Wait, so the China mfg. contraction and the big Philly Fed miss today is bullish? Do you work for Cramer?
Unless there's a substantial correction in the near term, the market could drop 5%-!0% in a couple of days. One negative catalyst with broad global reach would do it.
Is the China report weather related too?
Trust me, there's a reason. Stocks don't break support for no reason, I just don't think we know the reason yet.
There is no report out from MS today on CLF, at least not on flyonthewall, which is very reliable. Don't know where you're getting your information.
I agree with you, which is exactly why the stock should recover (barring a complete market meltdown), should it open weak.
Read my post again....Did I say China doesn't have an effect on our markets? Of course it does....It's not rocket science......Listen carefully, so I don't have to repeat myself......A move tomorrow to around $21.40 is ok, a close tomorrow or Friday below $21.50 is not ok.......I'm not calling for that, I'm just saying......
Price action subsequent to the initial market reaction in the morning is the key, and the most important technical read of the stock going forward. I could care less about China's PMI, I only care about where the stock price goes technically, which is why I make money in this market....Got it?
The previous poster with the word "gun" as the last few letters of his handle is a short, and adept at spreading fear, uncertainty, and doubt.
Here's the thing......No one trusts China's numbers at all, that's a given.....So when they announce a positive upside surprise, no one trusts the numbers.....When the numbers miss, do we trust the report? $21.50 is chart support; we'll see what happens tomorrow, but I wouldn't be concerned, in fact if you have the funds, add to your long positions.
As I mentioned last week, we'd probably see a couple of weak days to cover the gap, and that has happened. The story is getting much better, and the smart money is taking advantage of this dip. CLF is in a new uptrend, take advantage of it, and follow the money.......and one more thing, don't listen to the shorts; if the market says otherwise, that means the shorts are wrong......
Follow up......the VIX and the leveraged VIX plays are up, and continue to be up even though the Dow is up.....that divergence speaks volumes.....
Only the past two years have I ever seen a market that drops on the left side to a low, regroups, and then rises straight up every day with no break, no backing and filling, nothing, right back to the previous high. I know we've all said this on this board forever, but it just doesn't make sense.
Keep looking the other way SEC, this is the most manipulated market of our lifetime.
Doug Kass pointed out the weakness in the DJT today......This whipsaw rally is extremely suspect.....I really believe we could head down faster than we just went up.....Have you followed the geopolitical situations out there? A crash wouldn't surprise me......
As for the DJT, it's a leading indicator, so there's that.
The street always seems to know ahead of time. Now the chart looks like a perfect set up for a head and shoulders......And here I thought they were doing well.