The best thing to do is be bullish as long as the market is going up, but here is a weekly chart of my view of the spy. For the rare few who look at the leading indicator of forks, price has been strong and never once tested the lower fork line. In the event we head south, I think that line will be tested, if broken, watch out.
Another view is that we hit resistance on this median line of the green fork. And if you think forks are a bunch of bs, then check this weekly chart on GE. http://www.elitetrader.com/vb/attachment.php?s=&postid=2770069
Got a call from a boiler room operation today from NYC, they were selling me a stock, they said they would guarantee a 20-25% return and that the minimum investment was $2500. They asked for all my info and even asked for my SS#. They said they wanted me to try this small investment and that once this worked out would want me to go in with more money. Felt like fucking 1999 all over again!!!! I guess fools are starting to fall for all the dirty greed on wallstreet. Free money for everyone.
Yep, it's amazing. Never in a million years after what we went through after 2000 and then the collapse in 2008 did I think that just a year later we'd have the same kind of mindless euphoria, hype and complacency again so soon. Looks like the ol' bear has a lot more work to do before the fools are finally broken of their old habits. Maybe the third time will be the charm...
One common variable in both downturns was ISM sinking below 50. No bear until that number begins to retract.
Love the topic title. Short answer: We have been more or less long since 3/5. Will get short when it tops. Easy, right?
Imbecile ... that is what general conditions are. They are not "normal" conditions they are the backdrop the prevailing conditions of the moment that are so important no one should ignore them. The Civil War (any major war), famine, pestilence, depression, inflation these are the types of pervasive conditions that no trader can afford to dismiss because he likes or hates a particular name. They are the general conditions that if you foolishly position yourself against ... you do so at your own peril. Did you notice that the Fed has been successful at putting the air back in many bubbles? Do you think CNBC and/or the Times quotes are relevant to this discussion? My sky is blue on days and gray on others. Depends on conditions. When it is gray I generally do not need sunglasses. And I never put them on on Tuesday because I think I might need them on Wednesday. I simply wait till Wednesday. I agree this market is overextended. And once it breaks and fails to retrace with vigor I may short it.
Imbecile ... that is what general conditions are. They are not "normal" conditions they are the backdrop the prevailing conditions of the moment that are so important no one should ignore them. The Civil War (any major war), famine, pestilence, depression, inflation these are the types of pervasive conditions that no trader can afford to dismiss because he likes or hates a particular name. Itâs a shame you canât see what finger Iâm holding up. Your replies are truly pathetic They are the general conditions that if you foolishly position yourself against ... you do so at your own peril. Did you notice that the Fed has been successful at putting the air back in many bubbles? It may not last much longer but to be putting on shorts of a market leader like APPL before a break does not fit my plan. It sounds like it is your plan. First of all your an idiot. And secondâ¦naa that pretty much covers itâ¦.You know what? Iâm tired of your crap could you just call yourself an idiot! Do you think CNBC and/or the Times quotes are relevant to this discussion? My sky is blue on days and gray on others. Depends on conditions. When it is gray I generally do not need sunglasses. And I never put them on on Tuesday because I think I might need them on Wednesday. I simply wait to Wednesday. I agree this market is overextended and I think AAPL is particularly extended. And once it breaks and fails to retrace with vigor I may short it. But not while it is heading North. Your head is as empty as a eunuchs underpants. Why donât you do the world a favor and pull your lip over your head and swallow.
Today on bloomberg some bull was saying as long as interest rates are set at 0% and the weak dollar continues expect stocks to continue higher. No one is anticipating any kind of pullback, bears have disappeared while volume continues to drop off significantly.