D Day

T

tradingbug

Anyone see anything significant about todays distribution day. We had two days in a row where we tried to bust out of resistance only to get a failed break out back into the range.

Today, there was a lot of volume toward the end of the day that would make this a distribution day per William J Oneil.

IF the markets take out 1080s with some conviction....we could get some nice profit taking toward the end of the year.

From listening to everyone lately, it seems that no one thinks we could get a 10-20% sell off before year end....makes you go hmmmmmmmmmmmm.
 
Previous pullbacks in the trend have all been followed by 25-30 point pushes higher. This last pullback has managed about half that so far. It's difficult to imagine what the driver for another big push up could be.

Weaker dollar? Isn't there a point at which it would no longer prop up the stock market?

Job creation? If 70% of our GDP is based on consumers spending money, how will this suddenly pick up steam AFTER the holidays?

Are there a lot of stocks on sale at this point? Doesn't seem like it. OK, maybe AMZN which Cramer says is rapidly going to $180 at least, and AAPL, which Cramer targeted for $265.

Bug, we must never discount that special ingredient though: Irrational exuberance!
 
Weaker dollar could push it higher again. Savings accounts are for suckers right now. I'm bearish too, but it can go higher, a lot higher.
 
Quote from NoDoji:

Job creation? If 70% of our GDP is based on consumers spending money, how will this suddenly pick up steam AFTER the holidays?
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GDP = C + I + G + NExp

GDP = 1x + 1x + 150x + (-20x)

Sabes?
 
Quote from tradingbug:

Anyone see anything significant about todays distribution day. We had two days in a row where we tried to bust out of resistance only to get a failed break out back into the range.

Today, there was a lot of volume toward the end of the day that would make this a distribution day per William J Oneil.

IF the markets take out 1080s with some conviction....we could get some nice profit taking toward the end of the year.

From listening to everyone lately, it seems that no one thinks we could get a 10-20% sell off before year end....makes you go hmmmmmmmmmmmm.
More...

I agree that today's end of day selloff was interesting. I was watching the market on and off throughout the day, and thought it was odd that it was so flat at 0% change (at fairly key levels too). Canadian markets appear to have sold off a bit harder than US markets did.

Will be interesting to see if we get a further down move tomorrow (I believe that we will).
 
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