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. --MIKE
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 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.
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.