S&P just put in other short term bottom on May 11

[jackbyrd]

indeed, the lows are in folks. Go long and take a summer vacation. I see no reason to even watch the market. Just know that when you return it will increase at the same rate as the money supply. Quite simple actually.

 

[frank grimes]

now some of the bulls can come after me for covering my shorts on the last big up day!

 

[sportmatt37]

Quote from frank grimes:

yes I have said before, i've covered my shorts and am basically 40% long 60% cash, but we have 1 down day and were oversold? if you're long commodities you're happy, but the mkt has gone nowhere for a month, while we have everyone on this board pounding the table long? I was willing to sell strktrd(?) everythting he wanted @1334 when he said we were going to get there by 4/30 (1360). I still don't think either the dow or spoo will get past where they were in 2000, but come on fellas, give it up, the internals are AWFUL.. earnings season is over, where is the catalyst to move us higher from here? Any rational comment I will give it's due, but from where I sit it looking right a rounging top to me.

Well said. How can someone claim we are oversold after one down day? In fact, according to my stochastics, we are still indeed overbought! Still much more room on the downside. Maybe the s&P won't go as low as say the dow, but I believe it will break 1300

 

[Buy1Sell2]

yes, I think we have to have a 1300 test on futures

 

[joeyata1]

man in essence the spoos have gone nowere in months, just up and down up and down. but's whats really incredible is the huge amount of mass speculation in anything from infrastructure to metals to oils. it's quite amazing to watch the intc's dells msfts go down daily and see ba and cat rise daily. and the wild action in anthing from rti tie to pd is jsut breathtaking. i think by july we have a sharp correction but the market won't die completely till the publics convinced earnings will turn down

 

[volente_00]

Quote from eminitrader007:

In the past 2-3 weeks we saw two upside price-surges on above average volume. Usually when something like that happens, we see follow-through in the direction of the previous movement.

Today's action proved that there is no real long-term buying here to support the higher prices. I think that we'll see 1260 before 1330.

In 1998 the market went down after it made a new high.

interesting, if you look at the chart we had another candle a while back like yesterdays.

 

[volente_00]

Quote from frank grimes:

now some of the bulls can come after me for covering my shorts on the last big up day!

You know if you had not covered, the market would have probably continued to rally even more.

 

[volente_00]

Quote from joeyata1:

man in essence the spoos have gone nowere in months, just up and down up and down. but's whats really incredible is the huge amount of mass speculation in anything from infrastructure to metals to oils. it's quite amazing to watch the intc's dells msfts go down daily and see ba and cat rise daily. and the wild action in anthing from rti tie to pd is jsut breathtaking. i think by july we have a sharp correction but the market won't die completely till the publics convinced earnings will turn down

In the last 2 years where have the spoos went ?

 

[thorn]

Quote from volente_00:

I say we are at another short term bottom today and the bears will not get the index under 1300 in the next 2 months. Gap got filled, we retraced 50% from 1281 to 1327.

Really?? How bout doing something really monumental, that is acknowledging how bad your latest call is.

 

[stktrdr]

Certain participants need to buy stock before the close. The order flow will be substantial and the resulting psychology will put in place a signifcant bottom today. That is why the PROs have been buying stock on weakness.

Only the PROs understand this dynamic.