Ya think? You started this thread with a bottom call - which was wrong. Loading up on 3x ETFs that you called out would likely have gotten folks obliterated.
Like I said the last time---wait until it closes. If the SPY fills its gap and closes above it on decent volume, we potentially have a very nice double-bottom with the Feb. low. But I wouldn't call anything until the day is over.
I dont believe my call will be wrong until the ES breaks the February low. I was going to respond to the other poster and say that normally I would feel that his suggestion was right but there are many things that he is ignoring such as the Russell 2000 and the Semi's index. Both of these indexes have not confirmed the down move. The Semis and Small-Caps have lead the way both up and down in the past...if they are not leading the way down now then something has changed. Now lets review your words above. If I said that the bottom was in on February 20th 2009 and to get in now, then you would have blasted me for two weeks and then some...then when the market shot higher you would have let this thread go away or moved it to some other area of the board. I dont think a person can accurately predict tops or bottoms, but they can sure at least landit pretty close. Short term traders using lots of margin will know in their minds that I am wrong, but longer term traders will find that I am right. I guess it just depends on how you trade. These last few months I have learned quite a bit and know that the shorter term trade will always be wrong, but for those who havfe a longer term mindset and look at the big picture...they will always be right...however the longer term trader must sit there drawndown with mud on their faces until they are right...
Here is what I am looking at. If the ES is able to escape below that bottom line then I will concede that its probably going much lower... Uploaded with ImageShack.us
I'm not "blasting" you over your bottom call, but the call to "load up on those 3X ETfs." Anyone who had done that when you said so would be down a lot of money right now, if they didn't get a margin call.
Retaildaytrader, megaphone patterns usually signal the end of a bull run. Usually, the chart pattern in question will rise for a bit above the megaphone formation, which it did (late April), before it comes crashing down. We're looking at a potential bottom for this "megaphone" formation at March 2009 low.
I'm getting sick of these technicals. What's the probability that a megaphone will correctly foretell the future? Is there another technical pattern that will offset the foretelling of the megaphone? Blah blah blah ...
Luckily, you can't go into those 3x ETFS on 2x margin. In any event, I wouldnt worry about the traders you described. Anyone who trades like that high on margin..."all in"... without stops or risk management of any kind probably blew their account several months back..and if they have not blown it yet then they will at some point in the future regardless of whether they followed my call or not. I wouldnt go so far to say they deserved it because I dont really believe anyone deserves to lose money, but they were asking for it... I am just a nameless faceless internet poster much like some guy in the crowd in the stands at a football game screaming for my team. If the ET members have not figured that out yet and trade based on calls of random internet posters then they are really asking for it...
So, when it comes to the bottom call, we should go "retaildaytrader" made a bottom call, it's gotta be good. But in reference to the "all in" commentary, we should say "just a faceless, nameless internet poster, don't pay any attention to him." I think I got it now. 0 credibility I noticed you haven't posted a single position you're holding. Just "stuff" you're looking at. Same ol' Port.