Thats all well and good Jess, but you were bitchin about the trade long before he said "ouch, very ouch". You jumped to a conclussion about it right away. I have no idea how much Babak is trading with - but the point is that if you have say $1,000,000 and you took 1 ES contract short based on your idea that in X amount of time it will be at, I'll just pull a wild number out of my ass here, 500, you could take a lot of heat. Even if you were to be down say 100 points ($5000 out of $1,000,000) you wouldnt give a shit. Brandon
Hmm. You called a reversal day and got that right. What else? Except for the 950 we were supposed to reach two weeks ago.
Just to come to Babak's defense for a second... I read a couple of posts that knocked Babak for "waiting for a top" and that if Babak keeps a short bais then the market will come to him. How else can you swing trade? Just look at any toping formation. Can anyone pinpoint it? All you can do is look at the internals and place your chips accordingly. That is really all there is to it. And you are a fool if you think this market is on "fire". When you get to technical resistance (wherever that is) you are going to wish you were short this rally. By the way, wait for a top. Dont just start shorting like a madman. peace
That's why I suggested you start your own separate journal, so all your calls could be gathered in one location for easy reference. If you are as good as you say, there's no reason to scatter your calls among various forums and threads.
Yeah Jesse... Put your "money where your mouth is" by starting your own journal. Critics are a dime a dozen. So let's read your brilliant calls, and then have the option to critique them like you do for others'! We'll be watching to see if you got the b**s to do your own thread. Ice
Indeed an interesting situation. This is what I found on the Yahoo board: Re: Is GOLD related to RANGY? by: helpdesk90 (M/Houston, TX) Long-Term Sentiment: Strong Buy Rangold Resources (GOLD) is a company incorporated in the Channel Islands (CIS) with mines and properties in Mali, Tanzania and several other African countries. It is listed in London as RRS and in the states as the gold adr. There is no exposure to the strengthening rand or to the SA mining legislation. Randgold & Exploration (RANGY)is a holding company in SA. They own 48% of the shares issued by GOLD. They also own some DROOY, JCI, Western Areas and a couple of others. They trade in SA as RNG. RANGY is a cheap way of owning GOLD with some exposure to the others. RANGY has the exposure to SA legislation and to the rand. Both companies have very low PEs and are great plays in the Mali gold production. They both need better investor relations and better web sites.
Enjoy reading your journal Babak. Very interesting. A word for Jesse J. : I haven't used the ignore function yet but I will for you JJ. Leave Babak alone and get lost . And as far as your claims of being the "best market caller" who cares? calling the market is easy , making money is what matters and there's a BIG difference.
I dusted off the ol' TA bible and imbibed some of the wisdom of Edwards & Magee regarding wedges: The remains of wedges litter bear markets everywhere and this one is no different. I look at any major index and I see a wedge almost completed. For example, the DJ Transports, the DJ Ind, New York Composite, OEX, SPX, NDX, even European indices like the CAC, Milan, and the DAX. Now look at the bond market, they have wedges too!! And a huge red light should be flashing when they gapped out of them today. What we are witnessing right now, IMHO, is the 'last gasp' that E&M talk about. There are several reasons why I hold that opinion. I'll mention a few of them. Today the II released its sentiment data and it was fantastic (for bears). There are 2.3 X bulls as bears. This level of bullishness accompanies tops, not bases of rallies. This also dovetails nicely into what E&M say about wedges. Namely that the buying is becoming exhausted. When almost 56% are bullish (and I assume long) who is left to push the market up? Second, the VIX MA differential that I mentioned in another thread has now turned the corner and is headed down (sort of a U turn). Resistance levels are ready to smack down the valiant bear rally (SPX 940, OEX 480, etc.). And finally, volume, the fuel of all true and lasting rallies, just isn't there. Look if you don't believe me. And finally, insider buying, just isn't there. Sure there's insider activity. The insiders are dumping their shares hand over fist into this rally. Now you either believe that they are dumb and don't know a turn around or that they know something you don't. Can I get a little specific? I've already mentioned my bearish stance on the transports. Now look at the following members of that sector: BNI ALK ACAI HTLD. They have graphs that look very similar (they did at close yesterday, at least). What I mean is that they share the following: 1]big recent rally 2]low or falling volume (no real fuel) 3]resistance (or pause for a few days) That sort of set up linked with the BP% of the transports creates a really neat-o setup with low risk entry (gotta pay homage to Tony Oz -- he calls these sort of plays 'sky scrapers'). BNI still hasn't broken down but the others have. Oh and also, before you remind me, no sooner do I mention RYAAY as a low RS in the sector and a potential short than it rallies (today). Call it the luck of the Irish! Of course, when the market cracks, you'll probably hear that its just a "correction" of the rally. Then when the bear roars again they'll say it was the Fed or CSCO's report or SARS or some other idiotic reason. But you and I'll know the real reason. And I dare say ol' E&M will have a good long chuckle up there and almost drop their harps.