My "Only Idiots Are Buying" thread was deleted by the mods. In actuality it was a true statement. Even at 8,400 on the Dow we are extremely overbought after the moves last Friday and today.
Gentelmen what we had was a return to a major support level. Are we going lower I don't know. We may pop over that support now turned resistiance who knows.
I got caught short and was down -1200 on 1 YM. Now I'm only down $295, which is entirely manageable. That was the best close we've had in a long time.
MR Dodge have to agree with you. Up over 800 points in 2 days is WELL OVERBOUGHT, however it can still go higher which would be great to add more shorts and inverse funds. I added DXD, FXP and DUG today, sold my URE WAYYYYYYYYY to early and cost me alot of green.... These bear market rallies are something else, again I feel sorry for the FOOLS buying on days like today, today when the market is up over 4% is a day you dont step in and buy but a day you sell and go short especially in a bear market. I say let the market go higher, I would enjoy DOW 10k all over again because it would it would just make for a great bearish opportunity....
With all due respect . . . Your thread really had nothing to do with being a TRADER . . . TRADERS DO NOT spend their time rationalizing why prices are going up, or going down. They simply TRADE the price action. Ever thought of that??? It seems to be a rather novel concept to many of the posters here on ET.
I would wager there is alot more of us willing to hit the sell button than the buy button here. That is why alot of ETers get pissed everyone time there is a rally, because they lost money.
This is why i stopped trading th elast hour...crazy whipsaw...great if you have nerves of steel...T was up,down,up,down almost 3 or 4 pts in the last 30mins with a huge 1 pt plunge in 30 secs at one time folloewd by a 60cent surge...too much
For those that wonder why anyone would TRADE today's action from the long side, simply take a look at the 1-minute chart of Anadarko (APC) over the last 2-hours. After already being +3.13 on the day, the stock then began a HUGE rally from $36.20 at 2:10PM all the way up to a peak of $39.42 in only 35 minutes. At that point, the stock was +$6.35 If you got caught "short" in that move you got killed.
I agree with the OP that trading the last hour or two is insane these days. On the other hand I defend the thread Landis87, since some PA guys may not have noticed anemic volume (compared to gains) was just waiting to yank this daily rally sharply down and it did catching these "some" with a gasp. pay$