That ES high met some sellers. I was either banking on SPX 1383 or 1389, they gave us the latter, but note that both met selling. This one has a better chance of sticking as it coincided with an NDX fib as well.
This entire rally has been set up by giving everyone the biggest fears in May and running up the shorts on a wall of worry. Nevertheless, fundamentally, nothing has changed since the May sell-off, in fact, earnings are lowered in most cases. If they were scaring you to death in May and telling you now that everything is fine, they were either lying then or lying now. You choose. Swing traders and daytraders don't care either way, but the average Joe could be in for a surprise after the elections.
You may have noted that I am doing most of my posts on this site now. It will remain this way. I will on occasion give readers on the other site some tips, but for the most part, the action will be here. I plan on improving the system, so bear with me.
This entire rally has been set up by giving everyone the biggest fears in May and running up the shorts on a wall of worry. Nevertheless, fundamentally, nothing has changed since the May sell-off, in fact, earnings are lowered in most cases. If they were scaring you to death in May and telling you now that everything is fine, they were either lying then or lying now. You choose. Swing traders and daytraders don't care either way, but the average Joe could be in for a surprise after the elections.
You may have noted that I am doing most of my posts on this site now. It will remain this way. I will on occasion give readers on the other site some tips, but for the most part, the action will be here. I plan on improving the system, so bear with me.
This entry was posted
on Thursday, October 26, 2006 at 12:26 PM.
