Short Term Outlook

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Sensei said:
Looking at the European indices, and they look pretty awful. Big H&S formations. But there is still quite a bit of time, and Europe closed way up yesterday. Plus, as bad as the charts look, the actual damage is under 1% so far. I'm pretty sure we'll head lower at the open. Where to from there?
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1302 then 1290 maybe. If we go down.
 
Bquat said:
1302 then 1290 maybe. If we go down.
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1292 area should be good support. We do need a little pullback and s&p looks toppy. For those of us waiting for Feb 1 for more trades, we need to be concerned with the jobs report Friday. I'm not sure I want to buy ahead of that. Although I think it will be ok.
 
Jmho. Big profit taking on thursday or friday. Dumb money has been moving this thing upwards. On the1st a whole lot more dumb money is going to jump in. Then they spring the trap. SNAP.

Just my theory though.
 
Noticed all the talk about the golden cross? Seems some folks here did some research on that. Not sure what they found but it seems to me it's a negative short term and positive long term. The charts seem to bear that out. If you think about it, we used a lot of juice to get the 50 day up here and it needs a rest. We are way above those 2 moving averages.
 
I am gonna say I have to agree with that statement as well
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Appatite;346156]Jmho. Big profit taking on thursday or friday. Dumb money has been moving this thing upwards. On the1st a whole lot more dumb money is going to jump in. Then they spring the trap. SNAP.

Just my theory though.[/QUOTE]



Not just your theory, but many people's opinion and a good one!!
 
Woohoo, the world has been saved. S&P 1500 here we come
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S&P futures up 14 since 0230EST this morning, pretty much a non-stop climb. I heard Greece found an ancient tomb filled with gold and now they are solvent and all their bond holders will get paid. There was enough left over to help Italy, Spain, Portugal, and Ireland too.

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clester said:
Noticed all the talk about the golden cross? Seems some folks here did some research on that. Not sure what they found but it seems to me it's a negative short term and positive long term. The charts seem to bear that out. If you think about it, we used a lot of juice to get the 50 day up here and it needs a rest. We are way above those 2 moving averages.
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S&P's been down 4 days straight, allowing the DMAs a chance to catch up with price. Europe's off the hook right now. DAX up 2%. I'm gonna give Birchtree a push - looks like his John Deere got stuck in a pile of manure.;)
 
Sensei said:
S&P's been down 4 days straight, allowing the DMAs a chance to catch up with price. Europe's off the hook right now. DAX up 2%. I'm gonna give Birchtree a push - looks like his John Deere got stuck in a pile of manure.;)
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DAX up over 10% for the year. Wow. That's great but a little scary too. S fund is in a high base formation and c fund coming out of a bull flag. I would like to see a breakout. RSI is back below 70. Looks like I may have to wait for tomorrow to find out.
 
Great day yesterday, especially for the S fund. The problem now is that the RSI is at 72. That just shows how strong it is. Too strong? Probably needs to back off a little, but is a buy when it does.
 
clester said:
1292 area should be good support. We do need a little pullback and s&p looks toppy. For those of us waiting for Feb 1 for more trades, we need to be concerned with the jobs report Friday. I'm not sure I want to buy ahead of that. Although I think it will be ok.
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Are you contemplating a move in if S&P drops to 1292 or so?
 
jkenjohnson said:
Are you contemplating a move in if S&P drops to 1292 or so?
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I sure would. I jumped out too early it looks like. I think if we get a selloff it will be deeper because folks will want to lock in profits. Things look and feel great. I have to bite my lip when I get the urge to buy here. If I were in I would ride it till it breaks. Anyway, 1292 is lower than I would expect, but maybe 1310. It may be just a 2 day event when it comes.
 
clester said:
I sure would. I jumped out too early it looks like. I think if we get a selloff it will be deeper because folks will want to lock in profits. Things look and feel great. I have to bite my lip when I get the urge to buy here. If I were in I would ride it till it breaks. Anyway, 1292 is lower than I would expect, but maybe 1310. It may be just a 2 day event when it comes.
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I'm trying to milk it all I can.
 
DAX just burst to an intraday high over 1.2% on Greek news (I assume). Now starting back down again. This will probably get us started in the green. But it ain't how it starts, it's how it finishes in the TSP game.
 
Sensei said:
DAX just burst to an intraday high over 1.2% on Greek news (I assume). Now starting back down again. This will probably get us started in the green. But it ain't how it starts, it's how it finishes in the TSP game.
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This week has been very strange so far. I hope we get a breakout soon or I may bail.
 
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