Discuss Market Comments 05/02/11

Trend positive - seasonality negative - Stocks rally on Friday closing another positive month for the stock market. The Dow gained 47-points on Friday...

Market Commentary for 5/02/11

Current Daily Market Commentary

 

[TravelinTom]

Bin Laden's death will undoubtedly spark peaks Monday. I am in with limit orders for the 5/2 opening and cringing about how much profit taking will sap that in the afternoon. I can't be online until the pm and now wish I had a stock bookie. Is it now wise to go G at COB 5/2? At these peaks there must be huge temptations to cash in before the next "correction".

 

[tsptalk]

I'd be surprised it the next 'correction' goes below the neckline of the inverted H&S, although that open gap within the H&S is going to act like a magnet.

 

[TravelinTom]

5/2 was a disaster for me..bought at the opening highs and then downhill from there. Gonna hold my stocks hoping to have bought high and sell higher if this shoulder theory is any good. I put my TSP into G effective COB 5/2 though. I can't help but feel there will be some decolletage before the end of May. But then....my guessing hasn't been paying off lateley.