804 is being tested right now. Should be a very interesting closing 2 hours. If it breaks, many triggers will set off to sell equities. If it bounces, market has a chance to make another charge at breaking 826.
VIX remains solid and is telling us this is nothing more than a bear market rally. I am tending to believe the VIX but it does not mean market goes down today. It just means that this rally does not have much legs left.
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Do you see commodities breaking out here or is it just another false test? Oil #s were disappointing today and so was agriculture. But dollar weakness and debasement seem a given longer term.
ReplyDeleteI am not a commodities expert at all, but we are obviously headed for an inflation storm in the next 6-12 months so how can commodities and metals not be a good long term play here. Very little downside risk with decent upside potential. You have to have a piece of your long term portfolio in metals and commodities. Playing any of them short term daily is just a crap shoot.
ReplyDeletemarket is going up till april 2nd
ReplyDeletehttp://lh5.ggpht.com/_APmrYvpA45s/ScrhGsCYPaI/AAAAAAAACk4/BQok7qhnHTI/s1600-h/image%5B2%5D.png
http://erikmarketview.blogspot.com/
Erik, you are giving up on your bearish move? Surprised, but I can't disagree. Except it won't go straight up. Should be a great traders market.
ReplyDeletedude, check out waxies blog and cobras blog
ReplyDeletethe chart on cobra's is gasping....
http://lh5.ggpht.com/_APmrYvpA45s/ScrhGsCYPaI/AAAAAAAACk4/BQok7qhnHTI/s1600-h/image%5B2%5D.png
there it is....
"The market tends to be symmetrical?" Strange comment. Very few times is the market symmetrical. Symmetrical would mean that bottoms are normally V's, which they are not.
ReplyDeleteAgain, I am not saying the market is not going up. I don't think it goes straight up and we should be in a wide trading range making this a great trading market which is news and comment driven.