With The Dow topping 14,000 for the first time many of you might be wondering what drives the market from here – or is this the top? We turn on the web cams to find out.
Webcam1: William from Georgia is an active trader who is quite skeptical of this bull market.
William says he's worried because Q1 and Q2 earnings came in really high. And usually August is a down month. Also September is often weak. “I don’t think we’re looking at a bed of roses in Q3,” replies William.
Eric Bolling says the third year of a Presidential term finds the market up an average of 19.9%. We’re only up 12% so far.
Tim Seymour asks Bill how he's measuring liquidity?
Bill says he looks at the Relative Strength Index or RSI which he says peaked May 9th.
Eric Bolling says traders can get burned by the RSI.
Webcam2: Steve from North Carolina used to work at a hedge fund and is now doing some trading for himself. He thinks the market has some more room to run.
Steve sees a lot of exuberance, and he knows guys who shorted the market and they are really hurting.
Jeff Macke reminds Steve to always have an exit plan.
Trader disclosure: On July 17th 2007, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Macke Owns (ATVI); Bolling Owns (BP), (XOM), Corn, Soybeans, Gold, Silver, Platinum, Copper; Najarian Owns (SNDK); Seymour Owns (BAC), (BBD), (COP), (INTC), (ITU); GE Is The Parent Company of CNBC; CNBC Is A Service Of NBC Universal And Dow Jones.
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