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Crude and its products added to gains Wednesday on the New York Mercantile Exchange after the Energy Department and the American Petroleum Institute reported an unexpected drop in U.S. crude and gasoline supplies.
my original plan on friday was ride 2/3 updays, short then buy again and retesting lows. but never got high enough for me to make good enough coin.
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i know that i have been saying this for a while. but it is so crazy here in florida. almost half the plans that we engineer for builders are spec homes.i believe the builders are going to report record revenues this quarter. But, i really believe that when it slows, that there is going to be a huge inventory of houses. remember, market always nine months ahead of economy(historical fact). i believe prices are going up to quick in to short of a period, which i believe is really bad in the long term.
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cut and paste "Freddie Mac's chief economist, said average mortgage rates in April have now fallen below their March level, which could boost home sales in the key spring season."
i guess they are trying to do whatever the can to help sustain the housing boom by starting to lowering rates again.hehehehe
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yesterday's bounce was just a big bull bounce on low volume in a bear market. there will probably be a few more bounces here and there before test 10,000 again, but eventually we are going to break 10,000. might take 2 or 3 more tries
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last week was up, will this week be. I expect a strong up day early in the week, looks like friday was consolidation after big run thurs.
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A couple of you are throwing around the BULL TRAP comments....
for the last 2 weeks bullish sentiment has been VERY, VERY low. 16-18%.(if market stays bearish, not to many bulls are caught, if it goes bullish, look at the stuck bears, you think the market will let 82% of the people be right?)
When bullish sentiment is this low, your small time buyers are in cash, most people buying in the market now are big money.
Looking for another green week and a big green day early in the week.
Just my thoughts on traps, please don't send my some market strategists theories, most of them are a day late IMO.
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looks good hope it stays green for a few days. i want to add more to short position. went up on very very light volume. still looking good for the next leg down
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quote:Originally posted by BuyAtBottom: looks good hope it stays green for a few days. i want to add more to short position. went up on very very light volume. still looking good for the next leg down
me too, just riding this leg up, figure the turn will be mid to end of may, Q's should hit or come close to 40
EDITED: sorry, no way it hits 40 in a week, forgot the month and day.
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Just bumping cuz i edited above post, didn't want someone think the q's were gonna gain 5 bucks in 5 days, not that anyone cares what i think but, just in case....
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