Looking at tomorrow

[Mastajab]

There should be a thread like this to discuss what will happen tomorrow, before it happens.

So what's gonna happen tomorrow?

[captram]

With such a steep rise in the market - Im hoping that there will be a small pull back on the open - I bought TZA just before the close- What do you think?

[Gordo]

I like to wait till the futures come out in the morning before determining what strategy to assume (for day trades).

[Mastajab]

Hard to tell, what does the market usually do after a 7% rally? Probably pull back a lil, but this rally seems different. I'm thinking we probably go higher as more companies announce that they are interested in buying these toxic assets. And the possibility of taking more than $1 Trillion in bad assets off the banks' balance sheets becomes apparent.

[simpletradesnet]

With such a steep rise in the market - Im hoping that there will be a small pull back on the open - I bought TZA just before the close- What do you think?
It sold off into an area of solid daily support, but if it doesnt bounce here, the next daily support area might not be until just under 45.00.
good luck.

[Bolimomo]

Can we keep the discussion in the "Looking at today" thread? It is really hard to keep up with 2 threads. Comes tomorrow, the "looking at tomorrow" would become "looking at today".

[Mastajab]

Hard to follow two threads? interesting.....fine....delete this thread if yall want.

[bosoxmal]

I remember a 3 day period (was it 1990?) when the Dow jumped 1000 pts in 3 days. The whole world was caught short. I think it was the single biggest 3 day jump in history. I was with Dean Witter at the time, and was following two short selling clients who had been getting rich for the past six months. They sat in my office watching my little Quotron, drinking coffee and telling me to hold on, hold on, "what goes up must come down". By the time it came down, they were writing checks to Dean Witter every hour or so.

Today's jump felt exactly the same as that market did on it's first day. I was dumb enough to put in "silly" sells about noon, and they all got filled. Now I'm getting ready to buy them back in the morning. A this moment, the futures are down a very few points, but I'll bet they are positive by 9:15. Of course, I'm hoping not. Good luck. PS Don't take my advice to the bank.

[Mastajab]

Any other similarities b/w this rally and the one you speak of in 1990?

If I recall correctly you don't have to look nearly that far back to see similar rallies fueled by the government.

[Stin]

This thing looks strong to me, I think we could see another multi hundred point day tomorrow. It might start a little lower than the close but I think it will jump up very quickly as people hoping to cover and stock chasers try to buy back in. If this happens Im going to be setting some tight stops to capture this profit.

[timmhaan]

major indices are above the 50 day moving average, with the 20dma just starting to turn in a positive direction. MCAD is still registering strong with long term positive divergences. these are all obvious technicals that would entice longer term investors. i think in the short term we're overextended, but fully expect aggressive buying if we ever get a significant pull back (a lot of people seem to be waiting for that).

i bought long XLF today, with some put options. puts are pretty cheap right now after the huge rally. i feel bullish, but sleep better with a bit of insurance. ;)

[freakscene]

anyone concerned Geithner's testimony tomorrow will have detrimental consequences on financials?

[Gordo]

anyone concerned Geithner's testimony tomorrow will have detrimental consequences on financials?

What are you anticipating?

[freakscene]

the drop that just happened

1 day early

related to manufacturing drop and not timmy though