Weekly Poll: Pullback This Week? PART 2

[MKTrader]

Quote from S2007S:

You are right about the early bull victory but the market is just gaining momentum, SPX broke 1130 and is now looking at resistance around 1170-1175.

Not sure about that. There could be stiff resistance at 1150 if it continues up. That's where the bears took back over at the beginning of this year.

Outside the March-April blip, the S&P 500 has traded between 1000-1150 for over a year. Don't forget, April is when the purchase of mortgage-backed securities came to an end. Very signficant month--kind of like mark-to-market ending in March 2009...

 

[shortie]

A Dow Theory buy signal?
One Dow Theory advisory service is close to a buy signal

Dow Theorist believes buy signal is imminent
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By MarketWatch

CHAPEL HILL, NC (MarketWatch) — Not to be left out of today’s burst of optimism on Wall Street, the venerable Dow Theory is close to issuing a buy signal.

That’s because, assuming the stock market holds onto its mid-day gains, both the Dow Jones Industrial Average /quotes/comstock/10w!i:dji/delayed (DJIA 10,714, +106.41, +1.00%) and the S&P 500 index /quotes/comstock/21z!i1:in\x (SPX 1,137, +11.72, +1.04%) will close above their rally highs set on Aug. 9.

If they do, that will constitute a buy signal according to TheDowTheory.com, edited by Jack Schannep. The crucial levels to watch, on his interpretation, are 10,698.75 for the Industrials and 1,127.59 for the S&P 500

http://www.marketwatch.com/story/do...l-is-imminent-2010-09-20?reflink=MW_news_stmp

 

[S2007S]

A buy signal??

I thought you were suppose to be selling when others are buying and buying when no one wants any piece of this market. Going to be interesting to see how long they can keep this rally going, its been one solid rally of nearly 100 SPX points since nearing 1040 a few weeks ago without and such pull back. Why buy now after such a huge run up in the markets when you know you will get the chance to buy the SPX under 1000 again. There is absolutely no need to go chasing this market on the upside.

 

[trefoil]

Dayum.
You can hear the bears screaming for mercy at this point. Crazy.

 

[krazykarl]

Quote from trefoil:

Dayum.
You can hear the bears screaming for mercy at this point. Crazy.

Once again, ET is the consummate contrarian indicator.

 

[S2007S]

Still bearish on this market and not worried at all, holding about 25% long and 75% short right now.

As everyone knows markets fall twice as fast as they rise.

In Mid may the dow dropped over 800 points in the span of 1 week.

In 2007 at the peak of the market no one would have guessed a 50% decline from the top.

Bulls always get excited when the markets behave like this, they start to scream that its a new massive bull market thats just going to continue endlessly for years, this is not the case and it wont be for many years to come, as I said you will be able to buy the SPX under 1000 many times over the next decade.

 

[krazykarl]

Quote from S2007S:

Still bearish on this market and not worried at all, holding about 25% long and 75% short right now.

As everyone knows markets fall twice as fast as they rise.

In Mid may the dow dropped over 800 points in the span of 1 week.

In 2007 at the peak of the market no one would have guessed a 50% decline from the top.

Bulls always get excited when the markets behave like this, they start to scream that its a new massive bull market thats just going to continue endlessly for years, this is not the case and it wont be for many years to come, as I said you will be able to buy the SPX under 1000 many times over the next decade.

None of this matters or is news. The problem with market corrections is they are few and far between when compared with rising markets. You're too short to ride out this climb and, if I were in your position, I would flip some of that short interest on the next dip.

 

[MKTrader]

Quote from krazykarl:

The problem with market corrections is they are few and far between when compared with rising markets.

Based on what? 1982-1999?

That's not necessarily the case all the time. Cases in point: 1930s, 1966-1982, 2000-present. Even the "strong long-term upward bias" of stocks is very shaky since we don't have enough data prove what markets do on decade-by-decade basis.

Imagine if you told the same thing to Japanese investors re: the Nikkei around 1991...

 

[MKTrader]

Quote from MKTrader:

Not sure about that. There could be stiff resistance at 1150 if it continues up. That's where the bears took back over at the beginning of this year.

Outside the March-April blip, the S&P 500 has traded between 1000-1150 for over a year. Don't forget, April is when the purchase of mortgage-backed securities came to an end. Very signficant month--kind of like mark-to-market ending in March 2009...

Also, don't forget how the "flash crash" day in early May has contained the S&P 500. 1160-ish on the top, 1040 on the bottom. Other than the brief 1010-1040 blip, it hasn't left that territory. It's rebounded off 1040 multiple times, and couldn't get above 1160-1165 shortly after the crash.

 

[S2007S]

The Dow is up three straight weeks and up 7.4 percent so far this month.


And the bulls always want more, got to love the fucking greed on wallstreet.