Posted by dallassteve on 25th of Mar 2009 at 09:50 am
Hi Harvey,
Sorry, I did not see your post yesterday. Yes, I am still
holding SDS and FAZ. I'm still up a little on SDS this morning,
even with the SPX up 90 points, so have a little room to wait and
watch there. Losing money on FAZ (got in too early), but it
is a small position. (Small is relative, I guess. I'm
losing a thousand bucks on this small position.)
Maybe some others are in the same boat. I know this is a
crap shoot at the moment. Market could go either way. I
like the double top and negative divergence. If SPX takes out
the 825 level, I'm out. Matt noted this level and the 804-805
level, which I am watching carefully.
Let me know what you think. And anyone else.
Thanks.
Posted by junkmaylbox on 24th of Mar 2009 at 10:21 am
It should get there. Please be patient or reduce your position
if the market goes up more. The thing to do is to reduce the
position when the market goes against you, or to reverse completely
if more upside is assured.
There can be several EW interpretations of yesterday's
action...based on the fake outs of the other waves, it would be
foolish to think that this wave 5 up is over...doesn't mean it
can't be over, just that as Matt and Steve always say, look for the
triggers and other confirming chart data of a top etc.
Seems to me that we need to go a bit higher first but then that
must mean the opposite will happen!!! Used to know a guy like
that....fading him made me a ton of money, until he went
broke.
x
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dallas are you going to
For those who were short coming into today, realize that ...
Posted by harveylail on 24th of Mar 2009 at 10:12 am
dallas are you going to hold until spx 770ish?
Currently in the same boat... Don't mind taking some losses but would like to minimize.
Matt what are you thoughts of the 770 level.
Thanks
Hi Harvey, Sorry, I did not
Posted by dallassteve on 25th of Mar 2009 at 09:50 am
Hi Harvey,
Sorry, I did not see your post yesterday. Yes, I am still holding SDS and FAZ. I'm still up a little on SDS this morning, even with the SPX up 90 points, so have a little room to wait and watch there. Losing money on FAZ (got in too early), but it is a small position. (Small is relative, I guess. I'm losing a thousand bucks on this small position.)
Maybe some others are in the same boat. I know this is a crap shoot at the moment. Market could go either way. I like the double top and negative divergence. If SPX takes out the 825 level, I'm out. Matt noted this level and the 804-805 level, which I am watching carefully.
Let me know what you think. And anyone else. Thanks.
It should get there. Please
Posted by junkmaylbox on 24th of Mar 2009 at 10:21 am
It should get there. Please be patient or reduce your position if the market goes up more. The thing to do is to reduce the position when the market goes against you, or to reverse completely if more upside is assured.
There can be several EW
Posted by perthx on 24th of Mar 2009 at 10:34 am
There can be several EW interpretations of yesterday's action...based on the fake outs of the other waves, it would be foolish to think that this wave 5 up is over...doesn't mean it can't be over, just that as Matt and Steve always say, look for the triggers and other confirming chart data of a top etc.
Seems to me that we need to go a bit higher first but then that must mean the opposite will happen!!! Used to know a guy like that....fading him made me a ton of money, until he went broke. x