Yes the grind on no volume is on again. It's somewhat likely the market will reverse higher from these levels. Depends mostly on whether the European session will reverse tomorrow or continue to slide (reversal seems quite likely to me).
I am always amazed at the market timers that start threads with a loud proclamation announcing a major turn in the market: true to form, the predictability displayed by the prognosticator is a classic pattern in it's own rite: 1. Make announcement - start a thread with a bombastic proclamation of macroeconomic significance. 2. Take major heat on it for weeks and even months. 3. Add to it. Double and triple down. It's just play money anyway. 4. As soon as the market begins to correct and consolidate (as all markets do, markets never just go straight up or straight down every day) they declare victory. Naturally, if you take every price level declaration at face value, the prognosticators are invariably still underwater. 5. The levels where the prognosticator declares his pyhric 'victory' is nowhere close to fulfilling the macroeconomic change in the market originally envisaged by the prognosticator.
DJIA in the green, slow move higher but they managed to push it into positive territory now all they need to do is push the nasdaq back into the green and there could be one huge rally into the close erasing every loss from yesterday like it didn't even happen.
Thats prob not going to happen, went long at 72/73 for a bounce, ill prob go short now into the close..
Wow- I suppose it takes no real knowledge of the markets to become an ET sponsor. I'm sorry, everything you said is incorrect. 1) If I say I see a top at 1104 and sell S&P 1200 calls and they expire worthless and I make a profit while the index rises to 1180 by expiration--then this is a wrong call to you??? I documented my trades in real time. 2)It was never said anywhere about doubling or tripling down. Don't lie to make a point. Actually, i've traded quite lightly from 1104 to today. 3) I never declared any type of victory on my initial posts. I declared victory when I correctly said tuesday night that the S&P would fall the following 2 days into expiration. I was 100% correct, and it was a lucrative call factoring in major premium erosion. I consider that a great call as there is usually an upward bias into these expirations. Let's debate it out. Don't print lies and then run and hide like a chicken.
Well, let's see. Over the last few months, you made 7 top calls. You were plain wrong on the first five (in fact, one would have made a ton of money taking the opposite side of your "trades"). You are still in red on your 6th call. The fate of your 7th call will be decided in 10 days.
But the trade I made was selling S&P 1200 calls and that made a profit. How can you take the other side of a profitable trade and make a ton of money????
Easy flydownrubberbirdthornghostzapperbobrowshanthorn, When you said at 1104 that we were topped and going to 1000 before 1200, one could had bought ES using $5625 margin and sold 96 points later at 1200 when you were wrong and made 85% in one month. Or they could have bought atm 110 spy for less than $2 and sold them for $10 when you were wrong and we hit 1200 and made an even higher return. But of course they could have followed your moronic advice to sell naked calls in a bull market which had limited profit and unlimited risk. YOU REMAIN THE BEST DAMN FADE ON ET!!!!!!!!!!!!!
Great call ! But that's yesterdays news.. Looking at individual charts this 2 day decline is obviously the beginning of a major decline. There is alot of damage to the charts of many individual stocks. Couple that with extreme sentiment and this is a perect time for the market to get whacked.