I have taken a loss and will re enter around 1130. I got in too early on the dip. It is getting more dangerous to buy dips for sure. But I see opportunity for a rebound later in the day.
7 comments:
Anonymous
said...
What is your target -- 1138 or 40?
Do you think we can print a new high next week -- or approach today's?
There is no way we'll reach a new high, it is a trend down day. But I expect a little rally in the final hour. That is what I will be playing for. No big expectations for a rebound.
This week we had AA, INTC and JPM all beat handily yet the market is down. Go figure. What has changed in 2 days when I heard people on msnbc saying we are heading to 1200 on s&p? Nothing. This just seems to be some profit taking. Other eaders have posted..all dips are to be bought until it doesn't work anymore. Mondays are/have been up. We shall see.
I agree, dips must be bought until it is proven not to work. It still works, and there is strong support around 1130 and also 1128. I don't think traders will want to be short over the long weekend. So we'll probably see buying in the last hour.
The information contained on this website and from any communication related to the author's blog is for informational purposes only. The analysis and commentary do not hold out as providing any financial, legal, investment, or other advice. In addition, no suggestion or advice is offered regarding the nature, profitability, suitability, sustainability of any particular trading or investment strategy. The materials on this website do not constitute an offer or advice and you should not rely on the information here to make or refrain from making any decision or take or refrain from taking any action. It is up to the visitors to make their own decisions, or to consult with a registered professional financial advisor.
7 comments:
What is your target -- 1138 or 40?
Do you think we can print a new high next week -- or approach today's?
There is no way we'll reach a new high, it is a trend down day. But I expect a little rally in the final hour. That is what I will be playing for. No big expectations for a rebound.
Next week is financial week... GS , BAC, WFC, IBM (Tues, BAC (wed), ebay(wed) sbux(wed), gs (thur) goog(thur) axp (thur), mcd (fri) slb (fri) ge (fri).
I expect financials to reflect JPM's earnings and forecast.
IBM will probably beat, so will ebay and sbux.
GS of course they will beat.
and GE will disappoint.
We could have a rally from Tuesday till Thursday.
After that that's pretty much it for earnings as far as the big names.
Oh yeah and AAPL. They report on the 25th.
That's why there is a guy here saying the mkt goes down starting from the 26th.
This week we had AA, INTC and JPM all beat handily yet the market is down. Go figure.
What has changed in 2 days when I heard people on msnbc saying we are heading to 1200 on s&p? Nothing. This just seems to be some profit taking. Other eaders have posted..all dips are to be bought until it doesn't work anymore. Mondays are/have been up. We shall see.
I agree, dips must be bought until it is proven not to work. It still works, and there is strong support around 1130 and also 1128. I don't think traders will want to be short over the long weekend. So we'll probably see buying in the last hour.
AA and JPM didn't beat.
Especially AA. JPM beat on cost cutting. That's not beating, and they are forecasting deterioration ahead.
MSNBC should be held as a contrarian indicator.
I guess you're gonna buy here. This is like a triple bottom support right here.
Hope we break it though.
Why can't we get a 2.5% down day for once like in the good old days.
Post a Comment