Melt Up

S

Samson77

Sometimes the market truly amazes me even after being in this business for 20 years.

$60 Oil - has to cost each household an extra $800 per year.

Interest rates - continue to hike.

Yuan floated - that's going to cost the consumer an extra 30% for everything they buy at wal-mart etc...

All I can say is sometimes it really feels like the markets are being manipulated even though I know they are not.

The ONLY thing that makes any sense to me is that money is flowing from overvalued realestate into the markets.

Sometimes all I can say is "I just don't get it" !!!!

Just so you know I did take 3 longs and one short today though.

:p
 
Quote from Samson77:

Sometimes the market truly amazes me even after being in this business for 20 years.

$60 Oil - has to cost each household an extra $800 per year.

Interest rates - continue to hike.

Yuan floated - that's going to cost the consumer an extra 30% for everything they buy at wal-mart etc...

All I can say is sometimes it really feels like the markets are being manipulated even though I know they are not.

The ONLY thing that makes any sense to me is that money is flowing from overvalued realestate into the markets.

Sometimes all I can say is "I just don't get it" !!!!

Just so you know I did take 3 longs and one short today though.

:p
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Lets take a couple of steps back, and get our nose off the glass. Looking at this monthly chart of the Dow on a closing basis the Dow has been in a 5% range for 20 months. So to put things in perspective the Dow is right back were it was in December 2003. As professionals we really should try and ignore what the media and financial press is saying as they have always been wrong.
 

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Yeah, up on low volume again. And the fed seems to be constricting the Ms. Boy, if earnings start to fail, we could make a fortune as the markets turn. Who's the next biggie to report?

And the S&P hasn't seen 1243 since June of 2001.
 
Ha !!!!!

That will teach me to shut up!

Took and engulging candle short and just got stopped out ... LOL

This should be a classic low volume retest on the ER and it's got an 80% probability of success, but obviously not in a melt up.

Can you say I'm a fool :p
 
Today's close above 1238.36 in the SPX now targets the 1253.00 level, with 1277-1292 an extreme target.

"Observe What is Happening . . . and Assume That It Will Continue . . ." - - - Trader Vic.

In otherwords, the TREND is YOUR FRIEND!

:p
 
Quote from lilduckling:

steadfast fellow bears...steadfast, don't short till you see the white of their eyes....
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You don't think this market is going to fall do you? This is a farewell send off for Greenspan, this market will keep this bid for the rest of the year. don't get me wrong I am not bullish on equities right now, but it is most unlikely this market is going to correct much at all for the rest of the year.


I will stand aside from equities and equity index futures until we do get a meaningful correction. I know I might miss the huge breakout everyone is expecting, so be it.
 
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