Thread: Short Term Outlook

We blew right through the 50 dma. It should now be support and a good place to buy. It's time for a push up and out of the trading range.

The I fund could be getting ready to make my ears bleed with the speed of recovery.

Originally Posted by Birchtree

The I fund could be getting ready to make my ears bleed with the speed of recovery.

So, Birch! If the train is leaving the station what track do you suggest?

I was hoping to buy the dip down to the 50 dma today, but so far the dip disappeared. So, either a break out out of trading range or dip to 50 dma is my where I put in my other 50%. NASDAQ is the leader so keep an eye on it.

Originally Posted by clester

I was hoping to buy the dip down to the 50 dma today, but so far the dip disappeared. So, either a break out out of trading range or dip to 50 dma is my where I put in my other 50%. NASDAQ is the leader so keep an eye on it.

Be careful. These breakouts can produce good rallies when they are confirmed, but buying on the first pop above the 50-day EMA can sometimes be a trap, ala 2008. That's why I like to wait 3 to 5 days...

Good point. I think it will hold but patience is a virtue.

Originally Posted by clester

We blew right through the 50 dma. It should now be support and a good place to buy. It's time for a push up and out of the trading range.

We may not get that pullback to 50 dma! Now, the test is the last high about 1225. Maybe today with the big moves we've had.

Originally Posted by clester

We may not get that pullback to 50 dma! Now, the test is the last high about 1225. Maybe today with the big moves we've had.

Ok, we are at good place for pullback. Everyone was waiting for the top of range. If we had unlimited trades I would play it.

I expect maybe 2 days down and then resume climb. IMHO.

Originally Posted by clester

Ok, we are at good place for pullback. Everyone was waiting for the top of range. If we had unlimited trades I would play it.

I expect maybe 2 days down and then resume climb. IMHO.

Well, pullback fizzled. We are poised to make a run at a breakout today. The market sometimes doesn't give you a chance to jump on board. Maybe next week when more financials report.

I always liked being 50% in anyway. You can always claim victory. If the market goes down, you can say "at least I was only in 50%". If it goes up, you can say "I'm glad I was 50% in".
It's good for the psyche .

Originally Posted by clester

Well, pullback fizzled. We are poised to make a run at a breakout today. The market sometimes doesn't give you a chance to jump on board. Maybe next week when more financials report.

I always liked being 50% in anyway. You can always claim victory. If the market goes down, you can say "at least I was only in 50%". If it goes up, you can say "I'm glad I was 50% in".
It's good for the psyche .

Looks like a good day for sure at this point. If the financials could somehow surprise next week, look out bears.

I'll be chasing the bulls today - trying to buy more happiness. We could take out the SPX 200 EMA today which sits at 1235.20 - now that would be classic.