Austinp, good to hear you're doing well. I just meant to say hello to everybody here that I enjoyed lively discussions with in the last couple weeks, that's all. Didn't mean to insult anyone Good trading everyone. (I am never flat at the close, as I have boatloads of small equity positions on plus a bunch of index futures, but I (usually) always have ~40-60% net long exposure in equities I would say. Not saying this is better than you being flat at the end of day, just a different approach that's all)
so many divergences, its like 50 stocks that are running the whole show. Look at this NASDAQ A/D line, while QQQQ's are hitting highs... http://stockcharts.com/charts/gallery.html?$NAAD If were to actually look at the whole market rather than specific stocks sectors (meaning more areas are bearish than bullish). Its very narrow, the ?? is how will it resolve. For example, since the A/D line is cumulative (ie you take a-d, than add it to previous day) when the market sold off it fell, but during the rally its moving sideways. Means most stocks aren't rallying (or those that are are rallying a lot more or make up more of the indicies).
looks like we have some fading pfft profit taking but the dow is just 114 points from 14K and the nasdaq is just 10 points from new highs
<i>"Austinp, good to hear you're doing well. I just meant to say hello to everybody here that I enjoyed lively discussions with in the last couple weeks, that's all. Didn't mean to insult anyone Good trading everyone."</i> Makloda, you are one of my favorite bulls here. I always enjoy your intelligent, polite (but sometimes playfully biting) bullish bent. If you ever come around to the market-agnostic side, I'd personally miss our repartees (laugh) ** Short all the way today, no longs considered. Why? Daily pivot point has not been touched in ES - ER since Monday. With that value still naked for the third day in a row, heavy magnetism pulls price action toward it. Several shorts on small lots resulted in rake noted below. Pivot still ain't hit, but what the hell... I'm done for the day. Off to Gander Mountain for some needed supplies, archery deer season opens 10/15 and there must be something I need to buy (laughing bigger than before) Take great care, and have fun with those charts be it up or down
Thats how it was in the 90's as well Tech, biotech surged while comodity, defence, financial, and manufacturing stocks didn;t go anywhere.
I'm also an index daytrader, but it seems like no one wants to play these days. Volume has dropped off the cliff again, pretty thin and choppy. I thought September and on was supposed to have the biggest volume of the year? RoughTrader
Hey Makloda, I AM STILL SHORT!!! Actually, if you read my posts you know that I only trade options unless an equity is not optionable. You'll be glad to know that the only stock I actually trade, I am LONG in (ABPI). Otherwise, I am happy we are trading higher as I bot my first layer of puts (50%) when S&P broke over 1500 on fed day, hoping for a retest of the highs to buy the other 50% of my puts. A retest is within grasp now and I plan on buying my puts before the close tomorrow. Tomorrow (9/28) closes out Q3, and so goes the incentive for hedgies to use their clients money to create new watermark highs for payout. Look at crude yesterday and today as a good example. I guess what I am saying is that I expect a return of extreme volatility in October, with a hard lean to thge downside for me.