There is no history -- the revisionism is tiring. The mkt was down 1.01% when he posted his "non-call". No index named, no price and time. If the mkt had continued to drop the out is it's "coming soon". No, he stated the market is down 1.5% to 2.0%. If you're going to go to the trouble of a mkt call.... then call the specific market. No asset named, no price and off a % from the LOD which was made to appear relevant. I actually went long at the same time (ES Journal post) but named the indices (RUT and ES). I didn't infer that the ES was trading at the LOD. The intent of these threads is BS. Ask yourself how difficult it is to name the asset and the last price.
Lol, I have a friend just like you. He won't give an inch when he's wrong. Stubborn. I think most people understood what he said. So you want him to call the exact bottom?? Markets have rallied since his call. Pick any one of them, Dow, Nasdaq, Russell, SP. They're up since he called it. If the markets had dropped, then he was wrong. Move on to the next play. The name of the game is not 100% correct calls. 60% will get you the money. But have a good reason why you took the position.
It's the intent. Why start a new thread and not name a price? Can't locate SPX cash? Few are willing to go out on a limb, and with any regularity. Zero credibility in terms of calling the market. If he had named a price that related to the thread-stamp I would not be here. He chose a vague call using the LOD pricing, which is disingenuous.
The fact that he's willing to go long is an important call. We are at an important support point. Bears are looking for it to be broken. We could go much lower if we break support. In addition, I think you will agree that the major equity indices are just a bit correlated. They have very similar shapes so in this case, I really don't think it's necessary to call out the exact equity index. It's not like he was referring to crude or gold.
Which has absolutely zero relevance as it had recovered nearly half of its loss by the time you posted to this thread.
I agree with this strength call. Over the last two years we've had two big runs followed by big volume pullbacks. Is the market so predictable it'll do the exact same thing a third time? Fade the fading faders.
If you think that I started this thread to get EliteTrader lengend award, I can assure you that when/if I get it, I will either return it or will forward it to you because you found my big trick. And if you believe that I started this thread, when the market started to edge up, you are right. At the time that I posted , S&P was down only 1.2%. That just shows that I was not using my glass ball or BSing. I used the data and the hint that the market gave me to predict what might happen soon. Now that I look back, I really deserve to be called a EliteTrader Lenegnd.
Support yes. But fundamentally, I do not see much good news to take this market higher. Sooner or later I see support broken unless some good news comes forth.
even Stevie Wonder can spot this triple bottom pattern and market attempts to rally in past couple days. now we are waiting for a catalyst to go either way. but i agree-market is trying to go up from these levels.