I'm going to go out on a limb here and dare say that since people are still saying on the financial news that the markets will probably sink again that the markets will continue to rally for a few more weeks until a lot more short sellers are out. David Nassar says institutions look at Fib levels so I would expect the S&P 500 to peak around 900 to 1000. I know that's a wide range but like, you can't see exhaustion gaps or climactic volume etc ahead of time.
7800-8000 on the dow is a machavellian level. i took off some aa today and some msft. was hesitant but felt good after i did it... 23% rally off the s&p lows...
Shit 90% of public has been killed by this market and almost every single person on et bought the low at the beginning of march and sold today. love this board.
Stayed out in the equities game, missed this rally. Still long heavy Oil. I didn't trust this move to near 7800 on the INDU, lead by Financials...of all things. If we snap back to test lows of the "Crises", and hold, I will throw half of my "liquid" coin into the Equities game and call it a day for the next 20 years. At this point....Putting money to work, is far better than sitting in Cash. I'm to overweighted in Cash and the idiot Geither will kill the dollar even more, and if the NEW CURRENCY should replace the Dollar as the "Key Trading Currency", then cash in USD is worthless.
Shit 90% of public has been killed by this market and almost every single person on et bought the low at the beginning of march and sold today. love this board. ____________________________________________ Take with a grain of Wiskey....90% of this board are 9 to 5ers in some other industry other than "Financials". 5% are retired, playing with their 401k I would give the other 5% to traders making a living.
I know some people don't believe in scaling in and out. However, when I worked on the trading floor, out of our hundreds of clients we executed for, the absolute most successful trader used scales for everything he did, buying and selling. NOBODY came close to matching his results.
I don't want to bore people with the same thing all the time but Ed Ponsi' book talks about scaling out of trades. By the way, I think most people who trade could have easily spotted the last bottom. Hell, I lost my job at Titletrading because my results were not good and I could still tell we had a climactic volume on the SSO when Citi announced a profit. Then there was a breakaway gap that started the rally. The only question is, will the next top be as obvious. And no, I did not buy at the bottom because I don't have much money now. I started trading Forex for the first time and my first week was positive. But, I'm knocking on wood. lol
Gotta love ET. It's full of ELITE TRADERS. I didn't pick up anything at the bottom. I also didn't miss much either. As I was convinced that there's some more upside, I just bought some pull backs, and sold the rips. I'm also super cautious, that this thing will pull back (Though gradually, unless we get some crappy news).