Well G… something just ain't right, and I can feel it in my bones. I think I'll pass on Nightline, but I'd sure like too be right on this one. I haven't every been so heavily short, and it's worrisome of course, but I've also never been this heavily convinced that we're going down.
I have to stick with what the charts tell me, along with the news, and of course my gut. I'm riding this puppy out until a break of 1080, and conformation.
I'll be heavily underwater if that happens, but I will take my loss like a man… if that happens? I'm betting it doesn't.
I think we still have more wave 2 to come. If the purpose of wave 2 is to make bears reconsider, it hasn't done that. Almost all of the EW blogs are in “P3 is here!” mode. A short squeeze from this level 1070ish to 1100ish would be absolutely brutal. At 1104 or so (a retest of 4 of 1), bears would flip out and maybe capitulate.
That said, the market doesn't seem to have the juice to get there. I don't know. Maybe bulls took some profits on the way down and kept their powder dry.
My trading plan has me long in real estate, expecting the short squeeze to come tomorrow.
I just turned my head for a second and the market plunged 50 points. What volatility! I just hope the terrorists don't target Disneyworld 🙂 If it were to happen though I think they would go after the winter olympics.
This is forming the ABC move up to 1080 that I said was possible. The news that they are going to bailout Greece is what drove this move up.
You can't predict this news events. I'm staying short, as I still believe we are going down. What will that crazy idiot do on Thursday is what concerns me. A terrorist attack?
Is technical analysis alone the answer? It seems that using “some” fundemental analysis aids in incorperating some common sense.
I suspect the plunge will not happen until some fundemental news surfaces, the proverbial match that lights the fire. That might be (using common sense) is retail sales AND some sort of European summit, both on thurday.
Weak retail sales can tank the S&P. And if the summit doesn't fix Greece than that will grease the skids for the Euro to tank which correlates with a downside S&P
It's true last week that the S&P tanked thurs. the day before the employment figure came out. but I think the market was factoring in the fundementals (the big revisions) beforehand.
Should have followed my original plan to buy puts just before the match was lit. Wed pm
Red,
Thanks for the explanation on Stargate.
IMHO, today's move is clearly bullish short-term. As usual losing money from all angles.
Good luck to all…
Well G… something just ain't right, and I can feel it in my bones. I think I'll pass on Nightline, but I'd sure like too be right on this one. I haven't every been so heavily short, and it's worrisome of course, but I've also never been this heavily convinced that we're going down.
I have to stick with what the charts tell me, along with the news, and of course my gut. I'm riding this puppy out until a break of 1080, and conformation.
I'll be heavily underwater if that happens, but I will take my loss like a man… if that happens? I'm betting it doesn't.
Good Luck to us all…
I think we still have more wave 2 to come. If the purpose of wave 2 is to make bears reconsider, it hasn't done that. Almost all of the EW blogs are in “P3 is here!” mode. A short squeeze from this level 1070ish to 1100ish would be absolutely brutal. At 1104 or so (a retest of 4 of 1), bears would flip out and maybe capitulate.
That said, the market doesn't seem to have the juice to get there. I don't know. Maybe bulls took some profits on the way down and kept their powder dry.
My trading plan has me long in real estate, expecting the short squeeze to come tomorrow.
Okay red, I am going to be looking for you at least on Nightline. Nice Post
I hope so too girl…
I just turned my head for a second and the market plunged 50 points. What volatility! I just hope the terrorists don't target Disneyworld 🙂 If it were to happen though I think they would go after the winter olympics.
This is forming the ABC move up to 1080 that I said was possible. The news that they are going to bailout Greece is what drove this move up.
You can't predict this news events. I'm staying short, as I still believe we are going down. What will that crazy idiot do on Thursday is what concerns me. A terrorist attack?
Are we having fun yet?! Oh well :0 Still hanging.
That's correct bensjoyce. The technicals will set up the move first, and then the news will cause the move to happen.
Is technical analysis alone the answer? It seems that using “some” fundemental analysis aids in incorperating some common sense.
I suspect the plunge will not happen until some fundemental news surfaces, the proverbial match that lights the fire. That might be (using common sense) is retail sales AND some sort of European summit, both on thurday.
Weak retail sales can tank the S&P. And if the summit doesn't fix Greece than that will grease the skids for the Euro to tank which correlates with a downside S&P
It's true last week that the S&P tanked thurs. the day before the employment figure came out. but I think the market was factoring in the fundementals (the big revisions) beforehand.
Should have followed my original plan to buy puts just before the match was lit. Wed pm