 traders I talk to daily said they were gonna buy at 4-1 margin at the open and hold till the bell at 4pm.

Ok, one guy, said he'd sell at 3:45, but let's not quibble.
 
Quote from stock777:

I use a chart going back to 1776, and the trend is still up.
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I follow an investment strategy fomulated in the Great Depression. For the past 70 years, everything's been too expensive to buy. Waiting for the economy to go to hell in a handbasket and for everyone to get their comeuppence.
 
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