There is a lot of division amongst traders right now to whether this is the start of another upwards burst run on the market, or is this just the top of the market right before a big sell off or CRASH like some pundits out there are predicting. Right now, the most astute thing you can do is just take each day as it comes.
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No one is Nostradamus and can predict where the market will defiantly go today, tomorrow and also next week, however As sentiment traders we have found that over the years making money always comes easily when you stay with the smart money or where the main sentiment seems to be from week to week. This is not only a smart thing to do, but is very profitable 99% of the time. You are giving yourself a higher probability of winning and lowering your chances of seeing losses come to your account. The S&P 500 weekly chart below is a doozy, because as you can see the smart money has been buying dips, so if you have been doing this, there is not reason why you should not be making money.
This can change at any time, however if you view the weekly S&P chart below you can see that we have been in an upwards channel since the start of 2012. This year (2013) has been an amazing year for the bulls, and as you read this, the market again closed up 2% to close out the week as Bernanke's dovish tones stopped the market participants panicking about his previous comments about tapering off the money stimulus that has been flooding these markets since 2009. This week we have hardly saw much selling at all, and people trying to get short, pre-emting a top must be feeling very frustrated.
Things never go up in a straight line, however our rocket man below has been thrust back into his seat and can feel the true raw power of a BULL MARKET, where you get higher lows, and higher highs, so far we have seen a higher low in JUNE, so are we about to see a HIGHER HIGH now? Well that could most certainly happen, and things are heating up and it is only a matter of time to see where these full force bulls can take us?
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