I trade intraday -- so I don't give a shit what way the market goes. But I have to say this thing is a pig, it just goes up and up. I personally don't like grind up days like this unless I can predict them. I got caught short on some size today and it was a little annoying. There are no sellers !!! You have to go with the flow, lose or opinion or lose your money. It's that simple.
These bulls know no boundaries! (until they hit the brick wall that is...beyond that they just plow ahead unabated) I got caught badly trying to go a bit short in the ES; waited over an hour to at least try and minimize my losses, then a spike hit and my stop loss got hit which means I lost some more I was slightly up too until that point. Oh well, out tomorrow, try again (maybe) on Friday....then at least some type of "normalcy" returns for the new year.
Seriously, how many guys on this thread have traded pre-2000? Be honest. You guys are acting like you have never seen a trending market before.
Oil is up, its a mild winter and interest rates are solid. Its time to get on the rally train. End of month/year and low holiday volume best time to buy.
Stock went out at 79.00 in AH. Poor kid, just can't get anything right (even when he goes long). :eek:
I dont pretend to have a crystal ball but I agree with Maverick. If I recall people were calling TOP on the dot com rally at the end of '96 after the S&P ( I dont pay attention to the dow ) has put in a 66% gain over 2 years ( which is more than we currently have ). Well the rally just kept getting more and more powerful...going up for another 3 years for a total of 330% gain...right ? We're currently at a ~100% gain since the rally began in early '03. We could have an awful lot further to climb...or not For all I know we'll crash tomorrow..thats why i daytrade. My point is that anyone who calls the top is simply guessing lucky. Heres a crazy thought...why not enjoy these gains and play the trend ?