Thanks for this! I posted it on my wall, because I still sometimes form opinions about "too high to buy" (though I did buy THE high tick yesterday in CL) and "too low to short" based on news reports being bullish or bearish.
Actually, I believe your feelings are very legitimate. To me, it's been a great battle. I have found, in many cases, that both the old slogan ("trade what you see") as well as your hesitancy of buying hi and selling lo are both valid. The best solution is probably to take what appears to be a good trade earlier, rather than have to agonize over whether it's too late to get in. Because, yes, many times it is truly too hi/lo to enter.
does anyone see a similarity between the top we made on 8/2-8/10 to the "possibly top" we are making right now? This is not a "top" call as in highest es will go forever, just for the next week or so. not a call at all actually, just seeing if anyone else is seeing a similar pattern.
I tried the pit squawk a while back, I couldn't find any real edge there following the big boys JPM, GS, etc .... They run all kind of games, you don't know if their positions are directional, if they cross with the eminis, if they plan to take some heat on the positition, add, etc... maybe that's just me. edit: for those who haven't already heard ben lichtenstein's pit audio during the flash crash.... http://www.youtube.com/watch?v=96R05OsJHJ4... Epic!
I raise you with a gap up. Tomorrow should close up at least 8 pts.... By the way whoever noticed that today was the gekko pattern, playing the BB hits in the afternoon was rather easy...