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BP p.l.c. Message Board

  • kfmsda kfmsda May 13, 2010 1:33 PM Flag

    Regarless of BP's News...

    S&P is holding on a weekly chart has great momentum on the daily...

    Could see some money pooring in here soon...

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    • Sorry for the previous comment. I think this whole rally is a sham though. The Fed buys mortgage backed securities from the banks, then they in turn buy stocks w/ the money. There is massive insider selling also. The selloff last Thursday was for real, only the last few hundred points on the dow (and everything else) was caused by the NYSE and Nasdaq pulling their bids/asks that caused the extra volatility. I am only 50% short though, i still think they are going to manipulate the markets for a few more months. The Euro is still dropping even after that 1 trillion announcement. The rise in gold is also worrisome. Letting Greece borrow more money when they are already in debt is ridiculous. Almost as ridiculous as the Fed buying their own bonds to make it look like there is a demand for them.

      • 1 Reply to markweber348
      • I'm with you brother... sold all my long positions yesterday... I've been watching BP for a while ... I took a long position but I am watching the news and the charts carefully... I have my stops in place...

        I think were at the cross-roads now... I think we'll see where the markets want to go by the end of next week... IMO... It will be interesting to see how this plays out... take care...

        If the S&P does bounce south of the 50 day... what are you thinking... 1140 range...

        It appears to me with everything thats going on that it will eventually break through sometime this quarter and we may have a nice run... but with everything you mentioned... 2011 could end up being a nightmare to say the least?!?

    • Do you know how to read a chart? The S&P has failed to break through the 50 day moving average for the past 4 days. I'm not sure how much longer it can stay at this level. The Fed better get busy and buy some more Mortgage backed securities so that the banks can buy some more stocks or this rally might end soon.

      • 1 Reply to markweber348
      • Yes... I can read charts... With the S&P I use 13 and 34 day...

        Not 20 and 50...

        On the weekly... the S&P is above the 34 day mark... and well above on the 20/50...

        On the daily chart... S&P is making a strong push to recover from last week... The MACD is showing a turn up...

        I'll give you this... the RSI is at a critical point... but appears to have upward momentum...

        Never said it was in the bag but it appears to have the momo... thats all...

 
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