Looks like we're in a corrective wave off this rally right now. Maybe last leg down in correction, but also looking like a big bear trap in financials. $bkx and $rifin forming descending wedges on the 60 min charts. dangerous trading situation in my opinion...
Market in my opinion impossible to trade right now. There could be a rally well into end of May maybe June, but it is not clear as 875 is holding in the s&p. Whether you are a trader or an investor one needs to wait. Fundamentals remain horrible, and, something nobody talks about, the world is becoming more dangerous because of the rise of fundamental Islam in Pakistan.
dont worry ferd, the way we could have stopped hitler as soon as he came to power, we could/maybe should blow pakistan off the map right now. they will not stop until they create ww3 and then we all wont be sitting on our computers chatting about stocks. we will be wondering why we never demonstrated to our govt to get rid of all muslims from our country. good or bad. we cant wait much longer. How can we ever stop people who belive the afterlife is better than this one? You can only kill them. I say evacuate women and children and leave sand and camels left. then we ask all the other ME countries....."does anyone have any complaints?" Oh yeah....canada can easily supply our oil. what is obama doing about geting us off of foreign oil dependence. Lets see.
True, Looks like spx 825 to 875 is the big trading range for now anyways. Looking at financial indeces, they are still showing lots of strength in my opinion. I'm trading on the assumption of minimal retraces and maximum moves up (for the meantime anyway). I'm sure the shine will wear off of financials eventually, but the tech stocks in the 90's stayed insanely overpriced for longer than I care to remember.