End of the day rally? Will next week be up?

Could be called a gap close day and we rally maybe so,CSCO earnings Aug 6 aftermarket and if that happens to be bad i think my chart might be correct.....Just one possibility and possibly wrong....
 

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Originally posted by qwiktrade


.. the market is OVER-VALUED even at these levels..
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right - but somehow nobody wants to hear this. i guess most think the markets are so deep - they MUST be cheap now.


Originally posted by qwiktrade


and i wouldnt be too quick to assume that even if we do reach "bottom" that we will automatically go back up..

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absolutely! why is there such a "black and white"-thinking? maybe there will come a looong grey period ...?
 
Originally posted by permabull
friend of mine said the US stock markets are poised for a significant up move.
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Well on that strong note I just refied my house and took 120% loan to put into the US market that is "poised for a significant move up". Thanks to your friend for hooking us up like that!!
 
Originally posted by NihabaAshi


"A trader's only concern is whether the current activity is oscillating or trending. Once you stop watching the Dow and Nasdaq indices and concentrate on identifying and adapting appropriate trading techniques, you free yourself from the influence of popular opinion."

From "Reacting to the Movement of the Market"
by Jea Yu, Active Trader May 2001.

NihabaAshi
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I have read this particular observation many times but so far no one has explained how you can define what kind of market your in in time to take advantage of it. A trend is not to difficult to see once it gets going and if it lasts for awhile you can take advantage of it but when it starts going sideways how do you know when to switch to oscillators, etc.
 
Originally posted by bbraunstein
So what do you all think of the end of the day rally?

Was it short covering by traders in order to go flat over the weekend?

Was it real buying?

Are we headed back up after a minor pullback?

Is this the bottom for the naz?

I'm am interesting in hearing your thoughts for the beginning of next week.
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The end of the day rally gave some real opportunitites to make some money. As far as predicting anything at this point, it is premature.

IMHO, spoos are now fairly valued at ~850 [once again] in the intermediate term. Moves away from here will be random walks, or event driven [e.g., the FED easing, etc]

Was it real buying - IMHO - YES. It did not feel like a short covering rally to me. Doesn't mean it won't go lower though...

I have no idea as to a bottom on the NAZ - but, hypothetically, if it doesn't "bother" you when it went from 2000 to 5000, why would it bother you if it goes from 2000 to 850?

Thoughts about next week :confused:

nitro
 
Originally posted by nitro

14:00 low at 852.50 to close at 864.00 - this is not a trivial move...

nitro
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just a small end of day bounce after test of support line (july 25 / 26) - take a 30 min. chart - looks not so impressive there...
 
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