How high can the S&P go?

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It doesn't take a rocket-scientist to see that this entire rally from the May lows has been lead by chip and chip-equipment stocks, not too mention housing, banks, and brokerage stocks.

When INTEL announced what many perceived to be a disappointing mid-quarter update in the middle of last week, the market lost a big part of its leadership. In fact, last Friday INTEL finally broke below it's 10-Week MA which has been intact since this past May.

Follow the SMH and you will get a pretty good clue as to where the S&P is heading.

Tell me, why have you not spoken about technicals or sectors on this thread? I have no problem with someone being excited about making a good call, but when all they do is jump up and down and CHEERLEAD without any insight or added value whatsoever, I can only conclude that what talks like a duck, walks like a duck . . . MUST BE A DUCK!

:)
 
Quote from waggie945:

It doesn't take a rocket-scientist to see that this entire rally from the May lows has been lead by chip and chip-equipment stocks, not too mention housing, banks, and brokerage stocks.

When INTEL announced what many perceived to be a disappointing mid-quarter update in the middle of last week, the market lost a big part of its leadership. In fact, last Friday INTEL finally broke below it's 10-Week MA which has been intact since this past May.

Follow the SMH and you will get a pretty good clue as to where the S&P is heading.

Tell me, why have you not spoken about technicals or sectors on this thread? I have no problem with someone being excited about making a good call...
:)
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Wiggle,

Finally something to sink my teeth into. You may have a hard time understanding this, but for me and my trading, less is more. I don't want to know about what others think, I rarely watch market news after 4pm.

If you really believe that the market lost alot of its steam in the middle of last week, you should have sold 1075 and 1100 calls up the wazoo. Let me remind you that the Dow hit 10,000 TODAY, and the S&P reached 1072. So it's hardly a well known idea that the market lost its steam LAST week. You should have made a killing if you really believed that.

Anyway, todays action looks to me to be toppy, and the 10,000 BS and the 2,000 Nasdaq BS have been taken care of. I believe the S&P will end the year close to where it is now, but that doesn't mean it cannot sell off into triple witching, and then rally around X-mas.
 
who cares?

Stay Blunted.


shut up and short.

Stay Blunted.


CNBC ANAL-yst are always calling something after the fact.
They always try to find a reason something rallied or crashed.

Who cares? ........especially if you are making money you really don't care why something rose or fell as long as it did when you were on that side of the market.

Stay Blunted.
 
Quote from Canibus:

who cares?

Stay Blunted.


shut up and short.

Stay Blunted.


CNBC ANAL-yst are always calling something after the fact.
They always try to find a reason something rallied or crashed.

Who cares? ........especially if you are making money you really don't care why something rose or fell as long as it did when you were on that side of the market.

Stay Blunted.
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I agree with most of this, except that i've never made calls after the fact. What's the point of that? The blunt part sounds good to me, though!
 
"Quoted from James Stock:

"Let me remind you that the Dow hit 10,000 TODAY, and the S&P reached 1072. So it's hardly a well known idea that the market lost its steam LAST week."

The bottomline is that I, as well as many other technicians use various technical indicators to get a handle on how weak or strong a market really is, internally. Last week, a number of indicators that I use started to lose some bullish momentum.

Yes, the S&P reached 1072 right off the opening bracket of trading but it spent most of the session flatlined at 1066 waiting for the FED announcement. In any event, my point is is that there was a ROTATION that started last week out of the chip stocks, and such a rotation out of a "market leader" RARELY occurs without some sort of a sell-off in the broader market averages.

I've been trading the market since 1981 and this is what I have observed to be true and most useful. If it is as you say, a "hardly known idea" then all the better because that tells me that I am ahead of everyone else, and all of the talking heads on CNBC.

:p
 
For example, just take a look at the SMH Index, which is a proxy for the Semiconductor sector. Anyone could see that this index had formed a double-top and was at risk of breaking it's recent neckline.

Thus, this formation did not happen overnight.
It started days ago.

:)
 
Quote from waggie945:

"Quoted from James Stock:

"Let me remind you that the Dow hit 10,000 TODAY, and the S&P reached 1072. So it's hardly a well known idea that the market lost its steam LAST week."

The bottomline is that I, as well as many other technicians use various technical indicators to get a handle on how weak or strong a market really is, internally. Last week, a number of indicators that I use started to lose some bullish momentum.

Yes, the S&P reached 1072 right off the opening bracket of trading but it spent most of the session flatlined at 1066 waiting for the FED announcement. In any event, my point is is that there was a ROTATION that started last week out of the chip stocks, and such a rotation out of a "market leader" RARELY occurs without some sort of a sell-off in the broader market averages.

I've been trading the market since 1981 and this is what I have observed to be true and most useful. If it is as you say, a "hardly known idea" then all the better because that tells me that I am ahead of everyone else, and all of the talking heads on CNBC.

:p
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Well said. And yes, that is a double top on SMH. Hope you made a killing. Now stop with the bold letters, and calm down.

wiggle, meet Canibus, and chill. Trading's over for today.
 
but I now strongly believe that there is a top in on the S&P that will last to 12/19. To me, this is crucial information on which you can make alot of money if you act properly on it.
 
Does the date 12/19 have to do with anything "significant" other than the fact that it is options/futures expiration?

I mean, why is 12/19 really relevant?
Any cycles that make this date relevant?
 
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