Has been so many times before, after heavy losses. Post-911 was the worst with two years of gloom and doom. I though SPX 910 would hold but not. This looks like an up day tomorrow - the usual day of remorse after excesses, similiar to yesterday. Friday could be a terribly boring expiraiton day. I don't expect repeat of last Friday's miraculous recovery from near death when the the DOW recovered from 8000.
If my memory serves me correctly Apex also picked tops and bottoms as well as MBusch. They unlike this thread posted their entries daily and there were a lot less predictions. I will agree thou that their posts provided motivation.
TOP STORIES US STOCKS DOWN SHARPLY ON WEAK ECONOMIC DATA U.S. stocks fall across the board as glum economic data and a mixed round of earnings reports put investors in a sour mood. The Dow Jones Industrial Average drops more than 600 points. American Express shares decline 11%, helping to pace a swoon in the financial sector. BEIGE BOOK SHOWS WEAKER US ECONOMY Fed's Beige Book shows economic activity weakened as problems in global financial markets intensified last month. The report finds that regions across the U.S. have taken on a more pessimistic view about the economic outlook. BERNANKE SAYS USING ALL TOOLS TO STABILIZE MARKETS Fed Chairman Bernanke keeps the door open to further interest rate cuts, saying policymakers will keeping using "all the tools at our disposal" to restore stability in financial markets. He also says a repeat of the experiences of the Great Depression is unlikely.
That is exactly what J Rogers was telling CNBC lass, but she was like - but hey, would you rather see our economy go down??? He had some sort of smirk on his face as if he was talking to a child LOL
just spent 15 minutes cleaning up this Thread started reading on page 7672 and deleted everyone until I got to ammos post on page 7666.that was the first one that wasnt deleted and the poster put on ignore. t-day boys will be back in action in a few hours.lets see if they can make it 4 losers in a row.
I saw resistance being challenged on the 15 min time-frame (that which I trade) and figured it would hold at support considering the ... coffee drip nature of today's tape (which has been commented on btw). It didn't and closed the gap (I did say it probably would not see fruition today). FTR I trade early in the day, not the late afternoon on the ES, so I'm just making market observations. Contrary to what has been just stated Jahajee and Startraitor are pretty excellent at catching market reversals, and that JP's game as well, with everyone making their calls way in advance of the market turn(s). I'm fascinated by that technique, becaue frankly, I can't do it. I just do boring stuff. Define a trend on a higher time-frame and trade it on a lower time frame. Plain vanilla, but it works consistently on all instruments. Because the tape has been so robust, even trades with bad entries have ended-up becoming profitable so long as you are aligned with the primary trend - something you mentioned earlier. I do not like doing that as a habit, though . Good Trading
... you're the one who said we were back in a Bull Market (notice the case) ... as well as believing in the properties of a Full Moon to effect market behavior. LOL
They were both excellent counter-trend traders, as well as being able to add size, scale-in and scale-out (at least Apex82 could) on their trades.
Not trying to be the a**hole here ... We may have to see 800 ES on friday as there were way too many people buying calls and selling puts since several days ago. PPT can help if and only if liquidation subsize, as in last friday. p.s. your average down method takes balls, man!