Posted by billrosen on 2nd of Apr 2009 at 10:37 am
Just sitting on the sidelines today and watching...not
understanding what just happened...that we break thru the old high
of roughly 833 on the SPX and not just a little but substantially
at 35.92, only to then come right back down below the that
same level. If I was trading I would have gone long when we
broke 833 and most likely getting stopped out, it seems almost all
of the "objective trades" are just not working lately in this
market...am I wrong here? Am I missing something? Curious what
others think...
What timeframe are you working in. There are some key levels
right around 837 and 838 in the S&P
837.15 is a 50% retrace from the Nov 4 highs to the Mar lows
838.01 is a .618 retrace from the Jan 6 high to Mar lows.
If we push thru we will head for 855. If we fail here then the
market will pull back and the 3rd time will be the charm.
At some point we will get a pullback and the important thing is
to buy the break. Untill we see the buyers lose control those are
the cards we are dealt.
Just sitting on the sidelines
Posted by billrosen on 2nd of Apr 2009 at 10:37 am
Just sitting on the sidelines today and watching...not understanding what just happened...that we break thru the old high of roughly 833 on the SPX and not just a little but substantially at 35.92, only to then come right back down below the that same level. If I was trading I would have gone long when we broke 833 and most likely getting stopped out, it seems almost all of the "objective trades" are just not working lately in this market...am I wrong here? Am I missing something? Curious what others think...
Bill, What timeframe are you working
Posted by padraigm on 2nd of Apr 2009 at 11:09 am
Bill,
What timeframe are you working in. There are some key levels right around 837 and 838 in the S&P
837.15 is a 50% retrace from the Nov 4 highs to the Mar lows
838.01 is a .618 retrace from the Jan 6 high to Mar lows.
If we push thru we will head for 855. If we fail here then the market will pull back and the 3rd time will be the charm.
At some point we will get a pullback and the important thing is to buy the break. Untill we see the buyers lose control those are the cards we are dealt.
Pat
I was going by the
Posted by billrosen on 2nd of Apr 2009 at 11:13 am
I was going by the previous high of 32.68 I thinkis what it was...
this market if full of
Posted by dylan398 on 2nd of Apr 2009 at 10:52 am
this market if full of headfakes.....very difficult IMHO