Yeah, I agree with you. I posted a link in the post above to Cobra's weekend update. It shows lots of evidence of another leg down. Tomorrow could still go up to that 116.80 spy level in the morning, and then stale out, and either sell off or trade sideways?
Either way, I went short around 116.00 area, and I'll wait it out for a few days if necessary? I really believe another sell off is coming asap.
I'm about 85% positive that there will be a second, lower bottom. Cobra had a lot of material on his site yesterday that supported a second bottom, and also pointed out that the duration of this valley could go on another nine days. So, this thing could have a lot of twists and turns. Or not. One possibility is that we could have a very rapid bullet down and immediately go into a rally, a strong possibility because of market breadth that is almost scary.
Or, we could meander around testing containment points before going to a second bottom, or even have two more steps, which would surprise everybody.
Sundancer posted a chart this morning that shows the containment areas, very interesting:
We are on our fourth attempt at the green line, and I do not believe that the market has enough oomph to do it, having come so far in three days if you include Thursday's rebound. I'm not a wave theory guy, but do see rallies as usually consisting of three steps, and we are on step three now, according to my reckoning.
All day long, it looked to me like the bigger trades were downticks, even if the money flow was positive. Got to watch it, though, because I've seen some of my buys come in as downticks. Some bears ran a little at the end of the day, but hardly panic covering, I thought. I was mostly watching SDS and AAPL.
Sold my AAPL calls too soon. 🙁 More than doubled my money, though. 🙂
We have a good group here. Join in anytime. I edited the post and include credit to Gred. I overlook the part where Alpha said he copied the chart from Gred… DUH
Gred's a great guy- good trader and chartist for sure. I'm sure he'll be honored. Good work over here today- I was able to pop in a read quite a bit, and learning a lot from y'all.
Yeah… definitely. We all need to help each other out and share charts. Alphahorn posted, and did mention grednfer. I'll edit the post, to give proper credit.
Well, I don't know if 1999 paints an accurate picture of today or not, but we are very very close too a top now. Unfortunately, when you are playing options, being off a month can kill your position.
Yeah, I agree with you. I posted a link in the post above to Cobra's weekend update. It shows lots of evidence of another leg down. Tomorrow could still go up to that 116.80 spy level in the morning, and then stale out, and either sell off or trade sideways?
Either way, I went short around 116.00 area, and I'll wait it out for a few days if necessary? I really believe another sell off is coming asap.
I'm about 85% positive that there will be a second, lower bottom. Cobra had a lot of material on his site yesterday that supported a second bottom, and also pointed out that the duration of this valley could go on another nine days. So, this thing could have a lot of twists and turns. Or not. One possibility is that we could have a very rapid bullet down and immediately go into a rally, a strong possibility because of market breadth that is almost scary.
Or, we could meander around testing containment points before going to a second bottom, or even have two more steps, which would surprise everybody.
Sundancer posted a chart this morning that shows the containment areas, very interesting:
http://www.flickr.com/photos/47091634@N04/45955…
We are on our fourth attempt at the green line, and I do not believe that the market has enough oomph to do it, having come so far in three days if you include Thursday's rebound. I'm not a wave theory guy, but do see rallies as usually consisting of three steps, and we are on step three now, according to my reckoning.
All day long, it looked to me like the bigger trades were downticks, even if the money flow was positive. Got to watch it, though, because I've seen some of my buys come in as downticks. Some bears ran a little at the end of the day, but hardly panic covering, I thought. I was mostly watching SDS and AAPL.
Sold my AAPL calls too soon. 🙁 More than doubled my money, though. 🙂
LOL… nothing surprises me anymore. You did know that President Jimmy Carter claimed publicly that he seen a UFO…
Leo something for you it's off topic but I though you may be interested.
http://tinyurl.com/27yhfx6
Thanks girl…
We have a good group here. Join in anytime. I edited the post and include credit to Gred. I overlook the part where Alpha said he copied the chart from Gred… DUH
Gred's a great guy- good trader and chartist for sure. I'm sure he'll be honored. Good work over here today- I was able to pop in a read quite a bit, and learning a lot from y'all.
Yeah… definitely. We all need to help each other out and share charts. Alphahorn posted, and did mention grednfer. I'll edit the post, to give proper credit.
Red.. nice post, buddy! BTW.. that chart is Grednfer's if you'd like to let him know you appreciate his work. 😉
http://disqus.com/grednfer/
Well, I don't know if 1999 paints an accurate picture of today or not, but we are very very close too a top now. Unfortunately, when you are playing options, being off a month can kill your position.
Take this back to 1999. Performance erodes dramatically.
Be careful!