It's like that statistic that says you are 80-90% more likely to have an car accident within 2 miles of your house. Well Duh...aren't you driving around within 2 miles of your house 80-90% more than you are driving anywhere else. Oh and if I may say so, "Happy 2 year E.T. anniversary to me!"
I like the statistic that I posted up above last Friday that stated that Monday's before October option expirations have been UP 10 out of the past 12 years! Now that's a MONEY MAKER!!!
money maker?? The S&P is now lower on the day from where it opened. Don't know how much money you made on that. The S&P made a high today of 1048.9. I believe this thread began with a guess that the maximum top on the S&P would be "1050 or thereabouts". Thereabouts = off by 1 point. Now that's good guessing!! ps I challenge all ET'ers to try to create a poll that has 4 options related to trading, and is as evenly divided as the above poll. Bet you cannot do it!
interesting afternoon shaping up. wasn't expecting this sell-off in the PM as i covered some partial shorts too early. thought the holiday will keep the market steady. still holding a core short position in ES. BAC and MER report tomorrow AM. i'm amazed by this market's stubborn strength. i wonder when the music will stop....
It could continue up for several years for all we know!! There is a huge amount of money still sitting on the side lines.
All I know is that if it continues up past 1050, this thread will suddenly become popular with the ET regulars.
though smaller than usual due to Isabel. Got stopped out on my Euro trade with a decent profit, stopped on my Gold trade with a small profit, stopped out of my NQ trade with a significant loss. SMH calls are in the red but still holding, bought a few SMH puts this am. Waiting for INTC to report to short again. I feel the market is close to the end of its move and we are close to the exhaustion point for this rally. I don't see much money on the side lines at this point. I do see a hell of a lot of margin debt, more now than at the height of the bubble and sentiment indicators that are as extreme as they have been in a long while. It is almost as if people feel that they can't fail to make money on the long side at this point and I think this last phase of the move has been fueled by a lot of short covering(looked like a lot of short covering was happening overnight and premarket in the ES). If we don't see a significant drop in the next three weeks I will be surprised and will be wrong and will likely have to wait till well in to next year for a good US index short. Will Romeo's call turn out to be a great one? Time will tell but so far it still stands.
Thanks Mvic, hope you enjoyed your time away from the market. In case you missed it, your last post before you left inspired me to stay the course, and I wrote you a nice thank you a few pages back on this thread.