I have been on ET for five years. In that time I don't recall the deathly silence that I see during this near freefall in the markets. For the first time in a long time, I sense fear. nitro
I don't read any threads but Options. I don't see any panic/fear there ( even on short SPX spread journal).
What I notice is lack of coherent comment on the move. Inability to understand how to put it in context. As it relates to the folks here on ET, that is understandable. They have little experience, nor any appreciation of historical market action. This kind of down move simply washes over the retail crowd like a tidal wave. In contrast, professionals see the indexes move through support levels and know just how oversold the markets are. They are not looking to trade moves to new lows, but instead are looking to fade moves off of retracements. Institutional folks are watching and nibbling here and there to test the water. As always what will drive any change is the magnitude of the imbalance that is building. For myself, I am a student of market history. I see what has gone before and take some comfort in the probability that it will repeat itself. On the practical side, I use a statistical approach to frame the present movement. On the weekly and monthly time frame, this market has a ways to go before it "snaps back". Good luck everybody. Steve
This is hilarious. Examples of silence. Here, just a sec. I will give you an "example" in my next post.
I don't really concern myself with the 'why' of the marketplace because it does not put money in my pocket or in anybody else's pocket. The task is only ever to nail down the 'how' of the market and keep filling your pocket with the optimum or max day on day (eg YM). I'm just fresh for each day. I know very recently from my detailed predictive model that some of the lesser used templates have come up in an interesting succession going from day to day. Also for yesterday my finest level of definition gave me a subset of one only. But in its broader sample it was an overwhelming down day. What was not so frequent was the nature of the very late and sharp EOD slide yesterday that went through the Official Close (eg YM) with momentum and kept going. But this is still just market small talk .. and, sure, I enjoy a bit of that like anyone else in this business. But bottom line, each day is the same clinic where the accomplished trader is using .. or if he is not one he should be reaching a level of using .. the correct up-to-date tools and data.
this is strange. shouldn't the past few days have been a daytrader's dream? lots of volatility in one direction. who cares which way it moves as long as it moves? right?