SPX Has Topped For The Year Or Pabst Will Leave ET

Discussion in 'Trading' started by Pabst, Sep 30, 2006.

  1. Pabst


    Without giving away what I'm looking at (some of you know a little) I believe that SPX did Friday what most indices did months ago. Topped. As in over. Perhaps over for a few years. This call is not based on hunch or feel and certainly not based on fundamentals although IMO a wild card event will accelerate the break. Rather it's a call I'm making off of a complex analysis of measured moves that provide the backbone of my trading.

    I will give myself wiggle room to 1347.86

    IF SPX trades above 1348 anytime this year I will leave Elite Trader forever. I will also suffer a pretty good hit financially if SPX continues to rally.

    In memory of those American's who perished 5 years ago: Let's roll!
  2. well, u should buy if is an omage to 9/11..to show strength and solidarity, shortin' no good imo. mixed message.
  3. Pabst


    Nothing expresses patriotism better than a solid 20% correction. :p
  4. Pekelo


    [Pekelo busily printing this post and filing it] :)

    But I agree with you, show is over, in 2 weeks in October we will give all the Sept gains back....
  5. frank99



    I happen to agree with you. However, if you're wrong, I'd hate to see you leave ET. Are you serious about that?

    I read somewhere that if you are soooo sure about something and don't think anything other than that is a possibility, then be very careful (you may not want to bet on it). This has happened to me a couple times.

    I'm waiting for drop next week or the following. We'll see. I don't see how we can keep going up from here.


  6. ozzy


    First off -- I would like to disclose that I also am a massive bear with a giant sized erection in regards to a possible down turn. But I've learned its best to thread lightly. These turning points can be a little tricky.
  7. Pabst


    Guy's, I'm FULLY cognizant that ANY further strength could induce a mother of a short covering pop. Ozzy knows what a pivotal area this really is. Nothing random about these prices. I'll be out of my shorts if we trade 10pts higher.
  8. empee


    Why leave ET if your wrong? Its not like your rubberbird! I think you add a lot to ET!
  9. Pabst

    Registered: Dec 2001
    Posts: 5369

    07-21-06 12:04 PM

    If you're long and under water you're living in denial.

    It's not so much conditions being bearish. It's more a case of longs just not seeing any upside potential in this climate. The only buyers I see are those who are averaging bad positions from higher levels and some shorts who are taking a few in.

    IMO SPX will be under 1200 by this time next week.

    <img src="http://ichart.finance.yahoo.com/z?s=%5EGSPC&t=3m&q=l&l=on&z=l&p=s&a=v&p=s"/>

    "Wrong-Way" Pabst? :D

    Just messin' with ya P, and I agree - Don't leave ET if you are wrong. To heck with these bold predictions and position trades - just trade 'em every day!

    Good trading to all. :cool:
  10. e-miNY


    Dont leave dont leave. We need u here.

    U will eventually be right even if we rally some more from here. I would think it is stupid if u leave because the spooze rally 10 pts more and goes into a free fall after the last leg of short squeeze.
    #10     Sep 30, 2006