The impression you get couldn't be further from the truth.
Just look at the trade ideas and watchlist over the last
several weeks and the number of long setups versus short setups.
Being cautious is prudent since the market is extended and
thus we have said to focus on the best setups. Maybe you can
share some insights into some trade ideas versus simply making
rogue statements. This market can pullback quickly at any
moment with the indicators very extended and telling people to
remain disciplined is important.
This is NOT a rouge statement. It's from my observation on the
bloggers on this site. Quite a few are positioning differently from
what you're saying.... either they are not reading you right or
they are not reading the newsletter?
You keep talking about the market being over bought in so manny
updates so why put buys on the watch list. This gives a double
message and why I dont use the watch list IMHO.
The best traders react to the market, so while it's prudent to
be cautious, follow the trend and react when it changes because no
one has a crystal ball and knows exactly when the market will top
or bottom, so all you can do is note overbought and oversold
conditions and support/resistance and trade using disciple and good
risk/reward etc.
personally myself I like to give Longs more room when the market
is oversold a little bit or not so overbought, and give them less
room and day trade when the market feels a bit dangerous and
overbought. also I make exceptions if the pattern is really
awesome or the volume is exceptional.
Because those are the facts rm686. As I said very clearly
last night, overbought is NOT a reason to sell. We put trade
ideas out there because they are valid setups.
We will continue to play the valid setups if they trigger but we
must point out the fact that the risk/reward is declining as the
market grinds higher.
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The impression you get couldn't
Are you short?
Posted by steve on 17th of Mar 2010 at 10:36 am
The impression you get couldn't be further from the truth. Just look at the trade ideas and watchlist over the last several weeks and the number of long setups versus short setups. Being cautious is prudent since the market is extended and thus we have said to focus on the best setups. Maybe you can share some insights into some trade ideas versus simply making rogue statements. This market can pullback quickly at any moment with the indicators very extended and telling people to remain disciplined is important.
This is NOT a rouge
Posted by 55555 on 17th of Mar 2010 at 11:08 am
This is NOT a rouge statement. It's from my observation on the bloggers on this site. Quite a few are positioning differently from what you're saying.... either they are not reading you right or they are not reading the newsletter?
No 5555 - it's simply
Posted by steve on 17th of Mar 2010 at 11:18 am
No 5555 - it's simply because they choose to position in that direction which is there choice.
I think there are many
Posted by Palladin on 17th of Mar 2010 at 11:18 am
I think there are many shorts here including me, but we are all busy licking our wounds right now and laying low
come on bears, fess up!
Palladin - I think a
Posted by matt on 17th of Mar 2010 at 11:25 am
Palladin - I think a lot of people were what I call "Prechterized" in 2009! I'm going to submit that term to Wikipedia!
Does anyone want a Tshirt, "I was Prechterized in 2009"?
Carefull, you might start another
Posted by Palladin on 17th of Mar 2010 at 11:36 am
Carefull, you might start another Prechter bashing avalanche of posts.
I have to admit of being over influenced not just by Prechter but by the likes of McHugh, Rubini, Meredith, Rosen, Nadler and other fundamentalists.
The irony I think, is that they are all correct about the economy, just not about the markets witihin any reasonable time frame.
watch list
Posted by RM686 on 17th of Mar 2010 at 10:48 am
You keep talking about the market being over bought in so manny updates so why put buys on the watch list. This gives a double message and why I dont use the watch list IMHO.
The best traders react to
Posted by matt on 17th of Mar 2010 at 10:54 am
The best traders react to the market, so while it's prudent to be cautious, follow the trend and react when it changes because no one has a crystal ball and knows exactly when the market will top or bottom, so all you can do is note overbought and oversold conditions and support/resistance and trade using disciple and good risk/reward etc.
personally myself I like to give Longs more room when the market is oversold a little bit or not so overbought, and give them less room and day trade when the market feels a bit dangerous and overbought. also I make exceptions if the pattern is really awesome or the volume is exceptional.
Because those are the facts
Posted by steve on 17th of Mar 2010 at 10:51 am
Because those are the facts rm686. As I said very clearly last night, overbought is NOT a reason to sell. We put trade ideas out there because they are valid setups.
We will continue to play the valid setups if they trigger but we must point out the fact that the risk/reward is declining as the market grinds higher.