Short Term Outlook

[clester]

My 2 cents. The market goes generally higher till christmas.

F fund is breaking down. C and S are nearing resistance levels which suggests to me that we will break out to the upside and maybe head to 200 dma. It will be a see saw up but with limited trades I am looking for good buying opportunities. I think we are moving to buy the dip vs sell the rip. We may have a down day tomorrow since we are up so much today but that may be a buying opportunity.

Hopefully, things stay quiet in Europe till then.

 

[clester]

We blew right through the 50 dma. It should now be support and a good place to buy. It's time for a push up and out of the trading range.

 

[Birchtree]

The I fund could be getting ready to make my ears bleed with the speed of recovery.

 

[nasa1974]

The I fund could be getting ready to make my ears bleed with the speed of recovery.

So, Birch! If the train is leaving the station what track do you suggest?

 

[clester]

I was hoping to buy the dip down to the 50 dma today, but so far the dip disappeared. So, either a break out out of trading range or dip to 50 dma is my where I put in my other 50%. NASDAQ is the leader so keep an eye on it.

 

[tsptalk]

I was hoping to buy the dip down to the 50 dma today, but so far the dip disappeared. So, either a break out out of trading range or dip to 50 dma is my where I put in my other 50%. NASDAQ is the leader so keep an eye on it.

Be careful. These breakouts can produce good rallies when they are confirmed, but buying on the first pop above the 50-day EMA can sometimes be a trap, ala 2008. That's why I like to wait 3 to 5 days...

 

[clester]

Good point. I think it will hold but patience is a virtue.

 

[clester]

We blew right through the 50 dma. It should now be support and a good place to buy. It's time for a push up and out of the trading range.

We may not get that pullback to 50 dma! Now, the test is the last high about 1225. Maybe today with the big moves we've had.

 

[clester]

We may not get that pullback to 50 dma! Now, the test is the last high about 1225. Maybe today with the big moves we've had.

Ok, we are at good place for pullback. Everyone was waiting for the top of range. If we had unlimited trades I would play it.

I expect maybe 2 days down and then resume climb. IMHO.

 

[clester]

Ok, we are at good place for pullback. Everyone was waiting for the top of range. If we had unlimited trades I would play it.

I expect maybe 2 days down and then resume climb. IMHO.

Well, pullback fizzled. We are poised to make a run at a breakout today. The market sometimes doesn't give you a chance to jump on board. Maybe next week when more financials report.

I always liked being 50% in anyway. You can always claim victory. If the market goes down, you can say "at least I was only in 50%". If it goes up, you can say "I'm glad I was 50% in".
It's good for the psyche .

 

[Happy_Trails]

Well, pullback fizzled. We are poised to make a run at a breakout today. The market sometimes doesn't give you a chance to jump on board. Maybe next week when more financials report.

I always liked being 50% in anyway. You can always claim victory. If the market goes down, you can say "at least I was only in 50%". If it goes up, you can say "I'm glad I was 50% in".
It's good for the psyche .

Looks like a good day for sure at this point. If the financials could somehow surprise next week, look out bears.

 

[Birchtree]

I'll be chasing the bulls today - trying to buy more happiness. We could take out the SPX 200 EMA today which sits at 1235.20 - now that would be classic.

 

[nasa1974]

Looks like a good day for sure at this point. If the financials could somehow surprise next week, look out bears.

It's early and anything can happen, but it looks good so far. Would be nice to finish the week on a positive note.

 

[clester]

We are finally getting our pullback. 1190 is critical level to hold. That's where we bounced last week. If that goes then the 50 dma should provide support. I plan on waiting for the bounce to start before adding to my position. Too bad we only have two trades.

 

[Frixxxx]

We are finally getting our pullback. 1190 is critical level to hold. That's where we bounced last week. If that goes then the 50 dma should provide support. I plan on waiting for the bounce to start before adding to my position. Too bad we only have two trades.

Held first test!

 

[clester]

Held first test!

Today's bounce at 1191.48 was perfect. The question now is when to add to positions. Tempted today but perhaps we need more consolidation and the day is not over.

 

[Happy_Trails]

Tomorrow could be interesting. After hours, Moody's downgrades Spain, Apple disappoints, Intel and Yahoo beat expectations, and rumors that Europe is saved again were refuted.

 

[tsptalk]

As if we needed any more to make the market interesting. :laugh:

The Dow has now alternated being closing up and down for 9 consecutive days and the news has equally been like a yoyo, yet we're near highs. Crazy action.

 

[clester]

Tomorrow could be interesting. After hours, Moody's downgrades Spain, Apple disappoints, Intel and Yahoo beat expectations, and rumors that Europe is saved again were refuted.

True, and yet futures are up. The back and forth action will continue. But we are trying to get above the 1225 area. This is our 3rd try at it. Is the 3rd Tina a charm? If so it will become a good support area. It's hard to buy up here until we get a clear breakout.

 

[Happy_Trails]

True, and yet futures are up. The back and forth action will continue. But we are trying to get above the 1225 area. This is our 3rd try at it. Is the 3rd Tina a charm? If so it will become a good support area. It's hard to buy up here until we get a clear breakout.

Nasdaq seems to be pointing down (for now at least). Apple has to be weighing on it though. Very early in the day - who knows how it ends, expect another wild ride.