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Market Wrap-Up 10/28

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October 28, 2010 – Comments (1) | RELATED TICKERS: SPY

The market continues to fake-out everyone. If the market is up, before the market closes, it will be down, and when the market is down, it will ultimately be up. It's frustrating for people on both sides of the trade. The trading range continues to tighten and eventually that will lead to a major breakout or breakdown in the market. Ultimately, I believe it leads to a breakout. The bears have given me little reason to believe they are going to change the direction of this market in the near term. They are going to have to put together a few days of straight selling and stop the give and take we seem to stuck in. The bulls over the past two months have managed to push this market higher and until that changes, I will focus my efforts to the long side.

Here's my chart analysis on the S&P

1 Comments – Post Your Own

#1) On October 28, 2010 at 6:20 PM, davejh23 (< 20) wrote:

I believe you've frequently commented on the market's moves in relation to the dollar...as have others.  What do you think of the market staying even on a day when the dollar had a significant move down?  I'm suprised the S&P wasn't up 10 pts. 

It seems like nearly every company reporting has lowered forward guidance...which, I'd say, is more important than beating extremely low estimates this quarter.  Short term, who knows if the rally continues or not, but I'm betting that FY'11 S&P EPS come in FAR below current estimates.  That doesn't mean that the S&P won't gain another 100 pts. short term, but odds are good that the market trends lower over the next year.

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