Next Week

[Ninja]

Alsi overbought, top of Bollies. Dollar overbought and top of bollies. Could we see a strengthening dollar and a weaker alsi in the days ahead??

[WR]

some thing is really messed up. I cannot understand the reason for the BIG rally, no fundamentals....am caught very short, missed stops, now in deep brown stuff

[#3]

i disagree with the USD, USD at 1.3014. being sold as we speak gold up on the sentiment that an initial agreement is in place with the 3 auto traders

[Ninja]

MO, can the dollar strengthen in the days ahead driving the dow and alsi down with it - at top end of daily bollies....may see a pull back in the days ahead? Looking at our alsi and top 40 we are OB....and this rally flies in the face of reason.

[SimonPB]

stop looking for reason, logic and/or anything else. Just trade the price - that's the only truth out there and the only one that matters.

[#6]

my personal view, usd slipping against most major currencies, yen trading 92.32 this morning up from yesterdays 92.72 and the S&P and DJ rally on the news of the auto bail out, we could see the S&P as high as 999 next week friday remember that 999 is a very important resistance level

[_nova]

Simon's right, don't try to wish the market down. This is a commodities rally, for whatever reason which completely eludes me, so just trade what you see. S&P will probably see 1100 before this rally fizzles. The USD Index is dropping and the EURUSD proves that above 1.30 so as long as these factors persist, the markets are going to rally. The spanner? well today 15h00 and a probable rejection of the auto bailout in the US senate. Keep trigger fingers loose 'n ready

[SimonPB]

nova, commodities rally because the US bail out plan from Obama is essentially a public works, rebuilding bridges, roads etc. Input is steel etc. So comms in business for now.

[#9]

As long as we hold 19500 on the top 40 today, we could see 21800 in the next few days (and maybe even 23200) ... (just EW and Fibs)

[#10]

That's aside from the H&S pattern on the ALSI daily, the neckline of which was broken yesterday ...

[#11]

nova, if the S&P rallies above 999, we would see a new bull trend and you and i know that considering what is still coming and now going around will not happen, the long term resistance is just below 1'000 and to break above that we need to see many more positives than the one or two we read about every other day

[_nova]

that's what baffles me. Just how much steel are we talking about here? And by when? So all commodities rally because the Yanks are going to fix 156000 bridges maybe two years from now? It's amazing how 'hope springs' in a bear market. Though one has to admit that commodities were so way oversold that a bump was inevitable

[_nova]

crosses coming off hard against the USD. Why we're down. But EURUSD (for example) setting up for a hard rally to 1.32 within the next 2 hours looks like. will take us north as well IMO

[_nova]

oh I agree with you momentum. In fact, the S&P first has to overcome 900 let alone 999. But as we've seen with these insane upmoves the past week, anything can happen and I'm pretty much removing myself from a bias toward the bear trend as it's just plain dangerous thinking. I'm just allowing for the Lemming factor. I mean, if punters want to go long in this market, who am I to argue? I'll just go along for the ride but I'll make sure I'm sitting on the back of this bakkie so I can quickly jump off when the inevitable brick shaaithouse arrives bang in the middle of the road :-)