Discussion in 'Index Futures' started by Pabst, Jan 20, 2004.
Todays ES firmness in the face of YM being down 70pts was the final indignity for anyone short.
I am short almost 500 IWM right now.
Avg price at 118.3
I am looking for a 3-5 point on it. Its been a difficult short because of the crazy momentum.. but my experience tells me that it will resolve ok.
Most traders would rather wait for confirmation which means some weakness or some type of a breakdown... but I know by the time we get that breakdown.. it will be so fast and furious i will probably miss a good chunck of the move.
Why fight the trend?
Anyways, regarding people calling a top, it will only come after all those people are done and decide to go long That's what the market does to ya
I'm short here.
I am not calling the final top. And I would not go long unless we had some type of 2-3 day pullback on the dialy charts.
Assuming you just started trading today.. would u honestly be buying this extended market at this level.
Still holding 40 contracts of QQQ naked calls.
Bottoms are points, tops are processes, barely anyone ever gets to brag too much right after they catch the top, will take a while before any shorts will be "vindicated"
I have a few individual stocks that have been acting weak such as HOV, but not any of the major indexes. I don't see the point right now.
What you consider extended others obviously do not
Separate names with a comma.