It seems the market may be waiting for the budget speech before it decides whether or not to pull back, I think there will be a short term surge if taxes are cut on companies( it would also strengthen the long term bull market). and if taxes are not then we may finally see a good buying opportunity by Friday/Monday(i.e 2-3 day correction), if they do cut taxes we will probably remain in the overbought situation till at least next week. What do you guys think? Am i putting too much emphasis on the budget speech?
I was expecting a very quiet day until the speach. Did not expect this wild opening. I think we will see a flat market from now until the speach and then some action depending on what is said. I'm still long and still looking for an opportunity too double up.