Thank you...(:
Volume and the transports...well, we had a huge Up volume day on the COMPQ just last Thursday, bigger than any day since the rally began on March 10. Shouldn't that have been a confirmation of the rally?
Looks like the $TRAN has been mirroring the S&P throughout the March rally, but it was flat yesterday on a positive day for S & P...maybe that was the tell....?
However you did it, congrats!
What do I think...?
I don't know. Near term, I have been looking for a run higher in the indices. 10,000 on the Dow, 1000-1050 on the S&P--due to the factors I cited previously-- some strong TA on the moving averages (including a recent golden cross on the COMPQ and the SPX--and which looks imminent on the Dow, too...)
As for FA...tons of bad news out there alright, and more to come, but how much of it has been priced in? In these markets, sometimes bad news is well received, and good news is sold, so I don't have the slightest idea how to trade that...
Traders used to say, "don't fight the Fed"..."they" want these markets higher, and
I think that's where we're going. And this is, quite possibly, just what the country needs right now: stronger markets will boost consumer confidence, job creation, and give a windfall to the government in the form of capital gains taxes...it will provide everything that we need to pull ourselves out of this hole. IF IF IF I'm making any sense at all on that score, I can see the markets at worst moving sideways, but no revisiting of the lows, no crash. The only crash I see happening is Up. But I'm very open to other arguments...<g> God knows I've been wrong before!
Right now, my goal is to trade, as much as possible, from a technical standpoint.
I also think GOLD will continue much much higher after this near term weakness...
Kate
AI
