The S&P 500 has topped on 2/25/2019 at 2813.49

The danger doesn't lie in whether this particular top prediction is wrong. The real danger is the attitude that calling tops and selling into a furious uptrend or calling bottoms and buying into a furious downtrend is the route to riches.

 

You will never buy the low following the crowd

You will never sell the high following the crowd

95% of the crowd loses


If you think being a contrarian is the route to failure then Paul Tudor Jones would like to speak with you.

 

Is that your long theme song ?

Once again if you had scaled out of your long at 2812 you would have a higher net worth right now

 

...is Volente's middle name.

 

You just have to select the right crowd to not follow.

I follow the money. I don't follow the mass of private retail traders who see price reaching the top right of their screen from the bottom left and think to themselves, Oh, its just too high, I must go short........

 

Looks like the market is realizing there is nothing truly new in Cohen's testimony and heading back higher.

 

So you are a chaser

Chasers eventually get burned if trading a mean reversion instrument

 

Filling upper open gaps is healthy in a topping market

 

My guess is tag 2765/67 before washing out some weak shorts and moving down to 2711/14