Remember, I expect lower prices over time and I expect that the
SPX will go to test the 200 MA around SPX 1030 in like I talked
about last night. That's why the Inverse ETF's and shorts
remain on the watch list and we plan to just keep them on
there.
Short term counts are tricky especially on Fed days. but I was
pretty clear that we had lower prices coming over time so really
depends on how you play it. swing traders
can just keep the SH,
PSQ, etc and hold through a bounce.On the other hand, Short
term traders would have likely covered shorts yesterday or at least
1/2 off yesterday, really depends on your time frame etc
expecting lower prices over time is cold comfort in a choppy
market.
And I'm sorry but you really can't take credit for calling this
in light of the short term call that has failed. No big deal as
shorter term calls often get trumped by market action. ...
whoosh and down she goes in what now looks more like a wave 3 of
3 of 5...1070 looks like a lock but who knows?
The market loves to fool as many as possible. Trying to
count the short term waves is very tough. Simply put, just
honor the signals you get in accordance with the time frame you are
comfortable trading within.
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Remember, I expect lower prices
SPX 60 min
Posted by matt on 28th of Jan 2010 at 11:26 am
Remember, I expect lower prices over time and I expect that the SPX will go to test the 200 MA around SPX 1030 in like I talked about last night. That's why the Inverse ETF's and shorts remain on the watch list and we plan to just keep them on there.
Short term counts are tricky especially on Fed days. but I was pretty clear that we had lower prices coming over time so really depends on how you play it. swing traders can just keep the SH, PSQ, etc and hold through a bounce.On the other hand, Short term traders would have likely covered shorts yesterday or at least 1/2 off yesterday, really depends on your time frame etc
expecting lower prices over time
Posted by perthx on 28th of Jan 2010 at 11:32 am
expecting lower prices over time is cold comfort in a choppy market.
And I'm sorry but you really can't take credit for calling this in light of the short term call that has failed. No big deal as shorter term calls often get trumped by market action. ...
whoosh and down she goes in what now looks more like a wave 3 of 3 of 5...1070 looks like a lock but who knows?
The market loves to fool
Posted by steve on 28th of Jan 2010 at 11:41 am
The market loves to fool as many as possible. Trying to count the short term waves is very tough. Simply put, just honor the signals you get in accordance with the time frame you are comfortable trading within.