This is hysterical to me. "The sky is falling". I've seen this joke of a quote a few times. 1) I've never said this 2) I don't want "the sky to fall" , I don't want a crash either 3) I only want volatility coupled w no straight up price movement 4) I'm not in any way "doom or gloom", and why would I be? I made a fortune off of the markets and live well in nyc and LI etc, where I own alot, so why would i be doom and gloom to a capitalist system that has treated me so well I will re-quote this post whenever another newbie assumes that i'm calling for the world to end.
Pabst, 90% of my trading is in stocks. Of course, w all the bozo's around here, you're never going to get a specific symbol out of me in a post. I have traded ideas in PM's w RM, and will be happy to send you some tickers. Next week should be a very busy week for me, as I always increase activity during earnings season, plus the tide has now turned to a more favorable climate for my technique. Please let me know if you are interested.
With all due respect, if you are a Trader . . . it means a helluva lot. I think most traders would be pleased with a technical "set-up" that gives them a shot at a 7 handle bounce!
it's all retrospective. In this thread Thorn is obviously calling not an intraday based level and you gave an impression of a possible market reversal upon SPX making a bounce of a daily MA level, hence a comment, it's impossible to tell what other people are talking about exactly, unless they go into a detailed explanation. On another note, I also consider 7 handle move as a result on intraday basis.
Today was an EXCELLENT day for "Buying the Dip"..I don't think it's wise to do this indiscriminately but, today it was smart.
Basically, when majority of the funds move down/up 10-15% from the high or low, it signals the change in trend in the equity market. Most of the funds made the low in 2002 October. By March 2003 the funds were up 10-15% from the low. This was a signal to get long. Now I'm looking for the funds to be down 10-15% from their high(only look at data from 2003), that will tell me that the trend is changing. Till then I'll buy on pullbacks.