I haven't had a long position in months. In fact I just covered shorts from 775 and 740 on Wednesday. 675 in $SPX has been my target (I've got another target MUCH lower) but I think we'll try to stabilize here. 8pt stop.
Alright, in the spirit of respect for Pabst and his posting quality, let's leave this here and see how he does. Best of luck, sir. I'm hoping you're right.
Thanks bro. Minimum confidence in the play but I had to take it. If we break down here more ugliness is to be expected. Maybe this happens: Obama: Hello, Rahm? Are Timmy Geitner and Larry Summers within ear shot? Emanuel: They're sitting right here, Mr. President Obama: Good. Bob Gates already showed me how to launch a missile strike but I thought maybe we could practice this PPT thing.......
We will get a bear market rally sooner or later. But I would wait to go long for better evidence of a rally forming and some impetus for a rally before just guessing and hoping and going long against the tape. Be sure to Cut your losses fast because there is no technical support and we can see a massive slide. Tough to fight the tape right here.
The last two days have been completely different from the last month. In the last month whenever you made that trade into new lows it was a done deal once you pressed that sell button. Now it seems the market is not interested in making new lows seeing that it has tested them multiple times without the usual massive selling pressure. Start respecting the gods of new highs at least for the next week or so. Most likely things will turn downward again I presume which is I don't think this should be anything more than a swing trade Pabst. I assume your time frame is between 4-8 days?
*Larry overheard yelling in the background*: Tell Barack Tim just got high score on the Ms. Pacman...he'll call back in an hour!