Some follow through.
Hope springs eternal, The thing I like... is that "We earned it" today. Started up 50, and we Earned the gains. It wasn't Short covering, It wasn't Up futures. People came in to buy.
And so far... we have some follow through at the end....... SO FAR.
Thursday, September 25, 2008
Good
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6 comments:
News driven rally and Congress always-- always-- disappoints. But technicals do look good.
Rumor is that Pelosi has some expensive stimulus package in her handbag to show the president at their tea party this afternoon. Can you say "pork?"
Fade the rally (a little), take some profits, and look for the dollar to be devalued.
all full of hubris aren't you..
that is the first decent rally we have had since July.
Great rally...
...until 3:38pm (ET).
Then someone bought a boatload right at the close (?) Maybe it was Nancy.
crazy when a 200 pt rally isn't good enough.
Whoa, who said that? Wasn't good enough? It was great.
You're the right-brain guy, what does the graph look like from, say, 3:15pm onward? Admittedly, I know next to nothing about TA, but SPY failed to make a higher high and rolled over at 3:38pm at 121.40.
It just looked to me like a near-term high and, with the close coming and the rally largely news-driven, a big dump looked inevitable. Okay, I'm overthinking it, perhaps, and the dump wasn't all that big.
Traders may run this up again tomorrow, but I think a better entry will be available.
Mish has jumped the shark.
They'll be picking him up with a blotter before this is over.
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