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MARKET WRAP UP 09/22/10
With the ball in their court today, the bears had every opportunity to inflict technical damage to this extended market. Instead, the resilient bulls properly defended the 1131 level on the S&P 500, with the key index closing down 0.48% to 1134. As you would expect to see during a benign consolidation day, many stocks took breathers, while the leaders continued to thrive, namely $AAPL, $NFLX, $FCX and $LVS. However, technically speaking, today did mark a distribution day for the Nasdaq Composite Index, as selling volume ticked up from yesterday. Nonetheless, the $AAPL bulls are making it awfully difficult for the bears to dig in their claws on the short side.
In addition to the weakness in non-Apple Computer technology, the financials led to the downside as well. Thus, despite not showing much conviction today, the bears may very well get a few more cracks at pushing down this market. Even if we do break 1131, though, the bulls have plenty of cushion below, including all of the major moving averages.
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When you get a chance you should meet FLY. Just reach across and click on his posts. See what he has to say. He rambles a lot but in essence he thinks big time doom and gloom is imminent. Funny reading him and you one after another. I would think you shake your heads at each other….
The Fly is the General and I am the Private. The Privates do not question or disrespect the Generals. It is as simple as that. I am lucky to be writing for a great business, and that is exactly is what iBC is, which is Fly’s entire creation.
What I appreciate is that although Fly the General is the creator of this business and run the blog site he has so many of you young bright talents posting here with independent minds and points of view. Open and inspiring.
I love the Fly and he both cracks me up and makes me feel almost positive on things!
What I like most is a large scale view and balanced ideas and that is why I read here every night. Keep it up Chess.
Excellent work chess as always and much respect to you…(General) Glad to see you hanging out @daytrading bootcamp… Great place for any trader!!
Chess, very nice, as always. Enjoy the good effort u always put in!
The diversity of opinion is what makes iBankCoin a great place. I read all of the contributors, including those in the PG,as well as the comments. If I’m going to be betting with or against any of these participants, I had better have a good understanding of their position and why they hold that position.
I am sure if one would meet you, you would be dressed properly like the gentleman you are.
nice work to you sir.
regards
chuck
Hi,
Sir please let me know the prospects of silver and gold.
I am into shorts in both of these.
The Fly also averages down on losers, lets a hedge turn into an independant position, feels that he has to be “right” about a trade, and makes it personal. Thats just coming from the last day or so of posts. However, he’s hilarious, and some of his material is truly comedic genius. I still quote from those cartoons he did a while back.