My vote says surf-dude is wrong this time. There is a granite floor of Buy-stops under current market levels. Better to position for a Santa Clause / January rally - focus on small caps.
Let me guess what the Surf is doing..... fool that I am. 788 Low on the S&P on 12 March 03 1060 High today 3 Nov 03 This is right at a Gann 90 degree line 4.5 squares out. The Time thing is a little skewed by a few days out of 270 degrees. I'm sure he's doing more than this, but maybe , just maybe, he's doing this too. What say ye Surf ???
Aint No Mo Rally! Market is DEFINATELY topping out here. Both Romeo & MS are RIGHT! It is impossible to be exact as far as numbers go but both are definately in the ball park. Romeo's ES 1050 is still valid as long as ES fails to close above 1060.00 Romeo's 1050 top is a range that demonstrates that ES will have a hard time closing above that price range. Multiple closes above the 1060.00 mark would confirm Romeo's call to be invalid. marketsurfer dude hang tight. You are just a few days ahead of the market. Swing Vix is now overbought and that means that upside is now limited. Look for a possible blow off top to come by end of week. Correction could prove to be MONSTEROUS as bears re-enter shorts and bulls run for cover. WAY TO GO MS! Great Call Dude.
"Look for a possible blow off top to come by end of week. Correction could prove to be MONSTEROUS as bears re-enter shorts and bulls run for cover." lol trex. i wouldnt be very comfortable if i was already short and you told me i was looking at a blowoff top by the end of this week. it could be a long painful week. "Correction could prove to be MONSTEROUS as bears re-enter shorts and bulls run for cover" dont see that at all.
Yo "V" I can see your point but don't forget if you jump ahead of the market you best be well prepared to sit through the trade. I'm sure ms is well capitalized and knows at which point he will admit he was wrong i.e. his stop loss will be triggered. ms is a pro and I know that he is aware of what he is doing. even if he turns out to be wrong, a guy of his stature is permitted to be wrong once in awhile. but I don't think so. p.s. you say that you can't see it? pray tell what do you see?
The odds always favor longs in the long run. It is a greater danger to short a liquidity and eco data inspired momentum rally than to buy a fearful momentum driven selloff. Some facts: Every year but 2 since 1988 the stock market has reached higher levels from October lows in the following year. Every election year but the 1984 election year, the market has rallied from the October lows of the previous year.
"p.s. you say that you can't see it? pray tell what do you see?" i dont see a MONSTEROUS Correction. at worst small pullbacks along the way higher. i see seasonal strength, i see gdp being spun as blowout numbers, i see strong earnings reports, i see average investors coming back by the amount of fund inflows.i see nothing to change the bull case right now. it could change tomorrow morning but it isnt there right now.
So then you don't call 200-300 points a HUGE correction? So then you don't see that what happend last week was just the begining and is comming again? So then you don't see that ALL this positive news has already been factored into the price? So then you don't realize that your Christmas rally has already come & gone? So then I guess you are long this market? enough of the "So then's". Would you be a buyer here?
"So then you don't call 200-300 points a HUGE correction?" no a 200-300 dow point correction is not huge. 1000+ is huge. "So then I guess you are long this market?" yes but not a long as would like to be. that is the problem. there are many like me wanting a big correction to get fully long. that is why they will jump on every dip. "Would you be a buyer here?" other than scalps only on pullbacks.