S&P 500 looking very toppy

I'l still long, for what it's worth.
Much too soon to go short i think.

 

We knew you caught a fish, but wanted to learn about the bait you used.

 

MD Trader lol

 

Seems like a rotten one now tho...

 

1247 out

i've been very patient and waited, like every good fisherman.

 

this market is strong. it might break down below this level but not before a bigger move up.

 

Some will see this as a double top. Probabilities are high that we will see at least a short term consolidation about now. However, keep in mind that high does not mean 100%.

-Raystonn

 

As a daytrader i don't know anything about medium or long terms, but i think we will stay long till end of september. All the downwards moves will be corrections probably.

 

I have to agree with your analysis. The overall trend is still up. I expect no serious corrections until the cash S&P closes below its 10-day simple moving average.

The 1st of the month was a good buying opportunity. I suspect we will see another of those shortly on fears of a double top.

-Raystonn

 

Hey Lithium, the last time you posted a chart like this saying the S&P would rocket up, it dropped over 50 points. I SHORTED 2 hours before you posted this on friday and finished the day 10 points up exiting about 4 pm EDT. I'll be looking for another place to short soon, hoping you will repeat your last bumbling prediction with as much vigor. You and Elliott need to pack your drug bottles and go on a search to find E.T. and his glowing finger.

ps entire post courtesy of Charlie Dow