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Dow Flirts With Record but Signs of a Pullback Loom
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Dow Flirts With Record but Signs of a Pullback Loom

  #1 (permalink)
Quick Summary
Dow Flirts With Record but Signs of a Pullback Loom

"There is no conviction in the market," one pro said. "You look at this grind higher and you have dividend payers and defensive stocks moving along with it."

More on CNBC...

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  #2 (permalink)
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josh's Avatar
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If I had a dollar for every time I read someone quoted as saying "the market has no conviction" and "a pullback is imminent" as it keeps making fresh 5 year highs....

It may not have conviction, but boy has the easy money been to to the upside.

The article cites the all time intraday high set on Oct 9, 2007 as 14164 but I have that as the all-time high closing price. All time intraday high was actually two days later on Oct 11 at 14198, according to my chart (which is correct as far as I know).

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  #3 (permalink)
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Yes, it's funny. QE-infinity has a far more uncertain overall impact propping up the economy based on money out of thin air, than the miniscule sequester cuts will ever have, imo.

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  #4 (permalink)
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this is one of those days, where if you picked up 8 ES points,

you'd kick yourself, because there were over 12, or 16, or 18, or 24

the ES closed up $512.50 from its lows, and at the DJIA +152 highs of the day, that net change was roughly $700+

the YM closed up $520 from its lows, and much higher at the peak
the NQ closed up $670 from its lows, and I remember seeing as much as +$780

so no matter how one trades, what charts, methods or approaches are used, one has to settle for what one can achieve, and not risk one's emotional capital in a vane chase after the coins they didn't pick up....

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