Looks like the bull is back

F

FreakofNature

Bears pressed hard this week but bulls came back strong with an uppercut.

Maybe this time around SP500 can finally take the 1360 area with conviction and get us closer to the 1400s level.

Bullish on equities based on today's key reversal.
 
Everyone knew we were setting up for a rally. Time to run it. ;)

I hope everyone is having fun. Scalping futures long is much easier than short...

The market will take a breather Monday and trade mostly sideways before the next big push.


Watch out for sudden reversal at my new target of 1369. :D


"07-12-12 08:22 AM PST

ALL IN ON VIRTUAL ACCOUNT...

5th count... Rally from tomorrow into next week.

Target: 1355-1365"
 
Quote from RangeTrader:

Everyone knew we were setting up for a rally. Time to run it. ;)

I hope everyone is having fun. Scalping futures long is much easier than short...

The market will take a breather Monday and trade mostly sideways before the next big push.


Watch out for sudden reversal at my new target of 1369. :D


"07-12-12 08:22 AM PST

ALL IN ON VIRTUAL ACCOUNT...

5th count... Rally from tomorrow into next week.

Target: 1355-1365"
More...

If the market needs a "breather" after 1 day of upmove after the recent fall it has had, then the market is in real trouble.
 
I think your and my definitions of breather are quite different...

My definition of a breather is a reduction in daily range by 1/2 or more... Slightly new highs but mostly sideways chop...


So, if you want my exact technical definition for Monday...

Breather = Reduction in range to around 11.5 handles or less on the SPX. With the market pivoting around the Friday close... The kind of action we need to suck in a new truckload of bears before another squeeze. :cool:

And don't worry about the market pulling back... It ain't going to pull back until the bears are squeezed and panicking in fear right up to before the Bernanke speech.

It is a bit hilarious honestly... How many times have we seen the bears get trapped before a Bernanke speech already? :D
 

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the market will test 1300 again before it will go higher.

in case of europe finally blowing up which is likely, the market will rather test 1200 and 1100 than 1400
 
I was thinking this market was going to sell off midweek this coming week again... But it's OPEX. Does anyone know if we still have record numbers of idiots betting on high volatility?

If so the market has every reason to just drift sideways complacently bleeding the VIX.
 
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