The was the odor of the garbage drifting over from the B1 thread. ES to $5K by Augie Dawgie, daddy-o.
Who knows, but I am smelling a little fear. With ES off 1% from ATH? Some momentum tech traders are getting hit, I suppose. What is momentum tech without momentum? An investment? Grin.
Gaslight, The shifting constellations... Being an quasi-avowed perma-bear, many months ago I scoffed when you said 4000 ES. But I was willing to try some longs at your strong recommendation. And guess what? They worked great! I have made several thousand dollars over the last few months since we last spoke - because I opened my mind. I considered the bullish case and finally realized how foolish I have been the last 15 years of trading focusing on the downside almost exclusively. I had some skewed idea about "everyone waking up soon" to the dire situation in the markets, not looking at the incessantly-rising ES (since it started in 1981) and not thinking about the $Billions of that the Fed can and does use to keep things humming along. We are now close to 4200, and I am chill and profitable. Liquid Zen flows throw my veins, LOL. I no more have a "me vs. the big boys" mentality. And no more "sstheo the monster slayer." I am now simply trying be in tune with the market movers (and algos). It makes things much more pleasant. My "Ursa Major" mindset used to dominate the northern night sky, but now "Taurus" is quite visible there as well. Since the beginning, I have been probably 80% shorts and 20% longs. Both constellations have their place in the heavens for sure, but I have focused on the bear way too long. But I am now in the middle of a most significant inversion. I have finally arrived at the 50/50 mark. And I am still pushing. 80% longs will yet be in the cards for me. 90% longs? Maybe. We will see. Easy to make the switch? Nope. But once you mentioned that over 90% of your trades were long (and highly profitable), I had no choice but to stop being an idiot. Thanks for your example and help. sstheo p.s. The fibs have also had a major positive impact. The more I watch the HWB level and the rest of the "buy zone," the more I am convinced the fibs really need more attention from me. It is still hard for me to always get the high and low anchors right, but I will get there.
Keep it open. 2008 was a long time ago, yet it will someday rhyme with one of our tomorrows ... Might Kathy Woods be this market's Bill Miller?
Do not call Cramer out on his bad calls. Do NOT! A buddy of mine sent that to me. Cramer hasn't blocked me. Yet.