I Just Got Long

Discussion in 'Trading' started by Pa(b)st Prime, Mar 6, 2009.

  1. piezoe

    piezoe

    A good case can be made, in my opinion, for the financials being quite oversold (80% + down). And other sectors could be also considered so as well, being 40-50% down. At least iif you compare with prior bears.
     
    #111     Mar 10, 2009
  2. Beautiful day, I remember when we talked that day you mentioned this. Great to see it off the ground.
     
    #112     Mar 10, 2009
  3. even Marc Faber of the doom and gloom report is turning bullish !!!! this guys is the bear of all bears !!!
     
    #113     Mar 10, 2009
  4. Cutten's point was well made. "Oversold" is a specific condition well apart from price action itself. A definition would be a situation where a market has so many shorts or lost too many longs who may reposition long that there's a de facto bid which may overwhelm sellers who're late.

    Little evidence via p/c ratios or the Vix that the index was as "oversold" on this leg down than in November. By the same yardstick though almost half the SPX components didn't take out their November lows.

    Sentiment is a tricky read. That's WHY I STARTED THIS THREAD. :)




     
    #114     Mar 10, 2009
  5. It doesnt matter if its oversold or overbought. These are just more terms to confuse you. If its going up, then buy it. If its going down, then short it. Its the easiest concept in the world.

    All you wizards want to inject theories to make this rocket science thus making it more complicated then it is.
     
    #115     Mar 10, 2009
  6. Couldn't have said it better myself. If everyone on ET was like that, it would be a great place to be a part of.
     
    #116     Mar 10, 2009
  7. Let's be honest dude: You're pure piker.

    How many day's was the "market going up" only to fail?

    If one buys ES +20 just because "it's going up" then where is he wrong? When it trades back to only +19? Or +10. Or unchanged? Or God forbid if the market settles into a range. Then you'll be mindlessly buying every swing high and putting them out on swing lows.

    When you were getting your ass kicked on one of those Fannies or Freddies or whatever, was it the bearish price action encouraging you to add to longs the whole way down?



     
    #117     Mar 10, 2009
  8. Good job Pabst...
     
    #118     Mar 10, 2009
  9. Pandit sez $8B before credit losses. We'll see. It's quite possible we've seen the bottom. Next few days will tell.

    So much money out there the world could turn on a dime. Information networks could facilitate unprecedented reversal.
     
    #119     Mar 10, 2009
  10. I agree that we might have seen bottom in financials (should be retested) but my play for next couple of weeks is shorting energy complex which (I think) will lead the next (last?) leg down soon
    Good luck!
     
    #120     Mar 10, 2009