Friday, August 5, 2011
SPX 1180
The market wants to test 1180 already. We're in the middle of the give up stage when the volatility is the highest. The worst thing that could have happened today was to have traders get complacent again with the nonfarm payrolls beat. That leads to action like this. I am looking to nibble on the long side when we get to SPX 1180.
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14 comments:
Agree with 1180 mark. The only problem is, if it breaks 1180, next real support level is MUCH lower.
this feels eerily like 1987.
People are desperate to sell the rally... do we really rally?
crap!
I wanted to get in @ 1170
hopefully we go back down around 2:15pm
ECB bond buying rumor going around, rumor is that they will buy Italy and Spanish bonds. Huge short squeeze probably doesn't last into the closing bell. We're going up way too much right now stealing the move from the close.
It's me dawg. What happened? You killed it?
Exchange!
Not killing it. It is a crazy market right now, lots of rumors flying around causing short squeezes and a strong downtrend to counter that.
Corporate profits are the highest EVER!!
Total GDP is the highest EVER!!
Relax people it's no where near what people fear.
Credit has been bullish all afternoon, US German bonds selling off and PIIGS being bought, equity panic was odd. VWAP your orders in these markets.
strong close?
Yes, now that we've pulled back, I expect a strong close.
People are desperate to sell the rally... do we really rally?
Good question.
It's too early for a rally. Per a previous comment, I also think that too many people are absolutely desperate to sell any rally. They want out of this market. So it won't last.
Maybe after the Fed meeting next week. Where I expect some kind of an announcement. But I don't see how Bernanke can, politically, unleash QE-3 without significant budget concessions on the part of the government. This includes judiciously raising taxes. With baby-boomers beginning to retire in big numbers, something has to be done there. It's unsustainable -- the market won't accept printing money as easily this time.
u guys all realize this wave down was just share theft. there is no recession. think about it we've had 18% real unemployment for 3 years and there wasn't a recession. we will just continue to print and once a year, stock market has a fire sale. only the smarties realize it's where u buy to get a low mark vs. benchmark performance. only hosers chase.
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