We've seen this rally attributed to many factors, but one that doesn't seem to be getting enough play is the drop in the dollar. I would hazard a guess that the futures are up every bit as much as a result of the dollar falling back a bit tonight and crude rising, as they may be up due to the stupid CIT story. The dollar and equities/commodities are inversely related.
and THERE is a gap left in spyders around 102 SO yes IT IS POSSIBLE
actually i think we'll do it
but sometime in 2010 not 2009
I BELIEVE THE CHART IS SETTING up for a very hard sharp correction soon and then we WILL get a higher low TO GO TO A HIGHER HIGH.
just what i think
i don't think spx goes to my 417 target till 2011 or 2013
but ultimately it's still going to 1994 levels atleast IMHO
so this year i'm looking for spyders back into 70's
then a steady slow up market all the way into mid term elections.
lets c BUT i tell u what when spyders do get in 70's i'm not gonna be the first one to try and catch the fall. HELL NO
and to be nice the technical target on this flag if it really is one would be about 102 spy OR ABOUT the
1012 pivot spx U MOSTLY WATCH
1012 is possible but nothing in the chart u linked says 1200
KEY NUMBERS TO WATCH are
as this market unfolds
AND only WAY i would cover my shorts is if spx closes over 1012 AND HOLDS THAT LEVEL.
anything under that WHY SHOULD I BLINK
especially since all my shorts are deep in the money.
i'd be a darn fool to get faked out of lite volume market pump when only a select few stocks are participating.
"We've seen this rally attributed to many factors, but one that doesn't seem to be getting enough play is the drop in the dollar"
That's why the market can rally on weak volume.As long as the dollar is moving down the market is moving up,regardles of the volume.That's one reason traders are confounded by this market.
But the dollar is way overdue for a technical bounce higher.
And it's probably oversold on the fundamentals too.One major catalyst is off the table - chinese-russian talk of a global currency.The chinese are back buying treasuries and their finance minister admitted the dollar will remain the reserve currency for some time to come.
On that basis the dollar is now sold down to near panic levels.
It SHOULD bounce higher.It just hasn't happened.
If it does expect the VIX to jump with it.
Then the market will correct down.
YEAH but anyone with a chart eye can c the $ will be going higher very very soon
SO like i posted early today
BEARS WANT FUTURES UP not down GOING Into the open.
THE sucking sound will be baggies they suck INTO the next trap LOL
go faz to the moon IT WILL
I actually dinker around in currency.
I think it's the equities going up that's declining the dollar. Vast amounts of dollars being printed and pulled out the system push down the dollar when they PPT the equities. Then vice versa when they sell off. Why the dollar is worth more then peso is beyond me. Same reason people still trade treasury bond ponzi debt? Military might? Fits the needs of the elite?