i'm tempted to do the same. i think people are gonna look at their porfolio on monday if there is a continuation of this rally on friday and do some profit taking after being away for the week of thanksgiving. however, it's tough to call...
Seems like every time Obama speaks or appoints someone, the market rallies! But that cannot last forever. This looks to me like a nice relief rally that cannot be sustained a whole lot longer. I cashed out a long position on WFC late today at a nice profit and am back on the sidelines waiting to short the DIA as soon as I see any indications of a selloff. At this level, I definitely see more downside than upside in the week or two ahead. Have not seen even a bad economic report in months and don't expect upcoming reports to be anything better than scary! We will see. Happy Turkey.
No kidding. This market is heavily manipulated so becareful.
MMs make money by forcing market to go up and down and create lots of transactions. They continue in one direction until they get enough on board and then they'll sharply reverse it...especialy in the past 3 months.
This could run above 9000 but at some point, it'll pulll a whiplash and swing back down.