Is this a November type rally or what?
- Thread starter sdb5057
- Start date
Its real, however the upside is limited, your not going to see any new highs anytime soon, if you were in on the long side and rode it up the 20%+ I would be selling, I do see more upside, however the visit to a 7 handle on both the DJIA and S&P will come again. The next to drop is Commercial real estate and credit card deliquencies. Commercial real estate is still in the beginning stages of falling apart, millions of square feet of commercial real estate is on the market and alot more is coming as more companies fall under due to the slowing economy. Dont believe the hype about all the talking heads saying a bottom is near, the bottom is far from here.
The biggest 4-week rally in over 75 years is no joke. If you've been short during this rally, it has been EXTREMELY painful.
Don't listen to all of the negativity on the TV about the fundamentals of the Economy . . . that is purely a distraction and "side-show".
Look at your charts and trade technically.
Don't listen to all of the negativity on the TV about the fundamentals of the Economy . . . that is purely a distraction and "side-show".
Look at your charts and trade technically.
Agreed.
Check out the WEEKLY CHART of June EMini S&P Future. We could see good support near 801.50 & the chart is still constructive. If looking to buy, 801 area might be sweet.
I agree the upside is limited @ this point. I've been selling YM and &ES for over a year now & it's hard to put on another hat. In retrospect, 700 would've been a good buy but I won't chase it up here.
842, 850, 869 all have the potential of being a medium term top. My belief is that once this thing DOES reverse it will give up half of its gains from the low (662 on June future).
The author of this thread compared this rally to Nov. rally.
Well, let's look at Nov. rally: 739---->943
That's 204 points.
On the June future (ES-M9) the low was 662.75....204 points higher would take us to 867 area.
870 is a sweet resistance onfrom 1-14, 1-28 and 2-9.
Who knows? It could be our final stop.
I'm sure much of the Peanut Gallery here on ET will be buying @ those levels, not selling.
Have a nice weekend, all! I know I will.
Still 200% uproom to go!
I mean...the P/E of S & P 500 as of now is ONLY 56.62. A bargain for any buyer!
Check it out yourself http://online.barrons.com/public/page/9_0210-indexespeyields.html
I mean...the P/E of S & P 500 as of now is ONLY 56.62. A bargain for any buyer!
Check it out yourself http://online.barrons.com/public/page/9_0210-indexespeyields.html
Quote from Landis82:
The biggest 4-week rally in over 75 years is no joke. If you've been short during this rally, it has been EXTREMELY painful.
Don't listen to all of the negativity on the TV about the fundamentals of the Economy . . . that is purely a distraction and "side-show".
Look at your charts and trade technically.
My system has been short and it has been by far the worst two weeks of all time for me. A complete nightmare.
I disagree about the fundamentals being a sideshow, you can't ignore the employment numbers forever - I expect the earnings season to have some really bad news and it will also effect prices simply because of the added positive expectancy lately...there definitely is downside now which wasn't present at the beginning of last month.
Quote from Landis82:
The biggest 4-week rally in over 75 years is no joke. If you've been short during this rally, it has been EXTREMELY painful.
Don't listen to all of the negativity on the TV about the fundamentals of the Economy . . . that is purely a distraction and "side-show".
Look at your charts and trade technically.
Venture a guess how far it will run before running out of gas.
Any possibility of it getting to January resistance at 943.85?