Ran into some resistance at Monday's open of 10,320 (or is that Friday's close, these charts are weird). How many minutes do you give it before we're through?
I think we'll see a bit lower, and then a pop around 11:30-close. Can't tip your hand too soon. Gold going under 1150 was a gift from God in my opinion. hope everyone backed up the truck on that. At least until a re-test of 1200.
I wonder if there are any "glichs" waiting for us over the weekend. I'm still sticking to my call a week ago for going lower from here.
I got the "Dubai News" the other day just like ya'll did, watched the Mkt a bit last nite, made a little $$ this morning on an ES short, (yea I know..silly me!) but.. some poster on this thread asked the question.... "What's next in the pipeline?".... That's exactly my question.... This whole "Dubai" thing bothers me...I'll admit I"m worried.
its all this right now with the thin liquidity going into the holidays green on your screen or red ? take your best shot in the carry trade casino www.washingtonwatch.com/blog/wp-content/uploads/2008/10/roulette_wheel.jpg
This is a post from somebody who's in their 20's who's observed the markets for day in day out for over 5 years so admittedly not too much experience, from what I've learned a lot of posts are just classic examples of not giving enough respect to the other side(buy vs sell). For those that think there's a better chance of seeing 1150 on the SP vs 1030, you're retarded. No easy way of saying it but that's the truth. If you've been long since March, congratulations...and I mean that...You've been on the right side of the trade and there's been lots of head fakes where people have called tops and been wrong. What I've learned is when respected traders call tops give it 2-3 months then short. In this case it's been a longer and no doubt a result of fed intervention. I remember dow at 14,000 and everyone is calling for Dow 18,000. At dow 800 everyone saying dow 400. Everyone overreacts with the current trading environment which has been undeniable bullish just like friday morning when we rally 30 sp points off the low...why should this be any different...Well IT IS and I can FEEL it. Put your stop at 1125 and target at 980 and should be hit within the next week. If not, I'll be broke and just be another top caller that risked his life savings and be driving the truck like mike mcd. in the movie rounders.
You shouldn't call anyone retarded because if you are wrong then you are the one that would look retarded.. But on a serious note if you think this is some type of top that's great... but you have no proof.. You are basically going on a gut feeling and the last time I check that was gambling.. And also if this trade will make you broke then you are not trading like a pro.. Why would you risk blowing your account with one trade base on a gut feeling you have inside... I'm not trying to bust your chops I'm just trying to make you aware of the damage you can do by trading this way...