Look at the ES on a weekly scale. If you start back in October/November then you can draw some lines on your screen and make a megaphone like pattern. I think it goes up to 1300, but I think there will be a much deeper pullback after it arrives at that target. If you look at the $NYMO McClelland Oscillator found on stockcharts.com. This is record oversold territory per that chart. Time to go long folks...long those 3x etfs... http://stockcharts.com/h-sc/ui?s=$NYMO&p=D&b=5&g=0&id=p88166225783
He's entitled to his opinion. I'd like to see some specifics, though. Or it's all just hot air and we'll throw it in chit chat. We have enough speculative chat threads on up or down moves.
Didn't say he wasn't "entitled to his opinion"... just suggested it was worthless bilge.... which is MY opinion. This morning before the open, I suggested "1050-1055 low, then a swing run to 1100-1110"... Low so far was 1051.25... high so far is 1088.75. I've got basis for that, but I ain't explaining to ingrate ignoramus ETers. (Trading is somewhat like stair steps... the best you can do is perhaps see "one step ahead"... then re-evaluate). If ES gets to 1100, 1150 is reasonable maximum swing high... If >1150, all bets are off.. re-evaluate.
You're awfully defensive lately. I didn't discredit your thoughts OR his. All I meant was give him a chance to explain before you just post "worthless" on the the thread, and turn it into yet another flame war.
I will give you two reasons for why this is this bottom and those I outlined above: - there is a line on the ES...trendline...that was not violated. It goes from low of Nov to low of February...trace it across and you have the line. You also have a top diagonal trend line and it creates this megaphone like pattern. I estimate 1300 as the top part...just a guesstimate. - the McClelland Oscillator, you can see it on stockcharts.com, is at record oversold territory...it has never been this low and that chart goes all the way back to 1998. If you give me a few moments while I sip down my coffee then I can type a more reasoned out argument for exact stock picks. Im my mind, BZH and NG are good buys right now. I also think GLD, the etf, is a buy right now. Financials XLF is a good general bet. I'll be back in a few.
Listen, the May 6 swan dive is not an event to be ignored. Also, here we are with two 10% corrections since January. Look out.
"Lately" doesn't apply. I hardly EVER post anything about a trade. Last time I did, I NAILED it... which so far, might have done so again (I don't remember last time exactly when... likely at least > 1 year ago... it was about a late Friday oversold going into the weekend long play, if I recall... easy to remember, as I post them so infrequently)... rave attas from ETers. I'm not a sycophant... couldn't care less. I threw you all a bone. Accept the gift or poo-poo it as you will. (And some want to claim "TA doesn't work"... Hahahaha)
I looked at GLD and NG, to be honest, Im not so sure about those, but I think 4g, homebuilders, commercial real estate and financials. MS AMG BZH PWAV MS SPG I think there are a bunch of pennystocks out there...the unmentionables...which are fantastic buys right now.