We're 10 points below his SPX line in the sand. What part of his original post do you find confusing?
What is this, SHORT 1347's week..... ..... http://www.charthub.com/images/2006/10/03/ES_317_VB_7.png Btw, Pabst is staying just like Alex Baldwin stayed....LOL JK Pabst....sorry for such terrible company with that example. Nice follow through....MP level pin-ball today...... http://www.charthub.com/images/2006/10/03/ES_317_VB_8.png
okay time for me to monday morning quarterback and chime in on this popular thread....pabst may well be riight but i think it would not be safe to short the spx until the uptrend line from july to now breaks.....market goes sideways and kills upward momemtum before it goes down.....in the meantime the odds are of a continued move higher.....the most important thing in trading is to be right at the right time....longer term, even if a bear market begins soon i think it'll be one of the weakest ones on record and the mother of all bull markets still ahead of us if we can just get valuations down to a decent base of around 12 or so.....the days of 5-10 PEs are behind us as companies now are way more productive now than at anytime prior....and don't forget inflation and interest rates still pretty low historically.
This is almost starting to be funny.............. http://www.charthub.com/images/2006/10/03/ES_317_VB_9.png Are strong hands passing to weak hands up here at the 1347's with oil selling off as the excuse for this "pump up" rally?
This does not look like a Failure To Transverse at this point....to me it looks like a "hand-off". Here is the ball newbie (or in this case the small size traders)...run with it...LOL! http://www.charthub.com/images/2006/10/03/ES_317_VB_10.png
Thanks Pabst....I can't ignore those MP level trades. Final covers and flat now for the day.....that was exceptional trade facilitation today......... http://www.charthub.com/images/2006/10/03/ES_317_VB_11.png