Thanks for the charts... we

    $SPX symmetry?

    Posted by pinguin on 25th of Apr 2013 at 02:14 pm

    Thanks for the charts... we are either getting ready for an incredible pop, or drop

    sure, could go either way.

    Posted by kalinm on 25th of Apr 2013 at 02:18 pm

    sure, could go either way.  Crazy that we have been rallying for 6 months with only multi-day pullbacks, and yet volatility is piping up?   Not a controlled melt-up market, but one with crashes, snap back rallies and bizarre rotation.  Check out the expanding nature of ATR (daily range).  It's wild alright.  And I think the candles only get bigger on the next move (whatever that may be).  A blow-off top could see 1700, no problem (emerging markets picking up pace); a drop from here could be equally dramatic as safe havens now look vulnerable while emerging markets have rallied hard, but right to resistance.

    i would expect that since

    Posted by himsa on 25th of Apr 2013 at 02:38 pm

    i would expect that since the vix is so low, and people dont think we will go down, that it would drop, but you never know. the market is a game, and the people on top always win

    I think the traders without

    Posted by matt on 25th of Apr 2013 at 02:46 pm

    I think the traders without bias win - for example there is one guy I'm talking with now on skype, every day he's calling a top, he's called a top for the last 3 years, I stopped talking to him, then about 3 months ago he starts hitting me up on Skype calling a top, I told him nope don't see it and he said I was wrong, well market made a new high, then he called about 5 more tops.  On the pullback in Early April he said there was no way the market couldn't go back to new highs, and last week after the last pullback from the 1597 highs he said there is no way the SPX could bonce back even to 1560, it was 1540 at the time - well wrong again.  And this morning short term he said it's gonna crash intra day morning, I said nope bull flag 5 min and I was right.

    It drives Steve and I nuts, these guys with these huge bias - take off the bear goggles and trade what is in front of you (this applies to gold bugs as well as their bull goggles are even thicker). Steve and I have seen so many folks get buried and lose all their money because of bias that affects their trading.  

    I'm sorry for the rant, it just drives me nuts because I've seen so many folks hurt by it.

    Title: 12 step program well stated

    Posted by kalinm on 25th of Apr 2013 at 03:02 pm
    Title: 12 step program

    indeed i would rather see

    Posted by himsa on 25th of Apr 2013 at 02:51 pm

    indeed i would rather see the rich bankers lose, than the ordinary working man.

    Well said... it is a

    Posted by pinguin on 25th of Apr 2013 at 02:47 pm

    Well said... it is a tough lesson to lose the bias... unfortunately I haven't completely learned the lesson yet.

    Yup ... took me a

    Posted by johnny1 on 25th of Apr 2013 at 03:28 pm

    Yup ... took me a while to figure it out, too :  Bottom left to top right ... GOOD!

    Top right to bottom left ... BAD!   Wink

    Happy trading to all and down with bias!  

     

    ~~ j ~~ 

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