Just to open a new topic for all the pro and rookie here to chat and argue (as usual). The bull trend seemed run out of gas today (16 March) and it seemed there is a high probability that the market will give back some (or all) of the gain in the coming few days. Anyone setup any bear position today ?
After nailing the bottom on Friday March 6, 2009, RFT informed the readers of his financial traders blog today midday that the top is around SPY 77.60 area, and that the models said to take profits on longs, and try the short side. And she rolled soon afterwards! PS: RFT also informed the people in ET chat of the top, and the readers of Bill's rennicks thread during the weekend, and even since March 07. They were told to board bus 77 with their shorts on.
See what the market will give tomorrow, as i said, it seemed there is a higher probability that the market will go down but there always have certain probability that I am wrong. By the way, never get any inputs from someone else in here what their take in the market tomorrow ? bear, bull or neutral ?
WHat are you using to calculate the "higher probability" that the market will go lower ? The reason people to post their "take" on the market here is that this is really a question and answer / info board on options there are other forums within ET which are general market boards. You'll find people like RFT are fantastic at posting their "take" as soon as the markets already made its move.
S&P 795.71 771.10 746.48 Three key levels.... of resistance... However, downside target 600 then 500 Before 2010 Sorry BULLS, this is not a reversal, let alone Panic Buying. This is short covering and 'Fools" getting long because BUFFET and OBAMA says so.