Discussion in 'Index Futures' started by Port1385, Nov 24, 2008.
What's your target? 643?
What made you pick 842
Two reasons. #1 Usually before any major political speaks nowadays, its always been a great fade. Obama started speaking and you could see the weakness coming. #2 Look at the chart from the "ball site" below.
It will get to the low/mid 600s, but not all at once. Bear markets usually unravel over 2-3 year periods. We are just through the first year.
850 for the S&P500 is key. The fact that the rally could not get above that number, tells me we will now test the 721 or so area.
I need a rest! Don't know about you, but have found these markets exhausting!
be careful. this is the most strength weve seen in a month
You may well be right. There is something like 3 Trillion on the sidelines. It took some back and forth action for the market to break down to 721, with the Vix still high, I think it may still fluctuate....but, who knows.
Bear market rallies are supposed to be very sharp and sudden, so maybe we don't go down. At this point, I think the jury is still out.
All I know, is that usually, a bottom is tested twice, unless it is a v bottom...and we got this in Feb.
The only exit price is a trailing stop. When it hit 837, I updated the trailing stop to a few points above. When the market turned down to 827 and started going back up trail stop was triggered.
Now Im looking to re-short. Waiting for it to get to 842 again and see what it does. I figure it will turn back at some point and probably right before 842. Right now at 837 and change.
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