My opinion is that the short term trend(daily) is not yet long, so I am staying away from long trades right now. I have mostly been concentrating on trading The Chinese Indexes the past few weeks as there has been great potential there.
"Could exclude auto industry ...." haha Wait till groceries prices start moving much higher. That will be next added to the exclusions list.
Beautiful long set up on the 15 minute chart, the daily downtrend notwithstanding. Basically, a long set up when the daily trend is down is not one you can walk away from the screen on. --When the daily trend is up, there is a better chance to get long and go play golf.
That's funny because if "Flash Crash" had not been available, "douchebag" was my second choice for my ET username.
Those 50 points aren't technically "rallies". They might be in a bull market. But they're just a correction, or better yet, a mere "chop" in a bear market. Bulls only want to see prices go up no matter what. Bears don't give a crap, at least temporarily. That's why they're such pussies and these chops can be so frequent and vicious. And that's why they're so dangerous because bulls think these are rallies when in fact they're just cat bounces.