I know it is hard to IMAGINE, that world's biggest economic issue MAY be on the verge of getting resolved.....
YES..... every FRUSTRATED trader & Investor knows, it is European debt crisis.
European debt crisis have PLAGUED world markets since 2008......
Since 2008 which is four years & seven months of S&P 500 going nowhere.....
Last Thursday, when most traders & investors were feeling utmost hopeless & were packing it in......came the word from Mario Draghi, President ECB, that this endless problem of Eurozone CAN be solved.
On Friday, French President & German Chancellor affirmed the same DESIRE.
So far we got ECB, France & Germany on side..........
Market TAPE CAN sometimes, ACCURATELY predict events before it happens......Thursday's & Friday's back to back major move may be more than telling.
On July 24th, S&P 500 low was 1329, in next three days or 72 hrs, S&P 500 went to 1389...a move UP of 60 S&P points or 4.3%......
On June 25th, S&P 500 was sitting @ 1309.27, after a month & two days, it ran to 1389, a gain of almost 80 points or 6.10%........
The point, i am trying to make that when investors & traders are extremely pessimistic, then it is TIME to buy aggressively, because in a very short time, a rally may emerge to give you a good gain.
It IS important to monitor technicals & sentiments... which has defined oversold & overbought extremities.
CLUES are "in the market TAPE" NOT on CNBC.
Friday's rally was extremely broadbased, which IS the-biggest indicator of good things to come.
Based on the "intensity of this rally"..it is a safe conclusion, that we are headed HIGHER.
S&P 500 new high is in "bullseye"....
1422 may be history before you know......
Stay engaged with this TAPE......it has all the hallmark of a major bull run.
BLOG does NOT give buy or sell.
Saleem
11 comments:
Hey Saleem,
The huge rally took many people by surprise. Congrats on your conviction and gains!
I posted to the Friday thread about my current thoughts. I hope even in my relatively weakened state you can find something of interest there :).
Stocktrader
Hi Stocktrader,
Wall Street never gives "all clear"...there are always issues.
We have to look @ key issues which moves the market.....
Currently too much positive is propelling this market in a hurry.
Saleem
Saleem we are long over due
for a runaway market!
Lets hope we have more upsides then down sides
looking for a buy BIDU? on weakness
I did get some KMP
Keep posting --love the tidbits that I get here,,,,
Smile
C
Hi C,
Good luck with BIDU.
TAPE always tells a story...
Saleem
Saleem
I guess my trigger finger was itchy
got 100 bidu at $122.60
VBTY
C
Hi C,
Good move ..BIDU heading to $134...
Saleem
SALEEMm
You the man
THanks for your help
C
Hey Saleem,
So far today I've sold some TZA hedge and sold CTXS. I'll make other closeout moves as they present themselves although I'm still on 3-day restriction for the rest of the hedges.
Stocktrader
Hi Stocktrader,
CTXS TAPE has surprisingly turned south..do not follow...
Market is strong on day 3 back to back....
Yes.... you have to wait 3 days to unwind any position.
Good luck with your strategy.
Saleem
Hey Saleem,
I was a little upset I didn't sell CTXS Friday when it hit $78. Now I just feel glad I sold over $75. What a fallout today!
Stocktrader
Hi Stocktrader,
$75 is way better being stuck & seeing $72....good move.
Saleem
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