SP500 just needs a measly 5 points and a hold through close to set a new ATH. The anticipation is killing me. Seems like one bull with deep pockets could push it up over 2130.
to me this reeks of big boys distribution. I love how HOG pops for no reason then coincidentally a few days later they get nailed for brake failure. Total manipulation to dump to the little guy. Right now the room is dark and there is confusion. No one knows which direction to run (invest), we see it with the sector rotation and market indecision... but when someone actually yells "fire" just be sure you're out or hedged....or you're gonna get trampled!
^^ this now that we got this UE report out of the way ... and brexit schmexit seems not to be an issue at least for the short and medium term ... what's the next big news events for the markets until the nov. elections? ER? barring a crazy black swan it would seem we're good at least for a couple of weeks here ... thoughts?
Until the levels of oil is broke to the upside or downside...You can pretty much trade the channel from $45 to $50 especially if your playing a oil related stock.
Yeah all eyes will turn to earnings starting next week, and it is expected to be another quarter of declining profits and revenues. Interesting to see if Brexit vote will impact future earning estimates, it should in my opinion. If this bull market really wants to continue we will need to eventually see companies posting positive earnings growth. I can't believe the markets have turned a blind eye to this for 5 straight quarters, as this is the sole basis for stock prices, but such are the times.
I w At this point I would be really surprised if we don't make a new all time highs by next week. Earnings probably will be lackluster again, and some companies could use the Brexit as an excuse to lower guidance. The market didn't care about declining earnings for the last couple of quarters and we will see if they finally care this time. Trump in the White House would be a black swan event to the market in my opinion. Just my 2 cents
Earnings will be the next big event. They've always been the big event, I guess. Look at non-GAAP earnings, sadly. I hate liars as much as anyone else. But as long as non-GAAP keeps going up, as long as the companies keep saying they're making more money, then that's all we need to hear. But if not even they can increase non-GAAP earnings...
As discussed in last week's thread between Ken34 and myself (http://stockaholics.net/threads/stock-market-today-june-27th-july-1st.1358/page-6#post-14571) ...... the Brexit sell-off and ensuing rally was not indicative of strength on the sell side. It panicked weak longs and trapped shorts whereby causing a forceful rally from covering and regretful longs buying back. That's what you need when there's a lack of true new buyers in these markets. The "P" shaped volume profile structure had been signalling strength in the buyers as it worked out a new auction before an inevitable move. It was the proverbial "Wyckoff Spring. The official definition from: http://www.readtheticker.com/Pages/IndLibrary.aspx?65tf=84_richard-wyckoff-method ****A spring is a price move below the support level of a trading range that quickly reverses and moves back into the range. It is an example of a bear trap because the drop below support appears to signal resumption of the downtrend. In reality, though, the drop marks the end of the downtrend, thus trapping the late sellers, or bears. The extent of supply, or the strength of the sellers, can be judged by the depth of the price move to new lows and the relative level of volume in that penetration.****
