Posted by david_lee on 21st of Jul 2011 at 11:56 am
If the Financials catches up and move up, S&P has a good
chance to break new highs and squeeze out the shorts hanging
here.... I see a good chance of that -
Posted by Palladin on 21st of Jul 2011 at 12:54 pm
this fool put in stink bids that are countertrend and not
likely. Top or bottom. The odd time I catch one or two and it pays
off! Requires patience and constant monitoring...
The 1344 was a clear objective area to short. Oviously a close
above there is your stop, but my feeling is that we are close/at
wave(b) and (c) down to come for wave E before we have a large move
up. So it depends on the timeframe you trade. At this time I favour
a move down before a larger rally/blow off.
Posted by david_lee on 21st of Jul 2011 at 12:42 pm
I do not look at EW... has never made sense to me and I do not
know of many big money managers that trade based on EW.
It's hard enough as it is to tell the up or down direction in
any day; not to even mention EW attempt to PREDICT the ups, downs
follow by up and then down.... that's the greatest joke IMO. It's
just silly.
frtaylor, there is still a gap higher up on the SPY chart,but I dont see it going higher than that...
Curb your enthusiasm
Posted by kobie on 21st of Jul 2011 at 11:53 am
thx kobie. I decided to
Posted by frtaylor on 21st of Jul 2011 at 01:06 pm
thx kobie. I decided to trail my stop, so I got out w/ lunch money.
If the Financials catches up
Posted by david_lee on 21st of Jul 2011 at 11:56 am
If the Financials catches up and move up, S&P has a good chance to break new highs and squeeze out the shorts hanging here.... I see a good chance of that -
david_lee, could go higher but if you know how to catch the exact top,let me know!
Posted by kobie on 21st of Jul 2011 at 12:00 pm
No one knows how to
Posted by david_lee on 21st of Jul 2011 at 12:04 pm
No one knows how to catch the top; it's a fools game trying to catch turning points;
Just trade or go with the trend - shorting here is foolish or a fools game
this fool put in stink
Posted by Palladin on 21st of Jul 2011 at 12:54 pm
this fool put in stink bids that are countertrend and not likely. Top or bottom. The odd time I catch one or two and it pays off! Requires patience and constant monitoring...
david_lee , explane why its foolish to short at resistance?
Posted by kobie on 21st of Jul 2011 at 12:27 pm
The 1344 was a clear objective area to short. Oviously a close above there is your stop, but my feeling is that we are close/at wave(b) and (c) down to come for wave E before we have a large move up. So it depends on the timeframe you trade. At this time I favour a move down before a larger rally/blow off.
I do not look at
Posted by david_lee on 21st of Jul 2011 at 12:42 pm
I do not look at EW... has never made sense to me and I do not know of many big money managers that trade based on EW.
It's hard enough as it is to tell the up or down direction in any day; not to even mention EW attempt to PREDICT the ups, downs follow by up and then down.... that's the greatest joke IMO. It's just silly.
I don't look at EW either
Posted by Tango on 21st of Jul 2011 at 12:43 pm
I just follow Cramer.. LOL
Posted by zach06 on 21st of Jul 2011 at 12:43 pm
The short was very logical ...especially when the move up was parabolic
Posted by zach06 on 21st of Jul 2011 at 12:31 pm
the real question is don't fall in love with your short and know when to get out on a trend day
kobie.... my computer beeped off that 2393 are on the /nq
Posted by zach06 on 21st of Jul 2011 at 12:03 pm
but off course I was taking a snooze..... LOL