Remember Keirsten and DavidDT from Mole's site ES? Now they run a fantastic blog now with a lot of excellent traders from SOH & ES. It is a no drama zone. Lots of good charts and trade ideas. Please come by and pay us a visit and stay. You would be a wonderful addition to the group.
HI Red same as you I have remained short and added more yesterday late afternoon Elliotters giving the bull the benefit if the doubt, even tho they have pictured both directions, they seem to be more bullish than not Jay
You still should be ok, as we may have another sideways day tomorrow while the dollar tries to break overhead resistance. Once that happens… another short squeeze will occur, and the market will get hammered!
It has been dumb money here lately, and yes we need to break the 1100 level. I believe it will come… and come like a thief in the night. If you aren't already short you will miss out, just like they did last week.
Should have seen this earlier. This afternoon, while worried about spx climbing higher to the level of 1121 (or talk of 1045+ ), I sold off all my shorts (amzn shorts, faz, and etc). Now 100% cash. Make all the senses. Seems to support your view, ES just went down.
Nice post Red! I agree with you that a lot of the sectors have been weak for some time now especially financials and tech. Most shorts think this is a bear trap similar to late October but this slow weakness may be what we need to push this tape lower. In late October the markets sold off within a perid of 4-5 days and everyone started jumping on the short side only to burned. The VIX jumped from low 20s to 30s in one day. It's a little different now especiallly with the sideways pattern. I believe mutual funds and institutions are slowly scaling out of their positions these last few weeks. This has been met with some buying from dumb money. Dowards momentum is slowly building. Participation to the upside is waning. The SPX may trade sideways between 1080 and 1110 for the next few weeks but at some point this should accelerate hard and fast (sooner the better). We need to really break below 1100 support first.
If you have reading for awhile you'll notice that the forecast are pretty accurate (not perfect of course), but you will also notice that I too struggle to follow my own forecasts.
Many times the forecast was right, but I got out too early or in too early. Always something to cause me to not follow the forecasts. Usually it's my own emotions standing in my way. It's tough to trade for a living. You really have too learn how to deal with the emotions first.
Anyway, good luck and please continue to post… even if you have nothing to say about the market. You can always post some juicy dirt on some bozo in the government… LOL!
Looks like we got our start today Jay. I expect more downside over the next few days. I think we are headed to 107.70 spy asap. That's about 1070 spx.
Once we hit that level… I'm out. I'll go long probably into OPX.
Red
Leo… I got your reply left on Cobra's web page. Thanks! How are you? Love your morning write up, very good!
I been at http://trading-to-win.blogspot.com
Remember Keirsten and DavidDT from Mole's site ES? Now they run a fantastic blog now with a lot of excellent traders from SOH & ES. It is a no drama zone. Lots of good charts and trade ideas. Please come by and pay us a visit and stay. You would be a wonderful addition to the group.
HI Red
same as you I have remained short
and added more yesterday late afternoon
Elliotters giving the bull the benefit if the doubt, even tho they have pictured both directions, they seem to be more bullish than not
Jay
You still should be ok, as we may have another sideways day tomorrow while the dollar tries to break overhead resistance. Once that happens… another short squeeze will occur, and the market will get hammered!
Red
Agreed…
It has been dumb money here lately, and yes we need to break the 1100 level. I believe it will come… and come like a thief in the night. If you aren't already short you will miss out, just like they did last week.
Thanks for stopping by,
Red
Should have seen this earlier. This afternoon, while worried about spx climbing higher to the level of 1121 (or talk of 1045+ ), I sold off all my shorts (amzn shorts, faz, and etc). Now 100% cash.
Make all the senses. Seems to support your view, ES just went down.
Nice post Red! I agree with you that a lot of the sectors have been weak for some time now especially financials and tech. Most shorts think this is a bear trap similar to late October but this slow weakness may be what we need to push this tape lower. In late October the markets sold off within a perid of 4-5 days and everyone started jumping on the short side only to burned. The VIX jumped from low 20s to 30s in one day. It's a little different now especiallly with the sideways pattern. I believe mutual funds and institutions are slowly scaling out of their positions these last few weeks. This has been met with some buying from dumb money. Dowards momentum is slowly building. Participation to the upside is waning. The SPX may trade sideways between 1080 and 1110 for the next few weeks but at some point this should accelerate hard and fast (sooner the better). We need to really break below 1100 support first.
Turbo Tim,
Be sure to watch that video, as it really gives you an idea where we are heading in the next year or so.
Red
Nice video link from Ron Walker's site
If you have reading for awhile you'll notice that the forecast are pretty accurate (not perfect of course), but you will also notice that I too struggle to follow my own forecasts.
Many times the forecast was right, but I got out too early or in too early. Always something to cause me to not follow the forecasts. Usually it's my own emotions standing in my way. It's tough to trade for a living. You really have too learn how to deal with the emotions first.
Anyway, good luck and please continue to post… even if you have nothing to say about the market. You can always post some juicy dirt on some bozo in the government… LOL!
Red