I trade the indexes long term since my eyes can't follow the day to day gyrations. I have longer term buys on the Dow (YM) today at 12,350. S&P (ES) if it closes above 1365 during any hour. Nasdaq (NQ) at 1865. Anybody else feel this way or is it just an illusion. In any case, I am long the YM and the NQ and waiting on the ES.
Seems like everybody and their mom is anticipating a turn and an oversold bounce. I would think more short-term than long term buys here. I don't think we'll be back to 2007 levels anytime soon.
I do not trade long term but my long term buy for S&P would be close above 1450. I am not afraid to miss the bottom. It all depends on what is "Long Term" to you. I remember thread "major buy on all time frames" or something like that and trade was closed within like 5 points.
No I am thinking more like a directional move for the year. I am not saying we are at a bottom. I have no idea about that and never will. Just responding to certain price levels, etc.
I bought the ES @1335 today to complete the trinity. ES needs to get above 1365 ish area though or I won't stick around long. Buying clues are everywhere.
spooz need to get over 65 then 80, sold 41.25 this morning and covered too early and watched it go all the way down to 15.25! the down moves are so violent I would watch out below...I hope you covered that around 55. Good trading to you P.S. 3.3 million spooz traded yesterday that is not a good sign for bulls.
You must be able to assume a ton of risk if your bottom fishing the YM in this market for long term. I made close to 20 trades last week in the YM and the only time I got stopped out was trying to go long the YM overnight for a bounce.
Yes, I feel this way too, but be prepared to tolerate 1 or even more leg downs if you are holding it long term. I think it's too optimistic to think the selling is done yet. I would love to see a big 500 pt down day on the dow soon.
Looks like your dream will come true...we got a 500 pt down move in the TSX to-day and it doesn't seem to buge at this time. Many traders thought that there had not been enough fear for a true bottom. Smells like a bottom to-day (ie. for the non-US markets). Plus, we are likely to see the PPT team out to play, plus the Bernanke helicopter is expected sooner than later.