No guarantees that we have topped for this rally but it sure looks good. Almost as good as it did on April 20th when we fell 40pts on the SPX (only to continue the rally another 100+ points from there). Plenty of support below SPX and above on the VIX (see post below).
Classic topping action. Once the floodgates widen I think it will be straight down.
ReplyDeleteFew believe the economy is getting better because, in our daily life, we see it. The media and Obama thinks it's just a confidence problem rather than a fundamental problem of too much total debt and too leverage everywhere, especially in Washington.
That ignorance could be catostrophic.
S135 - I think the general public either knows we are in trouble or is in denial. 50/50 split. I turned CNBS back on this am to see how they handle this price action. Wonder how long it takes them to start pumping the Red team? Oh, that's right. they work for GE. They have an agreement with the O not to say anything bad or it would jeopardize their impending contracts with the government. LOL.
ReplyDeleteUntil 877 gap is filled, who knows. Once 877 fills, 75% chance in my mind we topped, at 855 its 90%.
ReplyDeleteSpeaking of CNBS shanky, Jim Cramer is advocating buying intraday pullbacks in this market. According to him, they should be viewed as opportunities to participate in the bull market because sitting around waiting will cause you to miss the boat. I really dislike that guy but I do not think I want to bet against him or his buy high and sell higher momentum chasing followers at the moment.
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