We rallied back up again today, taking out many stops as Mr. Topstep explains above. This is what I said might happen in my weekend post. Looks like Scenario One is now in play. Let's see if the down move starts tomorrow or Thursday?
As I said yesterday, I'm still short. This was nothing more then a "Bear Squeeze", designed to scare everyone out. I'm not scared! Every major technical is still pointing down. I'm sticking this one out, as I'm looking for a move down to 104.00 SPY before OPX. I expect to see it start this week. It could only be a few days, but a week is probably needed to get down to 104.00 spy.
That's all for now, as nothing has changed.
Red
I look forward to us bears having our day Red!
I think we go higher to lure more shorts in only to stop them out and propel higher. When you guys yell uncle, then itll be time for a pullback
You might be right Jeff? But, I'm not going long at these levels. I'll go long after a 5% correction. And, I'll switch from being a bear to being a bull once the Dow hits 3,000-4,000 in 2011-2012. (Not saying I won't go long between now and then, only that when I do go long I'll still be a bear).
Risk is to the upside. Who the hell in their right minds would go long even if it was a defensive long play? I stay short now. I want it to crash now!!!
I'm with you Clutch… bring on the crash baby! I hope it comes unexpected again, just like Dubai did. Of course I'm already short, so I won't miss it this time.
Exactly – GS topped out at $190s in October and declined ever since. You think GS boys would manipulate their own stock to keep it afloat as the markets continued to rally but they're not even bothering with it. They probably know that it's safer for a controlled decline in their stock than a catastrophic collapse of epic proportions like that so called tech company called AMZN. It's only a matter of time.
We'll have our day when Obama, Geithner, and Bernanke are all gone. Here's some Obama bashing for you…
http://www.commondreams.org/view/2009/05/28-3
Hi Red, like I said last week, Will finish up this week… the TSX as mentioned if we break 11625 approx we shd hit 11900 and thats what I believe will happen. Next RES was 11750 on PF charts so were right there now, if we move up Thurs as I suspect then 11900 TSX here we come Thurs/Fri. After that heck if I know……
If Im wrong then silly me,,,
Thanks
Joe
Toronto Canada
Hi Red, like I said last week, Will finish up this week… the TSX as mentioned if we break 11625 approx we shd hit 11900 and thats what I believe will happen. Next RES was 11750 on PF charts so were right there now, if we move up Thurs as I suspect then 11900 TSX here we come Thurs/Fri. After that heck if I know……
If Im wrong then silly me,,,
Thanks
Joe
Toronto Canada