Thursday, November 4, 2010

Election + QE2 = Bull Run!

Republicans take the house plus the fed announced qe2 of $600 billion pushed the market screaming higher today.  Bulls made it very clear they were in charge as any slight sell offs were quickly bought up pushing the market above April's highs by a couple of points.

What is in store for tomorrow?  Without diving to deep into the charts we can see the market is waaaay overextended and rip for a pullback.  Entering any long positions here would be very risky and not advised. 

Payroll and unemployment numbers come out tomorrow which could push the market in either direction, but most likely we won't see much movement going into the weekend.  Bulls would like to see a light sell off and then more buying going into next week.

No comments:

Post a Comment