I never said I was short at 700 (though we are certainly going to get an amazing set-up to be short once again) and I don't day trade. Your information is inaccurate. As to the rest of you 'price action' devotees, just make sure you have tight stops. After all, it's not like the market can crash fast and hard, right?
Here's the rub....Surf's up = yeehaw! Surf's down = yeehaw! Marketsurfer will tell you. C'mon Surf, gimme a Yeehaw!
So, you're saying surf is the most perfectly hedged trader at any moment in the entire universe? That's like saying NYC real estate has dropped in price or that NYC hasn't seen a decline in business activity, isn't it? I swear someone was claiming that about 4 months ago...
The markets are going up on bad to okay news, there are some tiny pockets of positive news out there, however if a market can ignore bad news and move higher it can in the same respect move lower on good and great economical data. All rallies come to an end and this one will come to an end, the worse is not behind us. Again the reason for this almost 40% rally is based on nothing but the fed pumping the markets and economy with cash, and its totally hurting the USD.
Markets can go up with bad news and down with good news, you are correct. All rallies come to an end which you are also correct about. Unfortunately for you, all crashes also come to an end using the same theory. You just haven't given up to the fact that the crash has ended. (When I say crash has ended, I am talking stock market - not - economy).
Every month when I pull out 55% (rest for taxes and growth) of net trading profits I buy an ounce of gold. Have a nice, pretty collection of Krugs, Maple leafs, Eagles and Kangaroos. You don't know how good it feels to drop an ounce of gold into the safety deposit box every month. I have 28 of them now. The article's advice is good... always have a safety net of cash... and Gold is much better than USDs as well. I also buy silver bullion coins.... good deals can usually be found at pawn shops. I have about 250 ounces of silver. They too are beautiful to look at. Started collecting silver years ago when my Grandfather gave me a jar or pre-1964 dimes and quarters. I have some SDS and QID in my 401-k as well. But those loses have been balanced by my gains in GLD, Oil and Oil service COs. Diversify man... and surf when the surf is up. Cheers, Joe
Blah, blah, blah . . . The same old crap from you "bitching and whining" about how IRRATIONAL the market is going up day after day after day . . . and week after week after week. You obviously don't trade the markets or have any "skin" in the game, otherwise you would simply trade the price action accordingly and not try and make such an effort ( as you do every single day on ET ) rationalizing how and why it is that the market has been able to rally 280 SPX points without much in the way of positive economic news. I told you months ago that the market is a discounting mechanism and that there is a ton of cash and liquidity out there. I also told you that more often than not, the "market" and the "economy" are two different animals and the correlation between them can be rather tepid, at best. But for some bizarre reason, you are unable to grasp that most important distinction. Why don't you do everyone a favor and stop posting your "broken clock" rhetoric. You might actually have some credibility had you once ( just once! ) posted a screen-shot of your positions, but you have REFUSED TO DO SO. Time to go somewhere else, dude. No one buys into your "crap" anymore here, and many have you on ignore as it is. Congrats.