We are touching S&P's TL...

Thank you...it's just that I got some beginner's luck from last week and thought the advice of this site like gospel.  Of course, there is no promise in life and no free lunch.  I am learning the hard way today.  Only the market god knows where the market goes.  The key is to have structure in one's trading.  I don't have stop loss or profit target in place whenever I make a trade.  I just thought to ride the trend.  For a day like today where the trend didn't show itself for a long while, it's hard.  Maybe for a day like this, I will not trade or trade for small small profits, instead of thinking to ride the leveraged ETFs for significant gains.  These 3X products can be your best friends and can be your worst enemies, too.

Yes, today the market definitely fools people.  The day looks so much like yesterday.  I bet many people were getting killed like me in the afternoon shorting.

http://www.cnbc.com/id/29739987

Exactly...what outside event could that be?  We've heard basically as bad of news as anyone can bear in a century.  Even depression was mentioned constantly for a while.  I think the market will keep going up until people realize the earnings do not match the price.  Actually it's already not going to match the price, but people don't care right now.  It's a bear market rally.

I remember an nightly analysis that Steve did last week.  I think it's last Monday's just before the market rallied.  In that analysis, he kept repeating himself - "oversold market does not mean a buy signal.  Do not..I repeat...do not try to pick a bottom."  Well, even with 5 days overbought condition, it does not mean a short signal.  The market was oversold foreverin Jan and Feb.  Can this market keep moving up without a pull back?

Thank you so much for your profound comment.  I do that in my business quite a bit.  It's the self realization.

As a new trader, I am still quite green.  Having experienced people on this side to follow, it's been very helpful.  Yes, it's important for me to develop a daily strategy on how much I can afford to lose and my stop points.

With a day like today, I need to shake it off and be fresh for tomorrow.  If tomorrow is a day to short, I hope I don't feel gun shy because shorting today has taken away all my profits.

Thank you so much for your wisdom.  Got so much to learn...

I am still learning the emotional rollercoaster of being a trader...I had a great start last week following everyone here...and today because of my rookie behavior, I gave it all back.  *sigh*  So much more to learn.

Today is a bad day for a newbie like me.  Keep trying to short all day with leveraged stuff.  Basically took away all the gains from winning last week.  Good tuition fee, I guess.

That's what I said...whether the 160 point down was the pull back.  The market is so strong right now.  I don't know if a leg down is really there. 

Is S&P on a rising wedge?

We are rallying.  Lost some money on shorts....what do you guys think about this afternoon?  Will this be bull count 1 or 2 as Steve described last night?

Guys, I am still learning and yes, sometimes I say things that I know nothing about.  I am shorting right now and hope that this market can make a decision one way or the other.

I don't know guys....the Dow is making higher highs and higher lows today.  That's a bullish sign.

Is this what a calm market feels like?  The market is barely moving.

Is it possible that the pull back we had today (down 160 plus points) to be considered the pull back that you TA experts were looking for?  The Japanese market is up more than 1% and I would imagine that European market will probably follow the Asian market.  The U.S. market tomorrow should be positive.  Please advise.

What do you guys think about tomorrow's open?

Matt and Steve, yes, thank you.  You guys are amazing.  Thank you so much.  Thank others who also contribute to this site.

Guys..what are resistance and support levels for SRS?

When is the last time the market went up 5 days in a row?!  The probability is telling that it's going to come down some day.  Tomorrow, Wednesday?!  Yes, picking top or bottom is hard.

Good bank, bad bank news supposes to come out this week or the latest next week, which should be positive to the financials.  FASB is working on mark to marketing accounting and should have it done in a couple of weeks.  Even though the technical is telling us that a pull back is coming, but a news needs to happen to make people sell.  What could it be?