The S&P closed today at 1270.2 Looks like we're headed for a sharp correction. The individual stocks have put in topping patterns as of today. The sentiment is extreme. Nowadays the corrections happen fast. I say right now is a great time to load up because it could be much lower in a few days.
i was going to vote: "I like you" but it is not listed my second choice is: a sudden +2% jump followed by a correction - also is not listed
Hey thanks you guys. Not sure why i'm sharing this, ET "trading" not been deserving of my concrete ideas--but anyway alot of individual stocks had sharp reversals today. That to me signifiy's some imminent violence in looming chart corrections. Anyone have something to add to this specific topic of technical deterioration?
I clicked "I don't know / I don't care / I don't like you" mostly because its the funniest option in the poll, but really I dont think a top has been put in. A correction could be in the cards, but the fact we closed well off lows today takes the ominous tone out of the equation for me. Looks like some profit taking from yesterday and some buying near the bottom of the days range to me. I dont care to call tops and bottoms myself; if we correct I'll trade it, if we rally, I'll trade it.
It appears that stocks are getting heavy and technical damage is adding up. I have put together core short position in the spy and others, while trading around it. But I agree with the last poster, trade whats in front of you... IF im wrong, I go the other way. But I wouldnt be buying the highs in a lot of these things...
Where are all the short advocates today? Come on, stick your head up out of your fox hole and let us see your bloodied face.