NOON MOVE
Markets are moving on up on the drop in commodities and rise in the dollar and I have gotten long UWM /UYG- and looking for higher prices- check the action in the brokers/banks which are now getting a bid -
Retail, gaming, internets,homies, banks and brokers leading while oils, metals commodities lagging;
NYSE/NAZ - about 1800 net winners;
NDX-OEX- 70 GREEN on each;
IBD- 75 green as oils/energy are moving off the list;
VIX- under 20 and about 8% under the SMA 10;
SPX cleared the SMA 50 and now about 10 points above- so we now have some support at 1295 for buying pullbacks- and does the SPX look like its in a little mini uptrend?
posted by DAVID at
11:55 AM
7 Comments:
I'm essentially bearish on the US economy (and stocks longer term), but this recent rally in equities AND the $USD feels different. Although I anm not long, I sense it's still way too early to short. I wouldn't be surprised to see lots more upside for US stocks.
Y agree- for now- LONG UWM IYG GS
How about a test of spx 1440 first...then if that is overtaken at some point a test of the all times highs once again...
Sounds like a plan to me..
I think those looking for a break of 1200 spx will have a long wait....people forget the market discounts the economy well in advance...
Yes just tell me what the market was discounting at NDX/NAZ 5,000 and Nikkei 39,000?
The discounting happens "before" the event ..thus the term "discount."
Anyone with half an eye on anything technically related would have been out of the market when the top occurred back in 2000.
So, you are saying the market hasn't discounted the worse yet...I respect that. I think you're wrong, but I respect that. ;)
Anyway, it'll take a break of the 1200 to see if you are correct or not...
I suppose the May highs could fail and we could take out 1200..but I doubt that will happen..and if we dont take out the May highs, I'll certainly act accordingly ....
OK- and yes many people saw the tech bubble in advance and saw the financial problems in advance and only have winning stocks-
Any simple following of TA would have had a person out of the market in plenty of time to avoid major losses during the bear that started in 2000.
It's not rocket science.
Using fundamental analysis to try and "time" the market is fruitless. That's why your comment that things are getting so much worse, blah, blah, blah...and the market is going much lower, blah, blah, blah..is fine editorial print, but unless the spx breaks 1200 it doesn't mean much to those of us who are traders...
We're about 9% above it now..if it breaks resistance of the May 1440 highs, your theory is wrong....but it will be pretty easy to spot..one way or the other...
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