None of these "top-pickers" ever cover their shorts at the pullbacks like the one we had down at 1122.00 because they are only putting on Imaginary trades . . . Hence, they only come out when the market is strong to tell everyone that they are putting shorts on . . . and they hope that we forget that they never came out to cover their previous shorts. Either that or they have some huge printing presses in their basements!
The majority of my trading is swing trading. The point of this thread was to not to call a turning point, simply to give my viewpoint, my observations just as you gave them, which was that what we saw was not going to be a major correction and that the market will resume the up trend. I value everyone's views, bullish or bearish, it just erks me when people call tops or bottoms and put on outrageous positions.
Why would that bother you.. Its not costing you anything?? Not trying to be facetious.. I hate to see anyone lose.. but it feels even worse when its me losing
It bothers me because these people, like waggie said, are putting on imaginary positions. It's not worth anything beyond it's small entertainment value, it's simply annoying and a waste of resources on this forum.
Going to do another update here, just got out of my QQQ calls at a small profit, pretty much breakeven, here's why. DJIA- the recent push to new highs has occured on decreasing volume. To further the case of a continued bull market we would need a high volume break out to new highs. QQQ- For the last 5 days we've been testing the 25 SMA from below, prices have been slowing climbing while volume has continued to dry up. QQQ is now forming a lower low, a sign of a change in trend. IWM- Just like the other two, price has been climbing without confirmation from volume. It has also failed to reach new highs. Double tops and lower lows are forming as we speak. I am currently flat, today's aftermarket action (very bullish) could be the start of a continued upside move, if it is sustained tomorrow on volume. Otherwise, we'll most likely fall from open, in which case I will consider putting on a small put position. I am weary of doing so because the fact remains, we are still in a bull market.
Be patient my Friend. The Bull could just be playing "possum" AMAT and BRCM had good news after the close today. Let's see if the SMH can provide some leadership to this market since the index has already been correcting since mid-January. Cheers!