Discuss Market Comments 10/05

1130 - 1150: Something has to give- Stocks sold off yesterday as the Dow lost 78-points on the day. While the S&P 500 is holding above the important 1130 area, its inability to stay above 1150 after the intra-day breakout last Thursday is worrisome and I would be surprised if we weren't seeing the start of a more meaningful pullback...

Market Commentary for 10/05/10

Current Daily Market Commentary

 

[Guest]

Is today's stronger volume significant in the move above 1150?

 

[Guest]

Wow, talk about a way to strike fear into the hearts of slow moving market timers like us! The similarity of the current chart to the '30s has sufficiently creeped me out.

I'm cautious, but not heading into the bunkers (yet). I don't think the country could handle another 40% downward move; there would be blood in the streets (Wall Street) from the angry mobs whose pensions totally evaporated in that scenario.

 

[tsptalk]

Is today's stronger volume significant in the move above 1150?

A strong volume breakout is normally a good sign that large institutions are getting involved.

I am very interested to see where the S&P closes, but no doubt about it, the market is throwing us another curve here. The S&P is still at the top of the trading channel, which makes this a tough place to be a buyer, but the bulls seem to be impatient and continue buying the dips.

 

[tsptalk]

Wow, talk about a way to strike fear into the hearts of slow moving market timers like us! The similarity of the current chart to the '30s has sufficiently creeped me out.

LOL - entertainment purposes only.

 

[Guest]

If the S&P holds on above 1155 into the close do we need to see 3-5 days before declaring the bulls a winner. If that occurs are we hoping for the S&P to execute a head test of the large 9 month head an shoulders pattern? That would have the S&P run into the 1220 neighborhood. Thoughts anyone?

 

[tsptalk]

Although this action looks very bullsih I have a hard time jumping in at the top of the trading channel. I may add a small amount into stocks just to get a foot in the door (10 or 20%) with the idea of adding on a pullback.

I think the move above 1157 is another bullish green light for the bull market, but I'd still prefer to buy a dip.

 

[uscfanhawaii]

Top of the trading channel, no real reason to be up here, October seasonality in the background....even tho I was in only I stocks, I don't think the falling dollar can continue to prop up the I. I go to F tomorrow!