Just gotta ask yourself, even if you were an uberbull from Sep 1, and buying and buying the whole time, would you still be buying now, or looking at the reversal signs and getting out?
oh we hit the top on the spx on 1/19/11…. we now have diverging indexes which is a classic sign of a top…the dow hit its top today…. the dow’s high will stand alone, as the spx and other indexes stand in non confirmation. this is a BULL trap, plain and simple…. the question is – when to get short again???
i feel your pain…but remember what the lao tse says: “Do you have the patience to wait till your mud settles and the water is clear? Can you remain unmoving till the right action arises by itself?”
As I posted before, I follow few Gann traders…most were predicting turn around by 19th…which happened in all indices but Dow…one of them had turnaround date of 25th, so maybe Dow makes high tomorrow, and then 5-6 weeks of downside which gets us to March (consensus among all)…Gold and Oil are not confirming this ramp…
Instituting my first batch of shorts right here. Held off thank god, three batches to fire in.
Just gotta ask yourself, even if you were an uberbull from Sep 1, and buying and buying the whole time, would you still be buying now, or looking at the reversal signs and getting out?
oh we hit the top on the spx on 1/19/11…. we now have diverging indexes which is a classic sign of a top…the dow hit its top today…. the dow’s high will stand alone, as the spx and other indexes stand in non confirmation. this is a BULL trap, plain and simple…. the question is – when to get short again???
S&P + 7.77
Dow +107.77
Maybe it’s possible were not even at the top yet and go much higher.
i feel your pain…but remember what the lao tse says: “Do you have the patience to wait till your mud settles and the water is clear? Can you remain unmoving till the right action arises by itself?”
This is just getting ridiculous now.
This is a bull trap. Pushing the DOW up to hide last week’s reversal. The broader indices will confirm last week’s reversal.
CRUDE OIL Chart
http://niftychartsandpatterns.blogspot.com/2011/01/crude-oil-close-to-weekly-support-line.html
As I posted before, I follow few Gann traders…most were predicting turn around by 19th…which happened in all indices but Dow…one of them had turnaround date of 25th, so maybe Dow makes high tomorrow, and then 5-6 weeks of downside which gets us to March (consensus among all)…Gold and Oil are not confirming this ramp…