I would love to see the S&P back above 1,380.

I am not a person who believes in break-outs, but I realize the techies love this so I thought I'd bring it out there to show favor towards an up-market.

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Aqua

I love days like we just had on Monday.  It sends me signals that it is almost time to get back into SDS.  I may buy back in either tomorrow or on Wednesday.

I am in total agreement with you. I know that someday, we will eventually go higher than we are today, but for now, this is good as I really like the idea of making money on the dips and selling the rips (FastMoney). For me, it's an opportunity to sell and I really hope you do very well on the SDS trade.

I'll second that notion. I sold some stock today, too. I do plan to buy dips and I could use one more rally just to get people believing that we are going to break out only to have another down 3% day (which would make you rich on the SDS). I don't know why people try to figure out a market; instead trade your target allocation and that causes you to buy dips and sell rips (Source: FastMoney). I would find it very interesting if the Dow reached 13,000 and the S&P reached 1,400 but then went through another 10% correction.

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Aqua

Volume on the $SPX is pulling back as it's price approaches resistance.  I think tomorrow will open higher but if the volume continues to fall it will spell a possible reversal in the afternoon.  It needs more buying volume to bust above 1380.

We'll see what happens today. I was thinking it would snap back to the two day high and weekly trend, thus going down.

Maybe it's finally turning down, and it'll break out of it's trend channel. I know day trading rock star and iceman think so.

Personally, I'm very one sided. I don't dare (or try not to) hope. I'm just reading the tape. My brain has nothing to do with it.

Fear is seeping back into the markets.  I bought SDS today which shorts the SP500.  This market is the perfect example of why it is much easier to trade the emotions of market participants rather than trying to forecast a stock price using financial data.  Rest of the week should be very profitable.

Good luck on the SDS. I hope to follow a different strategy: buy on the way down.

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Aqua

$$$Cha-Ching$$$

 

I also bought shares of QID and SKF.  Tomorrow's initial claims numbers and GDP should give us a bear boost to the downside especially with ORCL missing their sales number.  This is the good life.

 

 

 

That's fine by me; it gave me plenty of opportunities as well. Personally, I love buying the dips because they provide long-term value opportunities that can be expensive at other times in the market.

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Aqua

jackg1606:

$$$Cha-Ching$$$

 

I also bought shares of QID and SKF.  Tomorrow's initial claims numbers and GDP should give us a bear boost to the downside especially with ORCL missing their sales number.  This is the good life.

 

 

 

I would be careful with QID and SKF. I think, the market is still moving in the opposite (upward) direction, and it looks like there will be another push. The technicals just don't add up for a bearish sentiment. The numbers can turn out to be better than expected (then, of course, revised down later as it usually is being manipulated).

You are completely right about that.  I have stops in place to protect myself.

Looks like SKF may have gotten some support tonight.  MER and UBS had strong earnings downgrades tonight.

Bank failures alone aren't enough in my opinion to drag down the economy. This is not 1929, but more like a 1991 or it reminds me more of 1994 and 1998.

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Aqua

Bank failures alone aren't enough in my opinion to drag down the economy. This is not 1929, but more like a 1991 or it reminds me more of 1994 and 1998. However, I wouldn't mind another 600 points of drop.

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Aqua

Like I said, there is good money in trading the emotions of market participants.  The bears are back in town!!