All the bad financial news out today is being seen as…..are you ready?…….a floor for the equities market! That’s right, another floor (let’s not call it a bottom, just a floor). Where are the good contractor’s? We sure need one, because we have WAY too many floors, sub-floors, sub-sub-floors, etc. Bids continue to be pushed up on diminishing volume today. Personally, I wouldn’t go long this market if Hank and Bennie Boy paid me to do it. I really don’t know how many of our readers are traders and how many are investors, but do not get sucked into this vortex, as it will suck the money right out of your account! Be careful out there!
6 Comments
April 1st, 2008 at 1:42 pm
Amen! Well let’s see where the day ends. 2:20 left in the trading day but it frustrating the amount of manipulation(the Fed, “financial TV”, etc.) there seems to be in the market.
April 1st, 2008 at 1:45 pm
It is true that elevators and buildings have floors, just like the market.
Are we in an elevator going up?
Not likely.
April 1st, 2008 at 2:53 pm
Time to build short positions.
April 1st, 2008 at 2:59 pm
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I agree. We will have some kind of pullback, but it may not be today. Be patient. This market is climbing by the second. I “may” short for a quick trade when / if the market shows any weakness, but right now it looks like it may close on the high of the day. I will short if the DOW goes to “plus 300″ or less on the day, but it doesn’t look likely.
April 1st, 2008 at 3:18 pm
Dow 60 min data
Check the RSI.
April 1st, 2008 at 4:09 pm
So much for free markets. I always remember when they bailed out Chrysler and really didn’t like that. Kind of a turning point…corporate welfare. Now it’s happening big time….funny how the Federal Reserve can prop up markets with “monopoly money”. Morgan (framers of the FED) and crew has done this before. Federal Reserve…if more would just educate themselves about this pathetic excuse for banking…so let’s just keep the presses printing…I wonder if we can do that so that when we do something stupid, we can just print up some cash to cover the shortfall (error)? I’m a daytrader, so I work it any way it goes, BUT we do see the nonsense and lies crystal clear. Be careful and trade with the trend whatever your time frame.