Yes the S&P will reach a new high -- the question is when. Are you saying that the correction has occurred and that the new high will be coming in the next few days?weeks?months? or will we drop down below 965 to a 925-930 level before charging up once again to the 1100s where the next real resistance awaits? Please give some backup to the statement you made. TIA
08-10-03 12:51 AM How long? -------------------------------------------------------------------------------- Quote from Bolts: And how long do you think that top will hold? -------------------------------------------------------------------------------- Many months. Many months. If the S&P can break through 1015 in the next few months, then I am very wrong. But right now, i've been very right! Many, many months. ^^^^^^^^^^^^^^^^^^^^^^^^^^ You gotta have faith Inandlong! I don't need a tank to be right. I just need what has occured to be a top for a few months. No big deal at all. *********************************************** This is pretty funny. What happened to change your mind in the last five days? Worms? Blackout? ******************************************* "If there's anything more important than my ego around, I want it caught and shot now." - Douglas Adams, The Hitchhiker's Guide to the Galaxy
Yeah, it sounds funny. And in "normal" life we usually discount people that keep on changing their minds. But as a trader, he's allowed to re-evaluate his position and change his mind, right?
The range is defined.Seems to me the perception of recovery is being priced in.Look at the cyc index.As traders we have to be ready for the move either way,I try to come into each day without any preconcieved notions,know support and resistance and let the market be my guide.Best of luck to all.
that is my plan... went into mucho cash recently... awaiting what I believe will be some great trading opportunities on SPX and NDX. But "hoping" we correct more (like to at least the 200 day ema) so we can launch from lower levels..... and establish some good options positions. Evern a thrust below those levels would be nice. A large portion of August/September/October... for all the years I've been in the markets, has always been bearish... hard to figure this one being different. But it ain't looking like any large correction on the horizon. And that's what worries me! (and others) SPX hasn't exactly done much since late June.. and I recall an ET brethren saying that it looked "toppy"! :eek: But so far that so-called 'top' has not produced many downside trading profit opportunities. I have a strangle on SPX right now. ICe
The only successful traders I know always re-evaluate their positions. If you stick to your conviction, and don't have the flexiblity to change your mind, you're not a good trader and will certainly lose your money. Thanks you alfonso for answering that for me intelligently.
I do not think we will break below the trading range now, I think the first "break" will be to the upside. I pledge to let everyone know when I think the S&P is out of gas. BTW, for those of us looking for a correction, it's better that the S&P hits a new high first. The old saying goes, "the higher it goes, the bigger the fall". Let it go up, shake out the weak (or slow) shorts, the ones who don't have the flexiblity to change their minds, and that sets up a bigger fall in the fall.