Dont worry they have a chance to reverse everything back up tomorrow. If not stocks like GE( wish I could include a chart) are going to be .
Yes I know! Updated my blog with specific parameters. Too much to elaborate here. Thought it was way overdone. http://spaces.msn.com/members/caldaroEW/ tony
So uhh, gharghur2, how's the EW wave count going? See what I mean? Virtually useless in helping you make a profit. This business is not about predicting but GOING with the flow.
Hey, we're all entitled to our opinion. I exited before the afternoon selloff. Still long term bullish, and looking for another significant bottom. Oh, I made a profit too btw it's roadmaps, not predictions! one needs a plan to succeed long term, the flow will just make you seasick In case you missed my PREDICTION: The INX (S&P's) rallied over the past week and a half from 1205 - 1233. It closed at 1214.47 today! What I'm counting as wave 2 of this rally ended at 1212. Thus, we should have support there. If not, at 1205 it would have retraced the entire advance, possibly creating a double bottom. Anything lower is not good! The INDU (Dow) rallied over the same period from 10,350 - 10610. It closed at 10,441.11 today. Wave 2 here occurred @ 10,420. If that doesn't hold, then a full retracement back to 10,350 is possible. Again, anything lower is not good! The COMPX (Nasdaq) rallied from 2093 - 2167. It closed at 2139.36 today, and is still acting positive considering the sell off in the other two indices. I can still see good support between 2126 - 2133. Wave 2 here is of course is @ 2108. If this is tested, I would have to expect that another leg down is underway, and I was premature in calling an end to the correction. I will be lightening up on my positions at that point.
yup ..and the flow says go flat in the morn for me.... Hope I get out on a pop...Then actually hope we rally so I can go long again the next session. But what I hope for has no effect on what happens and what I actually do. Nick
From late august till now Nasdaq made lower low and lower high. If it goes below 9/22/05 low it will be second lower low and second lower high. Very sorry to interrupt this thread.
I just love going back over the last week and seeing all the forecasts of rises thru this week. LOL. And then after the first drop the comments that its gone far enough. What are we - traders or forecasters? In 1999 I learn't that lesson and I won't forget it. Anyone here who wants to be a trader will do much better if they are clear about what they want to be (IMHO). I don't know about you but when it goes down I look for a place(s) to get short and when it goes up I look for a place(s) to get long. How hard is that
The 1190 looking good now. Holding it, so it remains to be seen what actually happens. May sell the 1180 again to reduce risk and look for an expiration between 1190 and 1180. Will make that decision based on intraday feel. I added long the Dec 1275 call to my macro play. Will trade in and out of the Dec 1290 call against the 1275 if we go higher to reduce risk to the upside. nitro