Rarely do you see such a consensus from a bevy of traders; that bounce and move over 1081-1082 on the S&P 500 (1-2 PM rally) seemed to get their animal spirits up, with Doug Kass leading the charge. The lemming pledge is alive and well.
By Rev Shark
6/24/2010 2:07 PM EDT
Everyone's attending this party
6/24/2010 1:51 PM EDT
I too have added some individual names to my long tech exposure (NVDA, MSFT, CSCO), as well as some financials (JPM to name one
6/24/2010 1:42 PM EDT
I am putting some of my cash to work throughout today in the Q complex buying PowerShares QQQ (QQQQ) and Ultra QQQ ProShares (QLD).
I believe them to be over eager beavers as at the minimum 1070 needs to be tested. Can the kettle really boil if they all are staring at it anticipating it to boil? Further none of the generals - Salesforce.com, Apple, Chipotle, and the other 5-6 'teflon' stocks - have felt much pain at all, most are happily drifting right around their 20 day moving average.
So now both the trading blogs and almost the entire website of Realmoney.com is forecasting a bounce right here. We'll see.