This rally was bought because of the all the technicals saying buy buy buy, of course it will catch numerous traders off guard when the SPX is back below 1100 once again. The SPX finally closed above its 200-day simple moving average for the first time since May 20, everyone now getting that greedy feeling again to go in and buy stocks, who knows what to expect going forward but I still think were in a downtrend and if the SPX does go to 1150 or 1200 or even 1300 the drop back below 1000 will come shortly after, no need to chase the rallies, be patient and wait for the corrections.
Poll Your Thoughts On Next Week Market Direction
- Thread starter shortie
- Start date
We had the gap down. The yesterday's EOD chicken buyers must have covered at the open, and possibly even shorted it. If they shorted it, it would explain the rise in the market resulting from the same chicken doing their short covering?
On wall street, they clean the streets when they have been cleaned.
Quote from Ivanovich:
Still think so?
He had the naked call seller remorse after his (boasting?) post.
Could we say you would have the buyers remorse soon?
Have you ever seen a reverse V?
