Red

Dow jones raising wedge updated
http://niftychartsandpatterns.blogspot.com/2010…

We just formed the right shoulder of a little H&S on the intraday chart, which will take us to, ta-da, 177.8, the daily pivot.

We keep bouncing off the damn Weekly Pivot on the ES, which 1076.33. Once that get's taken out, more downside potentially.

Todays' action looks to be setting up for a big gap down on Monday. The 60 minute is very overbought now, and turning down now.

I could see Monday and Tuesday being down hard, with a quick rally back into Friday to pin the market at a level that benefits the market makers the most.

I'm with you and I like Cobras thought…I roll when we break 1105
Till then short…

http://lh6.ggpht.com/_APmrYvpA45s/TBGMgfJfXLI/A…

well thanks. I am staying short no matter what. They will try to scare us all out before they take her down.

Today's lower TL broke down, a good sign. Now we will rally.

If we stay under 1089 through 2:30, we should be good for bearish fun.

Of course, I said something like that yesterday and got ****ed. 😀

but puts kill too. I have been killed and then made wealthy numerous times now. I guess there is no solution. Either you take risk for the potential reward or you don't.

I like puts and ETFs better than straight out shorting. That's how I got killed in the market years ago so am 'Rip Van Trader', lol.

You have to be careful with puts, but if you are not risking more than you can afford, you'll be OK.

Buying ETFs on margin could be a killer. Otherwise, you can ride out practically anything.

I can't say i do although it sounds like he is from my tribe!