ima lurker .. so, there's the grain of salt. for those that were thinking long at support, when price bust thru support, don't you immediately think short now? or is that too simplistic? also, i enjoy following this thread.. many excellent opinions. so thanks to all. i will miss spectre's opinions too
this from another thread........... As I write this, a friend of mine just emailed me the following: "The SP500 rally last night was apparently due to an error. A US house made a mistake and bought 5400 futures when they should have bought just 54 futures. This turned all long var players, who were going to sell the close, into buyers. Since you cannot cancel MOC orders in the last 10 minutes, these var swap delta buyers had to buy back their MOC amount plus more to get the right hedge. This amounted to $5billion worth of fake buying, causing the Dow to rally 250 points in 20 minutes..." that was no brokerage house......but the "syndicate" trying to postpone the inevitable......PPT is always at work. i see all rallys being sold aggressively & for those that think we saw panic selling or capitulation today are dead wrong.this is orderly/methodical selling, typical bear market characteristics & believe we have a long way to go.........so get ready to put on your shorts & try & ride the sells because as we saw in that last leg down from 2pm,once they start selling,it`s very difficult to find conservative entry or even a decent pullback to mid to upper Keltner/bollingers...let alone 38/40% fib from swing hi.
Up over 2k today - 43 points total(Friday). Doing well. Had my first 10k day this week. Like I said as long as one does not get greedy and is happy with 1 pt per contract going countertrend, there is money to be made even in market like this. I was going long and was in 14 contracts at the average price of 1468. I sold it at 1470.5 at around 11:15. I know, there was more $$$$ on the table and ES went all the way to 1474 10 minutes into lunch, but with the market being wounded the way it is, I took my $$$$$$ and run early. I no longer post my live calls and keep my comments to myself unless somebody mentions my handle. This way I get a lot less PMs from other traders and give less ammunition to doubters. I found out that I learn more by reading than by posting here. Cheers and happy trading to all.
Thanks for your response, your reply answers my question. If you profitted on a day like today, which was pretty much in-the-red from the get-go, you've pretty much cracked the trading nut in a way that not too many folks around here have ever seen. So long as you don't get arrogant (which is hard not to), and don't get greedy (which is even harder, the feeling is incredible) you should do well with this psychologically kamikaze strategy of yours. I'm not too surprised about the PM's, do with'em what you will. Good trading, JJ How I'd do? ... 6.5pts ES, an exceptional day in my book.
Sharing a point and figure chart. notice support and the same pattern that we had March 14. Also as Spectre mentioned the magnitude of the the movements after the corrections are increasing. If there is a P&F user that could reveal a bit more about this chart, I would appreciate it.
ImO correction based on weekly divergence has almost run its course, maybe another 20-30 points more, but I would not call this start of a bear market as next weekly support is around 1360 SPX and again ImO that is the level that would determine whether we continue south or start looking for buying opportunities.