How can you say we're topping while including a HUGE move in the indices and huge moves in many stocks. The last two months have been massive up months. Breadth was only bad as earnings season wound down, it was really good during earnings season as most companies "beat" estimates.
I dont fade. I wait for the position to come to me and then I react. If the SPX flips through the resistance, then its time to react. If it turns right around, then its time to react. Reacting at this point is premature unless your a gambling man. I dont gamble, but ride the trend. If there is a roadblock on my map, then I cash out and wait for it to get through the block before I make my decision. Thats called risk management. You establish rules and follow them. The rules of support and resistance I follow are what many traders out there follow as well.
I think you have a big problem. In order to make money in the market, you have to be constantly flip-flopping. Think of all the money lost when someone stood by and defended their words. There have been many times in the past where the market just suddenly turns and those that did not flip-flop quick were run over by a bulldozer. Its hard to be a Benedict Arnold, but when things change you have to go against what you were saying a few hours ago and go with the trend. I might be longing an equity one minute and talking highly of it where as I will be shorting it the next and treating it like yesterday's trash. My road-map of the SPX is realistic and its called a trading plan. The SPX of today is unlike the SPX of 2000 when things turned. This SPX is mappable and very predictable, very symetrical. I dont think theories of support and resistance are out of this world.
That may be so, but you can't ignore the fact that DIP buying dips like Makloda and EqtTrdr are clearly making tons of money NOT flipflopping, but by having a consistent vision...they make more money than you (and me) who are jumping in and out....
I never said support and resistance are out of this world. Your flip-flopping is not a normal trader making changes to the environment...you're calling tops in markets two days after saying that this is the "new economy" and everything will go up for a while to come. If someone were to say to you one day, "this is a beautiful world, everything is grand and nothing will go wrong!" and two days later said "the end of the world is upon us, now is the time to take shelter" you'd think he was nuts...at least most people would. You're doing the same thing. Your calls are totally manic and your comparisons between stocks and indices are inane. Sorry, but you can't act like you're announcing small trades...you're making huge predictions about the direction of the markets and the Spooz have moved 25 points in that period, not a lot.
You have no idea how I trade or what I trade to make those assumptions. You have no idea my P&L or my system. I never said dip buying wasnt profitable. It was very profitable for the last few years because we were coming from the deep end of the cup and it was obvious the SPX was making a rounded bottom. This is the other side of the cup and the main reason why I say to exercise caution at this crucial point in time. You have no idea what will happen at this point. While the other times were obvious to anyone who knew the definition of "rounded bottom" and "cup", this time might be slightly different. Makloda and Equitytrader were not trading during the last time this hit 1550. The price must get past this upper resistance before you can be very bullish. The upper resistance needs to become the support.
My calls on Amazon in a previous thread? I was just posting that up to piss you guys off who were shorting it and making reference to Jim Cramer's old 2000 article of the "new economy" and the ten stocks he was buying back then. I thought it quite funny. Im not calling a top in the market. Im simply pointing out a crucial resistance point that might be explosive in either direction. I can tell that you do not trade since you post up during the market hours. Sorry I have to go now, because I actually have to trade.
I didn't mention AMZN at all. You're right, I only buy and hold and my trades aren't made/broken on minute by minute moves and not even weekly moves for the larger part of my portfolio. How is it that you have to go trade today and your gauge of someone's trading is based on their posting, yet you seem to post all day withotu exception. Didn't you just admit to not really trading?