I'm FULLY CONVINCED that the market has finally recovered

L

luckylee

I am picking up more and more financials share tomorrow. Citigroup, Merrill Lynch, Freddie and Fannie Mae, Bank of America, Goldman Sachs, JP Morgan.

Look guys, bear market is over! Listen to Richard Bove in Bloomberg. He's been right and I laughed at him then but now it's reality.
 
I wouldn't say that just yet. Looking at the S&P chart below we need to break out of the channel to the upside before I'd call it a recovery. Considering this is pretty close to all the broad market charts I'd say we still have a bit to go to call it a bull market again. I am not saying that this isn't the swing that will start the bull market but that we just aren't there yet. We could still hit the top of that channel and then drop right back down into it.

<img src="http://www.fantasydaytraders.com/eqpics/SP1yr.jpg">
 
No I'm serious. You'll see tomorrow it will go up and up and up.

I put my money where my mouth is. I bought UYG, nice > 8% gain in a day :D

The fed is on our side. Don't fight the FED!
 
Quote from luckylee:

No I'm serious. You'll see tomorrow it will go up and up and up.

I put my money where my mouth is. I bought UYG, nice > 8% gain in a day :D

The fed is on our side. Don't fight the FED!
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Since october buying a 7% up move on the XLF move would have blown up your account.

In terms of risk/reward the best time to add a position on the long side is after a big down move. You're doing the opposite.

Congrats on the 8%. Take the profits. Remember the last 400 point move?

Did the fed just announce it's first move to deal with the credit problems today? Look at a chart of the XLF since Bernanke started cutting rates. The Fed is trying to mitigate damage, they can't magically turn the market around.
 
Wow that's interesting. I downloaded the doc and gonna be reading it now! Thanks yoohoo!

Quote from yoohoo:

rofl luckylee!

So am I - check out my thread Trading the Moon;)
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