Sorry guys no chance for a down day

I am not one to usually pick tops, but this one seems too clear to me.

I believe right where we are standing is the top at least for the next few weeks. Its quite possible we will penetrate 12,000, or the current high of the day may be as close as we come. I think this rally is severly running out of steam and i'm not sure if it can even penetrate 12,000, 11986 may be the best it can do...

I really am hoping to see a small penetration of 12,000, and then a pullback to close around 12,000, or we may even fall back through 12,000.. then we gap down tomorrow on bad earnings and away we go for the next few weeks....

No matter what, in 2 to 3 weeks from now I CANNOT see the dow being above the current level... but what do I know....
 
Quote from frostengine:

I am not one to usually pick tops, but this one seems too clear to me.

I believe right where we are standing is the top at least for the next few weeks. Its quite possible we will penetrate 12,000, or the current high of the day may be as close as we come. I think this rally is severly running out of steam and i'm not sure if it can even penetrate 12,000, 11986 may be the best it can do...

I really am hoping to see a small penetration of 12,000, and then a pullback to close around 12,000, or we may even fall back through 12,000.. then we gap down tomorrow on bad earnings and away we go for the next few weeks....

No matter what, in 2 to 3 weeks from now I CANNOT see the dow being above the current level... but what do I know....
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I thought it was running out of steam last week. Didnt happen, I think we go through 12,000 sometime this week, however how long it last is anyones guess. This market is too overbought. I would think a 3% pullback would be perfect for another run up into the end of 2006. Without any pullback here I just dont see how this market can run any higher.

CPI and PPI due out this week and these are big market movers, earnings will also be a big mover for the market, if any big tech names disappoint 11800-11850 is certainly possible by thursday. Last time thismarket had a huge drop was in early August. I think this market is due for one.
 
There is still a lot of buyers sitting on the sidelines for right now. The Rydex fund data shows a lot of money sitting there waiting to prop up any sell off in the market. So IMHO this rally will continue for a little longer. I would tend to go along with Mymini on his assessment and will probably close my longs the day of the election unless the charts show me some reason to exit earlier. Thus far I have not seen anything to make me go short.
 
I would not be short right now but I think the market has gotten a little ahead of itself. My long term indicators show that we might see another pullback the last week of October which will last till the end of 2006 and then the resumption of the uptrend. 2007 will be huge for the bulls.
 
Quote from a529612:

The top is not even near. I don't see the dumb money piling in yet.
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I agree, I said a year ago that the next bubble was going to be in the stock market. Too much liquidty and no place else for it to go.

However, no way in hell I am buying into it. I will just miss out.

John
 
Quote from 4re:

I would tend to go along with Mymini on his assessment and will probably close my longs the day of the election unless the charts show me some reason to exit earlier. Thus far I have not seen anything to make me go short.
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Oil keeps crashing, the market keeps going up.... How much do you think this is manipulated by the government? Even the terrorists are awfully quiet these days as if they want more people to vote for GOP.
 
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