Quote:
Originally Posted by Jeff '79
That reversal on Tuesday came out of nowhere and was HUGE..... From over 100 point down on the DOW to a positive close?
The S&P is only 20 pts from it's all time high again.....
If it closes above that on Friday, it'll be onward and upward again.
It seems that the shorts are getting hammered at every drop if they don't buy.
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Well there she sits at 2477, just like Friday August 4th at 2477. A closing top
Now that was a dramatic reversal from what we saw the past few weeks.
I'd say that that is a double top.
A double top, in technical analysis terms, usually means that it's time to sell.
I still hold that there will be a 5% - 10% correction starting soon, most probably closer to October.
It just seems to be setting up that way.
I am going to put my money where my mouth is and go to money market in my 401k very soon.
My bet is that there will be a couple of great gaining days, and then the party will be over for a while. I'll bail on the first of those days.
Uwwww!!! This is so much fun !!!
16.75% up YTD in the 401k.... I like it !!