Easier said then done , but you are correct. Funny thing is most traders are male, and tend to have strong opinions.
Very different. The 1998 swing low came as the Fed performed a surprise rate cut a half hour before the close on October 8th. I was conducting a mock trading seminar for some visiting MBA's (great way to meet chicks )in the after regular hours bond pit when the cut was announced. Dow futures exploded 500pts in minutes. It was almost 4 years before the lows that day were penetrated. No such help from the Fed this time. Also Wags, you'll notice that during the break (which lasted almost 3 months) the ranges were huge. However in the aftermath of the ease the ramp was done in tight ranges but straight up. Today's profile exhibits little information yet that 1430 was anything more than support providing the obligatory in your face retracement. (and you KNOW I bought 'em there). I'm also sure you know the significance of where they stopped. Above 1510 I'll rethink my bias but if today was a swing high lasting for years I won't be a bit surprised.....
was 10/8/98 the day after they closed the mkt early that one time. I know it shutdown at about 3:30 but don't remember the exact date. I thought it closed early due to point loss in sept, but as I say I don't recall the day. I was trading upstairs that day and we were having a blast, I do remember that!
I don't know if the markets are going any lower or not, but I intend to start selling, hedging and shorting on any rallies. The rising volatility, rising interest rates and deteriorating credit market makes me nervous.
considering how far away my sales are? I will be hedged by the time we get w/in my sell/stops. happy trading!
whats that supposed to mean? already long? just going for a price target then selling? or going short when we get to your target?
Check out the charts....trend changes are always accompanied by volatility. The Nikkei crash in the 90's was most noteworthy along these lines.
Umm...no it's not. That's your bias speaking for you. So, yeah. The economy sucks, inflation is out of control, housing is about to collapse, hedge funds will unwind the carry trade on the same day ( herd behaviour) , blah, blah ...etc etc The fact remains, regardless of what you or your bias thinks, the SP500 is going to 2000+