Today rally fell just shy of 90% upside volume, but hard to argue on its strength. Again fundamental opinion need not be there to back up market action over periods of time.
I don't usually go against prevailing trend, so I am not taking lumps on the short side, going long is personal choice. I think the rally can go to 1200 on the SPX, I have said that, to the 618 FIB retrace level, it's looking more like that's what it will do.
Prices on the DOW were testing underside of some very long term trend lines, we are there now, but current action appears not to be denied. Shortly this will be decided.
Friends, the time to get in good was months ago, IMHO THE SPX is now selling at a huge premium to earnings, so that is not what I look for to get in longer term, but in the ST there is always something to play if you have the skills.....I never said nor would I dont trade.
Sitting LTBH from 14,000 plus DOW doesn't feel good does it? It's all relative, at some point going forward, the market is going to hit some sure stiff resistance.
You do what you feel best, traders will be trading UP or down...sellers do not have control of the market right now thats a given.
SPX 1014-1017 right ahead, pass that and 1200 could be in cards, take care. Reality has for now taken leave of senses....the rats rule the nest
D
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