Afternoon rally underway

An afternoon rally has taken the Dow (DIA +0.6%) and S&P 500 firmly into the green and the Nasdaq - off sharply earlier - has peeked into positive territory as well. Off nearly 2% not long ago, the Russell 2000 is down just 0.1%.


Previously: Small caps, momo names back in penalty box

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Comments (8)
  • Archman Investor
    , contributor
    Comments (3369) | Send Message
    Well I mean it is 3:30 PM.


    What? You thought this day was going to be different from any other day??
    28 Apr 2014, 03:35 PM Reply Like
  • CaladesiKid2
    , contributor
    Comments (356) | Send Message
    Would be humorous if so many fine upstanding citizens were not risking their hard earned retirement funds. Such erratic market behavior only diminishes the credibility and respectability of participants.
    28 Apr 2014, 03:48 PM Reply Like
  • mobyss
    , contributor
    Comments (2630) | Send Message
    Days like this always make me chuckle. Clearly the Fed saw something they didn't like today and the signal was given to rally the S&P by almost 20 points in 2 hours. The 1840-1850 level has been the battleground for the last couple of months and today it looked like gravity was winning. But then the HFTs went to work.


    Or, um, I mean that individual investors decided to buy stocks based on fundamentals, all coincidentally starting around 2PM.
    28 Apr 2014, 03:53 PM Reply Like
  • Deney_Terrio
    , contributor
    Comments (243) | Send Message
    I've searched the market news websites and cannot find any breaking stories to justify a 23 point rally in emini SP Futures. What gives? Maybe another "Whatever it takes" comment from Draghi?
    28 Apr 2014, 03:54 PM Reply Like
  • aarc
    , contributor
    Comments (3837) | Send Message
    Watch out for Inverted Head and Shoulders on the Intraday Charts:


    For the Bears:


    >> Compq HnS Trade Setup:


    9 days and counting for the bears before they will try to execute the Head and Shoulders Pattern.


    For the Bulls:


    >> Compq Reversal Attemp:


    Right on the dot for the Intraday Reversal Inverted Head and Shoulders for the bulls.


    SnP500 and Dow Jones are also attempting an Inv. HnS but with their Right Shoulder Supports at much higher prices.


    That's how the bears make money. The bulls make money. And the Pigs go to the slaughterhouse. Bears will pass the ball to the bulls by covering shorts off the Daily 200ma Support. Bulls took some profits off the table when Compq tested it's Daily 50 ema Resistance (tech traders prefer ema rather than ma). Wash, rinse, then repeat ad infinitum. Timing is always the most important part in short-term trading. With correct entry timing, half the battle is already won.


    Take some profits (preferably half for short-term traders such as scalpers and daytraders who prefer to hold for several hours to several days; 1/3-rd or less for swing traders who prefer to hold for several weeks to several months). Then trail the rest.


    * I already bought YM, NQ, SSO, and AAPL in April 14/15 with the bottom fishing strategy for Compq as a template. Will try to take some profits on a test of the Daily Right Shoulder Resistance.


    ** Bought additional medium-term positions for GOGO today as it reached it's intraday Inv. HnS right shoulder support of $17.22. Add some more RSX at $22.13 as Obama tried to bash Russia again but RSX rallied instead - early in the morning. See previous Comments for GOGO and/or RSX medium-term trade setups. Bad timing for GOGO as it tanked after hours (news driven).
    28 Apr 2014, 04:40 PM Reply Like
  • tjn6175
    , contributor
    Comments (46) | Send Message
    Simply amazing! How convenient for what I'll call the "market" to rally early on the housing and Dallas data, but oh wait! How about bleeding a little more out of treasuries and spx in combo, until the spx hits a locals only intraday support level of about 1880. Then lets rally the treasuries up while the spx goes down to a solid, multi-week 1850ish support. Then buy buy buy as it cranks up to a solid finish. But don't forget to sell the 30 year treasuries, because we mustn't get caught holding high price bonds during FED week. I think a lot of folks saw right thru it. But if you're only watching close to close, it was just another day when the market closed up.
    28 Apr 2014, 05:56 PM Reply Like
  • tjn6175
    , contributor
    Comments (46) | Send Message
    Correction. 1860, not 1880. I trade IVV, so I need to convert it every time. Don't always convert it right
    28 Apr 2014, 06:00 PM Reply Like
  • berniespear
    , contributor
    Comments (251) | Send Message
    Big Boys make the rules.
    28 Apr 2014, 08:41 PM Reply Like
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