Actually we failed to make a new top on the SPX today, and that could or could not be an important sign as we go into Friday's action. What we are saying is that the S&P does not go straight up, it hits levels of resistance and then pulls back. In the best of all BULL markets you will always have these periods of retracements, and yes we will have one again...just watch. All I have said on this thread, is just above the 1050 area we would start a cycle of retracement prior to continued upward price action. I think we could go as low as the 990 area for this next retracement cycle. Then I stated we should move up to 1100 by the end of this year.....sounds like I am saying we have more up room to go.....right? Chris BTW, what is your target or ideas for the S&P in 2003?
Awesome point you have made. Nihaba Ashi told me the same thing while trading today...glad you two are smart enough to see these important parameters! TTYL! Chris
my only regret is the cubbies aren't still around. But given what happened with the Yankess last night, you should all know by now that I am blessed. I also claim victory on this months call that the S&P will find resistance at 1050. I sweated it out until the final minutes, but the S&P 1050 calls WILL expire worthless, giving me another options winner. All of my calls here have been backed up with selling calls, and I haven't lost yet. And neither have the Yankees. I don't even need to watch the world series. I had mine for the ages last night.
100% up room to go!!! Howdyado? You just can't miss this one. IT IS COMING. Come with us. Join us all along the way. It will never be late. Tomorrow is always ours. All regligious souls bless us. Thank you.
I know it can't have been easy. What a difference a few days make, feeling much better about things now.
As posted on another thread, the volatility has been crushed since March of 2003. In fact, the historic peak in volatility was the 30 months from Jan. 2000 to March 2003 when there were 5 months out of EACH year between 2000-2002 and 2 of 3 in the first quarter of 2003 where there were monthly moves greater than 10%. Since March of 2003 we have the following moves: April: 8.99% May: 6.76% June: 5.36% July: 5.48% Aug: 5.08% Sept: 4.95% On a weekly basis, we have only had 5 weekly ranges greater than 4% since this past March, and 4 of those were in the 2nd Quarter and only 1 since the end of June. By the way, in the 24 years from 1976 thru 1999, the average was 1 per years ( at 8% ) with only 1 year with 4 (1987) and 2 years with 3 ( 1982 &1998 ). The three years 1973-1975 was 25%, and that was the only other period in the 53+ years period of any considerable magnitude. 1970 also sticks out because there were 6 occurences but only 1 other in the 6 years of 1967 thru 1972. Of course now the $64,000 questions is whether or not the "storm" of volatility is completely over, or whether or not we are simply passing thru the "Eye of the Hurricane" before another shoe drops!