Grind up will not stop. Bears are completely stuck and no catalyst to reverse this move. I'm stuck short again. Been having so many technical issues with my software and internet connection. Then got pissed and stubborn and let myself get swept up. Thinking like a typical loser trader. Everytime I hear bad news everyday I think maybe the market will react but in my trading mind I know the worse the news that comes out the higher we go. Normally I'm on the right side of the trade but lately been out of sync with technical issues that have been clouding my judgement. Hoping for a selloff... famous last words.
As I listen to my news squawk I am actually hoping for no more bad news so the panic buyers will stop.
I'm just not in the mood. I guess I deserve what I'm getting for being stubborn. I will start scaling out though.
This market isn't going much lower. A double bottom formed on the 23rd of Jan and a few weeks ago. Just go long. All bad news already priced in. It would take a catatrophe for the markets to fall more tha a few percent in one day.
The market (SPX) is 7% off the low. Less than 100pts right now, which it has gained and struggled with, only within the last 7 trading days. Your catastrophe will be the breaching of that low. And if it takes more than one day to get there, more pain to ya you goober! Osorico
I'm short and freddie mac economist said housing starts in 08 will be at a 50 year low and I'm worried about the market spiking. How f'd up is that?!?! lmao!!!
Sounds like you have too much size. Tone it down a bit so you can handle the noise in the market to stick with your premise.
Funny but true, know the bears are in trouble when the market keeps going up on bad news. Built a nice wall of worry last few months.
ooops...sorry about that. I'm one of the traders that buys every time the financials and real estate releases bad news. I buy dips and sell spikes. But I'm always adding more than I'm selling while waiting for the final bottom. It works great in that I'm constantly lowering my average cost while at the same time building a nice position without necessarily bottom feeding.