Thursday, January 7, 2010
Dip and Run Pattern
We got the dip in the first hour, and now we're running back higher. I can feel the demand for stocks underneath. Every dip is bought aggressively, even if its just a few points. We may have a blowoff top scenario if the nonfarm payrolls report comes in positive. A finish near the day's highs is very likely today. Hard to fight the tape when we're not that overextended.
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7 comments:
When do earnings start coming out man?
I think that's key.
I don't think we've had a greater than 1% rally on any NFP in the last few months, and some of them were really good.
Also didn't Monster.com come out with news saying that job listings were lower in December?
I get the feeling tomorrow's nfp could disappoint more likely than blow out.
Maybe not being that overextended here in January is a sign that the mkt is tired.
I think I will get out of EDZ if we go over 1140. Then I think we can possible push 1150 with a good NFP. And then I swoop in. Haha
Just get short man. 1140 man. Come on like 1 month ago, you were laughing that we would get to 1140. Now we're here and you think we're not overextended. Just jump on it dawg. How much higher can we go. We're up over 70% since March.
Tooting my own horn. I was right about GS going up after it closed above 168. I was right about the financials breaking out and i'm sticking to my call that we see 1207 on the S& P BEFORE a decent pullback. I'm not talking about a losy 30-40pt pullback. That could happen anytime. Good Luck
Earnings are coming out starting next week, but the important ones don't come out for another 2 weeks.
I am not that bearish yet. The market is not volatile and keeps going up. I can't fight it just yet.
So Anon, you're saying that we go up to 1207. Is that the high for the year or near term high.
And on the way there, do you see any pullbacks.. for example a small pullback now to about 1110 or so and then go higher. Or do you just see us going to 1207 from here.
Nice call on GS dawg.
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