We’ve broken the intermediate-term downtrend line.
We are above the 50 & 200 day moving averages.
We’re in a near-term uptrend that is one month old.
Mornings are down and afternoons are up.
The dips are being bought.
We are at the top of our trading range and nobody believes it is sustainable.
The dollar is down big and commodities have ramped hard.
The Fed and Treasury are out in force.
Individual investors are way long the bond market and out of stocks.
Computers and prop desks run the low-volume market.
It is the dead of summer.
The unemployment numbers are coming tomorrow and the market is saying that it doesn’t care.
Volatility will last a few hours perhaps, but the markets will continue on their march higher.
After a little pullack to the $SPX 1110 area, continue to be long or be wrong…
How do I know this? Greenspan and Bernanke told me so.
In a dream.
If you enjoy the content at iBankCoin, please follow us on Twitter
More bold calls, fantastic stuff – Scott wins again
Not competing. I’m beyond all that… 🙂
Oh YEAH!!? well I’m a bigger non competer then you are!
Yeah? Well, you’re name is “Weirdo”…nuf said!
Scott – That’s creul [sic]. Don’t you know it’s not nice to poke sticks in the face of bears? They get real nasty when they attack. 😉
BTW nice calls lately.
thanks. remember that when I get cold…
Ain’t that the truth. Hardest lesson I ever learned (at least 3x). Markets change, I change, stuff works then stops working. Why do I enjoy doing this again?
Scott,
Didn’t you hear the breaking news though, job creation sucks right now…Up we go (at least for a little bit)
Breaking news! Hah!
If you say it, so shall it be…
I wish!
You make some damn good points. Probably prove correct unless the numbers are horrifying.
I call those nightmares… HA!
Enjoying your blog.
Thanks. Take your Advil!
In the land of the blind, the one-eyed man is king.
http://a.imageshack.us/img683/4879/dow1930todow2010.png
http://www.gold-eagle.com/editorials_01/seymour062001.html
Nice post!
Buy this dip everyone, new highs dead ahead (mind that cliff as you go though).
Scotty, I’ll remind you of this post, you cheeky little bulltard.
OK Scott, we hit the 1110 pullback. Now what? We buy hand-over fist?
Caught the tail end of Friday’s morning show. Well played, sir. Well played.
beautiful! (1) gap fill support, (2) 50% retrace of 1088-1128, (3) trendline support — ALL clustered around 1107-1108 – good close and great call!
Great post scott! Agree with everything here.