I reckon Pabst was addicted to ET, but realised that the only way to beat the addiction was a self-inflicted public humiliation. Realising the odds of such a predicament, as any seasoned pro should have, he knew that those odds were 50/50 at best. I mean come on, one thing is calling an approximate top and a complete opposite is calling a specific level. It's all a farce guys, he knew the odds and simply wanted to quit posting on ET. That's my take on this. No pro would make such a call.
Pabst is a bond guy. An enthusiastic rally in bonds should worry the equity guys. Bonds have rallied VERY enthusiastically in the last few weeks, including today.
Thank's for the encouraging words from everyone! Quite heartening. Sorry if anyone else is short. I know I've got my neighbor short and my Dad liquidated some junk bonds off my call and I'll be hearing about what a bum I am shortly. For the record: I'm still short 5@49 and an additional 5 lot at 53.50. Actually I'm pretty happy that given the level of incorrectness I've had on this move, I've done a good job minimizing the hurt. For Landis: I'll go into more detail later but the SPX point counts of 568, 581, 582 and 585 are what I'm looking at. We've had a few swing moves over the past dozen years of that magnitude. I've been looking for resistance in a "zone" of somewhere between 568pts and 585pts off of the Oct/2002 low of 768. I always START TOO EARLY! So 585pts into this move will be 1353 SPX. That will be my stop on this 10 lot. IF 1354 is penetrated then I'll start again at 1364. THAT may be the primo level. (I'll explain the logic of 1364 at another time. It's complicated)I better catch one of these because I can't afford to drop 5k a week indefinitely..... As far as those talking about "top picking", a couple of points. One, SPX might be on a swing high but unlike the Dow it's no where near an "all time" high. Ditto with NDX which is still EIGHTY points off last years high! Even the Russell is still 50pts lower than it's 2006 high. So I'm a bit sensitive about the mistaken notion that I've just been blindly "picking a top". IMO the failure of these other indices to breakout is paramount to my view that we're making an ultra important long term high off these levels.
that ball-toss happened in may when a lot of money took the summer off. well, we took it and pushed it back up for the playas to run it up even higher before the election.
There was no TA based reason to enter short on Monday. It was just a lousy trade. One must wait for a cycle to be completed , which in this case this will be on 10-6. Btw I personally think that there was no trade as posted ( 5 minis ).
True to his word Pabst has left ET as he said he would. However, it appears that his evil twin brother has joined ET as Pa(b)st Prime.
Couldn't be Pabst. No racial slurs or salty language. However, if it really is Pabst, I demand a finder's fee, or residuals for your use of Pa(b)st Prime...you know it was me who thought it up.
as most bearishly hopeful poster, I've bought 5 ES future puts for december @ 1350 strike. Let's the ball rolling here. I see a reversal or a down day tomorrow. To all you jacka$$e$ that are still bashing Pabst after he left, get a life. What do you get out of it anyways? THERE IS life outside of ET and the Internet you know.