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This is the week.
GDP consensus of 3.1%.
A 4 handle and up we go past S&P 2000.
A 1 handle and we head to some support under 1900.
A 2 handle we might go sideways.
ADP consensus is 235 and will confirm the recent uptrend in jobs or indicate the previous were flukes.
Non farm payrolls estimate is 233.
If a late summer - early fall correction is near >>>> GDP may start it.
We have been trading at the top of the trading range for a little while now, so a slight pullback wouldn't surprise me.... but who knows, we have seen the market ride along the top end of the trading range for longer before. I sold my UPRO and bought SPY in case a pullback happens, but I definetly don't want to be out of the market or pull out.
Or I can listen to cramer and buy individual stocks.
I've been adding to the market and buying individual stocks since 2009… it's done great for me. You can sell or short, but you will most likely lose money just like all the others before you have.
We have been trading at the top of the trading range for a little while now, so a slight pullback wouldn't surprise me.... but who knows, we have seen the market ride along the top end of the trading range for longer before. I sold my UPRO and bought SPY in case a pullback happens, but I definetly don't want to be out of the market or pull out.
I have felt for weeks since the dismal 1st Q GDP that the 2nd Q GDP must meet expectations or the market will then have a real reason to go down. We'll know at 8:30am on Wednesday. The market ignored -2.9 GDP because of the hope for a 4-5% for 2nd Q. The consensus is around 3-3.1%. It better beat or the excuse will arrive.
"trading at the top of the trading range" What is this supposed to mean?? What trading range? It seems to me that the market has been moving upwards at a pretty constant rate for 5 years.
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