It is overbought and overextended. Many think it has to do with elections, i would lean 50/50 on that. I think there could be a dip in mid November, was looking for a dip in October but dont think its going to happen. Many forgot what a triple digit loss feels like. As for next week its all about earnings. Major companies reporting. GOOG, MMM, YHOO, AAPL, and IBM just to name some. ALL MAJOR MARKET MOVERS.
WTF is going on in the ER2????
- Thread starter bigbob
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It is overbought and overextended. Many think it has to do with elections, i would lean 50/50 on that. I think there could be a dip in mid November, was looking for a dip in October but dont think its going to happen. Many forgot what a triple digit loss feels like. As for next week its all about earnings. Major companies reporting. GOOG, MMM, YHOO, AAPL, and IBM just to name some. ALL MAJOR MARKET MOVERS.
Agree. And until we see the beginning of a pullback I'm not fighting this trend. Of course at some point buying the dips won't work. Market has totally ignored any potential world problems it seems and maybe national economic ones too. Seems to be in a "groovy"
feel good mode. Kind of a 60's "Hey bro, don't sweat it. Buy yourself some stock and you'll make you some money. Everything's groovy. Pass me that joint."
Very interesting...when you say playing the open...are you watching pre market and if it's down premarket, you jump a short at the bell and close it out quickly? Ive been basically working s/r levels, but this week has been awful for that. And yea, I get really creeped out going long right now 'cause I too feel the market's a bit top heavy. With a rise as quick as this one has been....especially in the SPX...when it turns, I think it's gonna turn hard. Though, that seems to be the general concensus and nothing is happening so far...
Oh, there goes the short opportunity
Oh, there goes the short opportunity
See here it is again. Another bounce. Just when you think it's going to rollover it doesn't. Fortunately I've been resisting my urge to follow pullbacks down and try shorting this. I know a lot of people here have kept trying to short ths rally and have lost money. I lost some last week on Tuesday I think it was trying that and got off it immediately. We may just chop into the close here. Stay tuned.
I'm trading but just not shorting except in the first hour or so mainly if it seems right. But just for a quick point or two. I made some good money the other day during the plane crash news. But had one trade really go screwy as the book trader for IB said I was filled on a short and I thought I covered for a quick .30 but instead the short didn't go through and I was long and ended up losing a 1.20 on that trade. But then made 3.30 on the one 2 mins later. A long story. I couldn't figure out what had happened and IB couldn't either so I just let it go.