The same old story, on the day of debt auction, the market sold off and then rebound before close and the next day, it acted like nothing has happened by soaring to, perhaps, new high, even the next day’s auction was even worse. This has happened 4 times so far recently, I may not remember correctly, and I thought that this time should be different. Well, I was wrong AGAIN. looks like no differences.
Tomorrow if we have again another gap up open, it’d be the 3 days in a row that the market opens with an up gap. I really don’t know if the market will, after opening high, goes higher this time (which is unlike the past 2 days), since “the 3rd time is the charm”.
No idea tomorrow, so by default bulls should have the credit since this is a “bull” market. Yes, I do realize that today is the 4th Bearish Reversal Day on the SPX daily chart which is supposed to be bearish. But who cares, the bulls in my Chinese forum are celebrating yet another great opportunity of buying dips…
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I don't see the market going up much further Cobra. Higher Interest Rates Killing the real estate market, consumers not buying, unemployment sky rocketing, skyrocketing gas costs are pointing to STAGFlation. Folks who keep talking about inflation are amusing. When stores keep dropping prices just to move stuff off their shelves...does not inflation make. Think Jimmy carter and the oil embargo. Banks will take it both ways so I shorted banks big time today. I think your Chinese bulls are about to learn a harsh lesson.
ReplyDelete-Michael
Yes Michael, that is all good commom sense! But the market can act irrationally longer than most people have the funds to trade sensibly. If there was a business that required one to do the exact opposite of common sense to make money in, it's trading.
ReplyDeleteBased on the today's gap up it seems, notwithstanding the comments above, that MM (GS TYPE) control the calls. How can one explain gap up and the next moment keeps going down? How in a nano-second supply demand of securites were established/ may be, I do not understand the pricing models.
ReplyDeleteBulls win again and again and again!
ReplyDeletePatience is the key. When the banks are done selling their worthless stock to the poor retail investor the PPT (government, acting through Goldman Sucks) will pull the money out of system. Those "mysterious" end of day buying spikes will disappear.
ReplyDeleteWith 88% of the people now "Bullish" no one will be left to buy, and the market will come down... hard and fast! Keep your eye on the news, and banks. Again, when they are done raising capital... it's all over.
I don't know about many of you, but I'm tired of eating fish. This bear is hungry and trout just ain't cutting it anymore. I'm ready for some "steak"! Mmmm! Here bully bully... Here's some nice hay to eat... Just stick you head right through that hole and look straight ahead. Click! Click! Bang!
A1 sauce anyone?
very smart comments today, can we add Russians who will purchase IMF bonds instead of US bonds in the future. Amazing how public investors will get caught once again in this bear marlet rally. Can we imagine all those banks refunding tarp money with new issues and give bonuses once again to their directors!!! History repeats itself...
ReplyDeleteRobin Hood
can you give me the link to the Chinese forum please, email me : ed1com@yahoo.com
ReplyDeletehttp://www.hutong9.com/forumdisplay.php?fid=27
ReplyDeleteMost comments are so bearish. So I guess market will soar tomorrow if it opens high.
ReplyDeleteI am quite bullish.
ReplyDelete