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Registered User
Joined: 10/7/2004
Posts: 2,126
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The market has been trending up strongly as of late. I always thought that the 11,000 was a strong psychological level (and I commented on that at the time). The 12,000 wan't in my agenda back then, but I always try not to get to much ahead on the agenda. I learned a long time not to argue with the market and to let it tell me just where it is at now. For a long time (years) I haven't been too concern with the long term of the market althoght I like to speculate on my own just for fun. My main battle is at the everyday market, with the intraday activity, and with matters that play in seconds, minutes, or hours windows.
Nonetheless, it is hard not to notice the overbought condition of the markets, and the fact that most equities are not developing on a comparable percentage as of the one on the indexes. I guess the numbers are being pulled by just a few big issues.
The thing is that this can backfire anytime now. The trend line on the Dow, Nasd, and SP500 provide supports at aproximatelly 11116 to 11220, around 2100, and 1290 respectively. Not going to compute percentages - you can guess. Those look to me like acceptable pulls and wouldn't worry when they come. I would worry is those supports are broken dramatically at any time. Remember this bull is beyond the regular known cycles, and althought I have no idea what is keeping it up, I will just let the market tell me when to stop.
good luck
Bigblock.
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Registered User
Joined: 1/28/2005
Posts: 6,049
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As long as no one believes the market.
I'm a happy camper.
It will scare the daylights out of me if people start telling me
how high the market will go.
Thanks
diceman
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 Gold Customer
Joined: 12/7/2004
Posts: 4
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I saw a chap a few days ago on CNBC squawking about the DOW going to 13,500 by the end of the year. He gave all standard pats coming out nowadays --- S&P companies have had 13 straight quarters of double digit profit growth, unemployment low, inflation in check, housing market done correcting and it hasn't/isn't going to have a rollover effect, interest rates still very accomodative and the next move by the fed will be down, stock options scandal behind us and probably a few others that I forgot.
They never asked him what he was smoking nor if he was selling at the same time he was telling others to buy.
Because most of the above are lies or manipulation/fabrication of data, I think the market is set up perfectly for the big bang. May start tomorrow if fed guys have the guts to do what they should - raise rates.
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Registered User
Joined: 12/8/2004
Posts: 213
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QUOTE (BigBlock) The market has been trending up strongly as of late. I learned a long time not to argue with the market and to let it tell me just where it is at now. I will just let the market tell me when to stop. good luck Bigblock.
The market (which includes news and economic/business numbers) told me today to cash out for now and enjoy the fruits of my labor over the last 3 months.
Good luck longs. I am content with what I have made over the last 3 months and would rather spend it and enjoy it rather than lose it.
Party time.
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Registered User
Joined: 2/2/2005
Posts: 13
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Smart man, Sir Bollinger Band Width.
Market climbing a wall of worry, but this time in our history is especially dangerous. What news could come out after the election?
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