I went long yesterday at the open and see no reason to
close....just yet. Think there is probably upside left to the 1100
to 1110 region
Apart from this we have a rising wedge in the S&P which once
1100 breaks, will give it the impetus to move towards 1105-1110
Last thing I would do is take a poll by the way on any blog or
from anyone. My advice would be to look at the charts and
indicators and draw conclusions thereon
Posted by frtaylor on 18th of Aug 2010 at 04:09 pm
and I do in fact look at just about all the charts from Steve
and Matt and some of those posted here. But I am trying to balance
trading with family and a part time job, so until I have more time
spent analyzing charts to a point where I can expertly draw my own
charts and reach my own conclusions, learning from others (most
prominently Steve and Matt) is an essential of my strategy. It's
that or else give up learning in real time for a number of months
while I study. Which may be a good route, but may just lead to
procrastination of the studies (knowing me).
If others had only said "short the SPY!" or "don't short the
SPY!" then, yes, that would be totally useless. But I figured
people would bring something more to the table, and they did.
Thanks everyone, btw.
what I try and gain from a blog like this is to understand new
trading ideas and techniques that will add to my knowledge. Asking
others for their opinion without asking exactly why or what setup
is driving to a conclusion is in my opinion not something that will
facilitate a trader in the long term to build the necessary
skillset to trade the market
I do look at the charts that Matt and Steve post because they
are excellent. What i don't do is listen to the audio because it
could have their thoughts/opinions in it which is fair enough.
However, i like to draw my own conclusions based on a series of
charts and rationalise for myself why I think the market is going
up down or sideways
Posted by steve101 on 18th of Aug 2010 at 03:34 pm
Should make an attempt at a double top around 1130, or at least
close the gap Steve pointed out last night. Max upside is around
1150, but less likely.
If we get much higher than 1130, we could break out of
the inverted H&S pattern that has been forming since May,
which could mean that we rally up to challenge the April
highs. It's quite possible. (That would be an even better place for
a double top, should the market choose to put one in.)
short the SPY now?
Posted by frtaylor on 18th of Aug 2010 at 03:29 pm
Is it time to short the SPY? Taking a poll! I'm thinking of opening a position.
Thanks for the input
Posted by frtaylor on 18th of Aug 2010 at 03:59 pm
Seems like a consensus - more upside yet. Maybe 1130 at least. Thanks everyone!
I went long yesterday at
Posted by vimal on 18th of Aug 2010 at 03:58 pm
I went long yesterday at the open and see no reason to close....just yet. Think there is probably upside left to the 1100 to 1110 region
Apart from this we have a rising wedge in the S&P which once 1100 breaks, will give it the impetus to move towards 1105-1110
Last thing I would do is take a poll by the way on any blog or from anyone. My advice would be to look at the charts and indicators and draw conclusions thereon
Excellent advice,
Posted by frtaylor on 18th of Aug 2010 at 04:09 pm
and I do in fact look at just about all the charts from Steve and Matt and some of those posted here. But I am trying to balance trading with family and a part time job, so until I have more time spent analyzing charts to a point where I can expertly draw my own charts and reach my own conclusions, learning from others (most prominently Steve and Matt) is an essential of my strategy. It's that or else give up learning in real time for a number of months while I study. Which may be a good route, but may just lead to procrastination of the studies (knowing me).
If others had only said "short the SPY!" or "don't short the SPY!" then, yes, that would be totally useless. But I figured people would bring something more to the table, and they did. Thanks everyone, btw.
if you don't care about
Posted by Palladin on 18th of Aug 2010 at 04:02 pm
if you don't care about others opinions on "any" blog, why are you here?
what I try and gain
Posted by vimal on 18th of Aug 2010 at 04:41 pm
what I try and gain from a blog like this is to understand new trading ideas and techniques that will add to my knowledge. Asking others for their opinion without asking exactly why or what setup is driving to a conclusion is in my opinion not something that will facilitate a trader in the long term to build the necessary skillset to trade the market
I do look at the charts that Matt and Steve post because they are excellent. What i don't do is listen to the audio because it could have their thoughts/opinions in it which is fair enough. However, i like to draw my own conclusions based on a series of charts and rationalise for myself why I think the market is going up down or sideways
fair enough vimal as for the
Posted by Palladin on 18th of Aug 2010 at 11:03 pm
fair enough vimal
as for the audio, maybe if they had some nice background music a la Marketclub?
I think there's more upside
Posted by Michael on 18th of Aug 2010 at 03:45 pm
I think there's more upside too. SPX daily.
Not enough time left in
Posted by ditch on 18th of Aug 2010 at 03:35 pm
Not enough time left in the day for me.... The opening gaps are killers in this market. imho
Not yet.
Posted by steve101 on 18th of Aug 2010 at 03:34 pm
Should make an attempt at a double top around 1130, or at least close the gap Steve pointed out last night. Max upside is around 1150, but less likely.
If we get much higher
Posted by user32 on 18th of Aug 2010 at 05:17 pm
If we get much higher than 1130, we could break out of the inverted H&S pattern that has been forming since May, which could mean that we rally up to challenge the April highs. It's quite possible. (That would be an even better place for a double top, should the market choose to put one in.)
http://stockcharts.com/h-sc/ui?s=SPY&p=D&yr=0&mn=9&dy=0&id=p39962103499&a=206651200
I think there is more
Posted by Palladin on 18th of Aug 2010 at 03:33 pm
I think there is more upside left.
short spy
Posted by fixdgear on 18th of Aug 2010 at 03:31 pm
options on SPY
Posted by frtaylor on 18th of Aug 2010 at 03:35 pm
Actually so did I, back when it was about 112. But thinking of a straight short to add to my position. Maybe I'm too confident, though.