You know, those that espouse the new bull market and look back and compare to prior bear/bull turns, I am just wondering at that time what were the average p/e ratios in each index? In other words, doesnt it matter that one compare apples to apples here? I realize that projecting the future of the market it futile at times and yet most jump right in and start pulling up charts, trend lines, supports, resistance, etc and start declaring new bull market or bear market rally. All of this based on the fact that trend lines and/or supports are not violated and/or selloffs get bought up.
I think the basic definition of a bull market is the market rises inside channels, is that close? And bear market is the opposite. But does it not stand to reason that if you are to make such a statment, then one should be sure the comparison to prior bull/bears be as close as possible to the same situations and conditions. Maybe it doesnt and I am just blowing smoke, but if what AG is trying to do is change the psychology of traders and investors as well as driving the markets up, seems its working. Again I have yet to see any, and I mean ANY current new bulls express any concern on current prices and valuations. It seems to matter NOT, just the market is going up and staying inside the uptrend channel and thats a bull market and since all prior bull markets have begun this way, this must be the NEW bull.....
Thats where I am having the problem, trying to convince my common sense that this is WRONG and let my eyes control the situation. In a daytrading world, the EYES have it and scalping on the long side is the only way I have made ANY yang $$$ the last few weeks, but like you, have NO desire to take home a long overnite, although I have because of getting caught away from computer at close of market. But have to tell you I was up EARLY to check the futures and see if I just became 1 of the infamous BAG HOLDERS.... LOL
This market has become almost so predictable its scary. On almost any stock, if market gaps up, wait 10 minutes, then starts trending down and somewhere about 10-11 oclock CST start buying and then wait till close. There has been an almost predictable ramp starting the last 60-75 mintues of the market. Take SNDK, was up $1.31 today, and in the last hour of trading was up $1.00 of the $1.31. Its like clockwork day in and day out for what I would guess is 7/10 times...... pretty good odds to trade that pattern and take the 3 bad with 7 up days... Heck I have seen people on here day after day after day chiming in about the ramp fixing to start.
Has the market been this somewhat predictable for this long, since basically MARCH in prior years, anyone?????
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