I'm not arguing with him. I agree he's right. the market sold off like he predicted. 2 points! Too bad he's still down money.
The market still not yet sold off, it may be just a small pulse before it climb higher. I am still holding my long positions although I move my stop UP just to protect my profit. I doubt he will ever cover his loss or make any money, the magnitude of this drop may not as large as he expect. The worst will be the market resume the UP trend and move UP again before close or tomorrow
In case you can't tell. I'm being sarcastic.. He's down 40 handles and bragging about a 2 handle move.
I find today to be an easy short, even if it were to break friday's high. All the bears who joined the last downtrend after it became easy to see, are now underwater. So the market might now work on bulls who joined later to give them a hair cut instead of the steak they were after. QQQ at 58.ish. Reconnaissance teams seem to say that if it goes down, first motivated "bulls" (in the form of bears covering their dirty shorts, and praying for three days now) might appears, at around 57.10 area.
Lets you and I have a little contest. Iâll go long right now at 1198. Tomorrow or the next day or maybe next week Iâll let you know how I did. Could be Iâll take a small loss, or maybe Iâll reverse my position, or maybe Iâll add to it. Youâll be amazed at how I can read a chart once I know what happened. Winner can claim the rights to being the best bullshitter.