Something is terribly wrong with X lately. Infact, all the steel industry in US are in bear mode this year.
AKS, NUE, STLD, etc..

sp500 continues shooting up. heading 1240 already! resistance yet?

It broke my resistance at 1230.. so, I'm long from there. We hit 1243 as first resistance overnight.
Next up will be 1250-1253..kinda choppy but I think we'll grind up.

Everything is hanging upon Greece this Friday and also the US jobs report too.
So, watch for that market moving event this Friday.

This post has been edited by danmooncake: Nov 3 2011, 06:58 AM

1. Most Asian losses came ahead of a key meeting of leaders from the Group of 20 major economies, where the European crisis was expected to feature high on the agenda.

2. On Wednesday in an emergency meeting prior to the G-20 summit, France and Germany warned Greece to accept the latest package of measures or lose its aid after Greece called a referendum.

3. EU leaders are now seriously beginning to consider the prospects of a Greek exit from the euro zone while taking a tougher stance on Greek highlights how important the Dec. 4 referendum will be.

As such stock markets are set to remain highly nervous before the vote, with risk aversion set to remain elevated.

Folks, place your bets..before Friday.

You're on? Which side?

Both sides.. as long as the market moves.. I gain.

Wow, respect

But, if the market stays still.. I will lose 'coz my option will burn.

The market is very volatile lately so I think you will stand to gain all the way.

Our friend gave a firm buy order last night, I guess he is right.

Haha yeah but I queue also cannot get. Haih

Here's my thinking.. between now and end of the year, US market wants to go up but it is being
dragged by the crisis in Europe. The bounce up from 1075 to 1290 was so quick and powerful that it
has left a lot of money managers scrambling to chase this up again on pull back. The pull back is almost as severe and quick on Monday and Tuesday and it just took the bears two days to pull back to 32.8% retracement level.
Two steps forward, one step back. But, the bias now is upside.

US corporates will continue to do business and majority of them as heavily invested in other emerging countries like Asia and Latin America and very little in that 'fug' up country in Europe and other PIIGs nations.

Big factor that will hinder US growth will still be US jobs, US debt, consumer spending/sentiments and US Fed monetary policy. US Fed is not showing any signs of tightening, continue the loosen monetary policy.. Uncle Ben got its finger on the printing machines. Therefore, US macro data matters more here. If we get slightly better than expected jobs report month over month, US market will completely forget about the stinking Europe.

Nov-Jan: Most of time, bulls usually dominate during this time, so I think history will repeat itself here. Not to say we won't get pullback or correction, it will so I'm watching for those 'overbought' conditions and ramps up when Puts are cheap as hedge to downside.

Good luck to all.

This post has been edited by danmooncake: Nov 3 2011, 07:48 PM

went in yesterday with bet on high...hopefully the rally will last till tmw, unless crazy surprise from Papandreou ...please at least >50 cents gain.......(gulp and finger crossed).....

and thanks for danmooncake foresight...

This post has been edited by countdown: Nov 3 2011, 08:03 PM

Thanks for your advise Danmooncake.

thank you thank you danmooncake! thank you for sharing

Hm...anyone have any idea how to short Euro? Particularly French Banks? Checked our their ADRs and some ETFs. Mostly are low volume stuff. Anything with some recognizable volume?

Short-selling lifted?

Reference:
http://www.bbc.co.uk/news/business-14500731

This post has been edited by countdown: Nov 3 2011, 11:08 PM

It was a 15 day ban and that applies on Euro exchanges not anything in US side though.

tks for the input .