Hehe...its not about smarts, market knowledge or so called "experience". Its all about simple common sense. The things you see in the news are there for a reason. No one likes Obama, no one likes health care reform...no one likes the Democrats and they want to see them gone. So all this monkey business today is caused by the upcoming election. I think that is just the start of it. By next week, the shit hitting the fan should be a daily affair. A large bomb may not go off in NYC, but I can tell you that a lot of executives and nation leaders will have a news bomb of their own going off each day. Today it was the NY Attorney General, Blackrock and the Chinese. Wait a second, doesnt Blackrock own 2% of BAC and they are sueing them? Huh? The shit gets thicker with each passing minute. Combine all that with the usual October/November historic volatility. When you guys going to learn that October has been a big pivot month for the last 100 years? Get rid of the emotions, the indicators and go with common sense. No I didnt say your cents, I mean your sense.
I just made my first trade in my twitter account. I posted in the journals section of my first twitter trade. www.twitter.com/retaildaytrader I tried to post a journal, but the mods took it down. I guess Magna cant stand success.
Told you the top wasn't yesterday, they will rally this market once again and most likely close it near mondays highs. Yesterday was the buying opportunity of the 2010, any sell off of 2-3% will be met with buying going forward. There is no stopping this market as the fed will pump it up as long as they can and want too.
Yes, I agree. Market will keep going up and up over time. It has too. I've been saying it for ages. However, you wrote that you were short earlier in another thread, didn't you? Something about you are very short the market but your portfolio isn't doing great? Why are you short and expecting it to rally?
Do you guys even subscribe to any kind of data feed? You know you can get one for free over at stockcharts.com or just look on yahoo. The top was not yesterday, it was on the 18th. xlp 18th xly 18th xli 13th xle 18th xlb 13th xlk 18th xlv 18th dia 18th xlg 18th spy 18th iwm 15th iwc 18th iyt 13th $SOX 15th The only industries that are making new highs are: $XAL $REIT $INSR - Nasdaq Insurance index xlu $UTY So airlines, reits, small cap insurers and utilities are the only things making new highs today. Did I miss anything? BAC is still downtrending which is a bad sign. 2.3 trillion dollars in assets...
Hmmm could today or tommorow complete a mini triple-top? Similar to 1/19/10 Similar to 4/29/10 I have my own reasons, but I think it is a good call.
nobody cares about fundamentals anymore or the news. The market goes up because its a bull market, like in 2004. Untill the bull market ends, calling a top is madness.
Let's review. You call a "top" at 1165 and it goes above that "top". We have a minor corrective day back to 1165 and you declare your "top "(???) is a great call. Then the market goes to 1178 a full 1% the very next day. In other words, your "top" is a bust in one day. I happen to agree certain sectors and/or stocks actually could go for a minor correction. But guessing a top on an index in a big bull move is a stupid game that can't really be traded profitably. As long as the US dollar continues to drop ( and there are numerous reasons it may do so ), the market will rise. Earnings are also very important right now, if you really must short find stocks with a huge gain this year that may correct even on reasonable earnings. Materials and precious metals are coming soon they tend to disappoint the huge expectations high commodity prices place on them, especially when exchange rate issues affect their profits. The idea here is winning trades, not general hero calls that don't make money. So far you posted AAPL short only, and that trade is a loser so far with limited potential for profits in my opinion. I'm toying with a few short ideas right now but options are pretty expensive these days because the idea of a small correction is priced in.
This "bull market" is leading us to the next bubble in a variety of asset classes. I can't wait until this next bubble pops. Create a bubble, throw trillions into the market and repeat the same process all over again. No one ever learns from the past, bubble Ben bernanke is doing it all wrong. Wait till the next bubble pops because this time around it won't be what they believe to be an easy fix.