Congrats again bro for making that call. The bears will keep driving this market higher and as always they will get squeezed in the process. 1% gap up on Monday morning... EZY $$$
Well the market is close to the 50% retracement level. It could make it up to 61.8% but I didn't hang around to find out. I sold all of my long postions today with the exception of Pepsi which I consider a safety stock. Of course I could be wrong and we just have a v-bottom straight up to new highs but I am willing to take an opportunity cost risk because it has no lowering effect on my accounts.
<i>"congrats once again to all free money dip buyers $$$$ I love 100% up room to go with ZERO risk $$$"</i> <b>EqtTrdr</b>, we're just soooo relieved you are o.k. A bunch of us were really worried about you... we feared the worst. Thought you wandered out of shangri-la pasture, got lost in the woods and set upon by bears. Thank heavens you made it back to us alive! * Shorted the ES three times for +9 points today. Long was simply wrong all day. Should have held some longer and/or shorted couple more times... easy ES +20pt day on the short side done right. But, we're not greedy. Gotta leave some green grass outside the fences to lure those hapless bulls back to our lair. Steak Tartare: featured special on the menu next week
though I can't believe it myself, I'm beginning to think this could be a bottom and we're going to set new highs from here. I see this from the charts and looking at the ISEE sentiment index, we touched a 52 week low a few days ago when the market rallied. http://www.iseoptions.com/marketplace/statistics/sentiment_index.asp Tread carefully to all the bears, don't let your conviction make you lose money.
<i>"Steak Tartare, bear meat edition. Raw and bloody"</i> Someone will be raw & bloody... not sure which critters yet. The big chart shows S&Ps made it back to the very first fence, and turned away. Typical, textbook dead-cat bounce following a crush that wiped out countless bulls. Ball's in the bull's court now. Press higher on accelerated volume and breadth, produce a "follow-thru" day or roll over and drop to new recent lows. We're waiting for the resolution