The current rally has at least temporarily run out of steam and the Seven Sentinels did indeed issue a sell signal today so I'll be moving to G fund tomorrow.
However, this is still a bull market until proven otherwise. The underlying strength has been phenomenal and I seriously doubt we turn down for much longer or go too deep. Bearishness has been quick to rise and that's what has really kept this market moving higher. And there's no reason to think now will be any different. Having
Before I begin, I strongly urge especially the newcomers to this board to take the time in reading posts from certain dates and incidents on the TSPTalk MB to gain insight on how crowd and individual behavior influences investment decisions. Too many times I've seen newcomers post on the board something to the effect of "Hey I'm new, how can I get rich?", and then never to hear from them again. So much insight can be gained regarding trading psychology, asset allocation, crowd behavior, and how
I really expected to see a negative close today, but the market closed mixed instead, seesawing above and below the flat line.
Today's data points did little to stir trading and gives me the impression the market is more interested in Friday's nonfarm payroll report and unemployment rate before it makes any big moves in one direction or the other.
For today, the ADP report revealed 84,000 jobs were lost in December, a tad bit more than the 75,000 that was expected.
Updated 01-06-2010 at 08:05 PM by coolhand
What started out looking like follow-through from Tuesday's decline, instead became another very short buying opportunity for the bulls to pile in as the major indexes popped right back up near their 52 week highs.
There was not much in the way of news to drive the markets, so it would seem sentiment was the primary catalyst. Dips have been few and far in between and this one was no exception. Early morning caution saw the downside quickly become limited and as confidence grew that
It was a mixed day in equities, but considering how the market started out and the way it came back I would have to view the action as bullish. Options expiration week is coming up next week so the volatility we've been seeing is probably the set-up for that.
The Seven Sentinels continue to suggest more gains are coming. Here's today's charts:
As expected, both NAMO and NYMO continue to push higher, but still off the highs we typically