Thursday, September 10, 2009

MARKET WRAP "APPROACHING SPX 400 EMA"


* This is quite the accomplishment, cheers to anyone who set aside fear and bought this rally, my only suggestion aside from my fundamental comments, is if this ends up being Bear mkt rally, don't overstay welcome. One target I had listed was near 1200, another one suggested in 1075.
As noted that is right near the 400 EMA has supported or turned away rallies.....I think coincidence doesn't make that many touches with the reaction shown.
SO it doesn't mean rally thwarted there, until we get there and find out......and continued rally could turn the 400 UP along with the 50 and 200....signature of bull mkt. for now the 400 is declining.
This rally from MArch has been troubling in one are....VOLUME.....just not troubling those riding higher prices.
Many make slight comments asking me how my shorts doing. If I'm short I'll tell you....I have not been, so I have missed profits, not lost capital BIG DIFFERENCE.
I am still WAY ahead of DOW 14,000.....as I have come OUT of the market ahead of the 2 bear markets most will remember.
This is the kind of mkt that could skid to a halt, but for now it looks like it has room.....until it doesn't as the VIX continues to melt away.....markets rise will falling VIX...and obviously a falling weakneing POS US $
D

2 comments:

Anonymous said...

Oh gosh darn its going up again, yawn till spx 1400

D said...

If the SPX hits 1,400 before turning down in a big way...well I'll eat my keyboard....don't overstay your welcome...me thinks smart money has been distributing their holdings...at some point their wont be enough willing to hold on and others will see a chance to get near even.....

A field of dreams is more like a field a weeds....stocks go up for all kinds of reasons, the best being improving fundamentals...GL and be careful.