Are we close to a top?

Discussion in 'Trading' started by Bakinec, Aug 26, 2009.

  1. A rising wedge forming on the one-day 5 minute DJIA . We WILL close green. buy the dips. GOOG MA PT
     
    #41     Aug 28, 2009
  2. gkishot

    gkishot

    We will close higher but we shouldn't.
     
    #42     Aug 28, 2009
  3. We didn't close higher. Monday is another red day?
     
    #43     Aug 28, 2009
  4. It's possible Ivan, but it's also possible that those who are STILL long at these levels are the suicidal ones.

    I am concerened if the market does break out to the upside fast. It's HIGHLY possible. Over this weekend I'm trying to develop a plan of action to factor this in. I'm levered about 1.65, so not too extreme.
     
    #44     Aug 28, 2009
  5. I would say yes, as the rally is not backed by fundamentals.

    By crowd stupidity can go a long way (remember dotcom bubble), before busting.
     
    #45     Aug 28, 2009
  6. dozu888

    dozu888

    you guys are going back and forth for the wrong reasons.

    who can tell me, seriously, what is the chart saying?

    let me start - we are still in the continuation phase of the bull run, based on the momentum, upper target 1100, strong support around 900... since we are in the middle of the 900-1100 range, taking a mildly bullish stance is the best - e.g. selling Out of Money puts, or taking modest long positions in small pull-backs.

    Shorting is gamble at the moment. (I am talking about daily charts looking at about 1 year worth of background)

    who else?
     
    #46     Aug 28, 2009
  7. Bakinec

    Bakinec

    Just in case someone missed my masterpiece :D

     
    #47     Aug 28, 2009
  8. LOL

     
    #48     Aug 28, 2009
  9. S2007S

    S2007S

    [​IMG]
     
    #49     Aug 29, 2009
  10. ammo

    ammo

    we need another bubble to continue this tarp rally, wont be techs, wont be real estate, wont be unemployed pumpimg legalized poker machiines, whatever it is , the banks will have to fund it , i dont see them letting go of any cash, they need it for the commercial real estate dump comin down the pike. At best we have a pullback to 950 and build a base, then this rally might fool most of the people most of the time, right now its still a knockout 10 1/2 trannie (sal's words)
     
    #50     Aug 29, 2009