Good chance Market near a short term high.

Quote from reno4nook:

with the volume low this week and some traders taking the week off, I'm not sure how accurate the market breadth indicators are right now.

I saw a huge spike up to 1350 on the TICK today, right after the FOMC notes. That's a very bullish number for the TICK to get that high.

The day before and after Thanksgiving are historically strong.

I personally wouldn't think much about going short until Monday
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I agree. I wouldn't count on a reversal to happen during Thanksgiving week and also noticed that price movements are more easily misinterpreted during periods of low volume when many players are momentarily stepping aside.
 
Quote from rubberbird:

Yes! well said jackbyrd. I only wish that lithium would be specific for once in his life and say "I am buying here!". That's when i'm selling, it never fails. After a lithium moonshot prediction, the S&P always tanks 50 points.
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First off, your "S&P is Topping This Week" thread of 3 months ago turned out to be a complete waste of time, and completely WRONG. The market has since roared to new 4.5 year highs but you will never admit to as much. Your fragile ego wouldn't permit it.

Second of all, you never even came on ET to mention anything about calling for a tradeable low in October. Please feel free to show everyone where you bought in, eh???

Instead, you have watched this ENTIRE 80 handle rally sitting on the sidelines, playing on ET and rolling around in your Mattel Big Wheel in your parents driveway.

Once again, you and your half-dozen personalities and aliases continue to litter ET with complete egotistical drivel.

You are a legend in your own mind.
 
Quote from duard:

Investor sentiment just peaked at 100% bullish.
Everybody wishing for a new breakout bull during traditional strength. The market just floated this am before moving up. No selling.

Well, OK but a "new bull market."

We'll see about that.
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Interestingly enough, the CBOE Put/Call ratio continues to show skepticism of the advance with a reading of 1.05 today.

:)
 
I'm starting to see a lot of my indicators setting up for a quick swing trade to the short side.

I would bet that any short taken right now would be profitable by Monday.
 
I agree (again) with dgabriel. I'm lightening up on longs. Especially those that have acted sluggish. For example, I sold ITU on its gap up last week. I'd really like for this rally to continue but most internals that I watch are saying its come to full maturity. Doesn't mean you sell all longs or go short, just that you lighten up a bit and tighten the stops.
 
there is no point shorting now if not for a quick drop that will be bought right away, even if this turns to be a suckers rally it will just hang around at the highs for a while before dropping probably not before late December or January.
 
Quote from reno4nook:
I'm starting to see a lot of my indicators setting up for a quick swing trade to the short side.
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I'm out of my short with a few points..

Too many bulls around to get greedy

As Stevie Miller knows...
Go on take the money and run

They got the money, hey
You know they got away
They headed down south and they're still running today

Singin' go on take the money and run
Go on take the money and run
 
I think this rally will continue until end of the year then maybe sideways in January. Not to say money can't be made taking the short position.

I shorted YM before the close so we'll see how that goes when trading resumes. Tight stops as always.
 
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