Time to get real long??

Discussion in 'Trading' started by bungrider, Jun 6, 2002.

  1. Time to start thinking about getting reeeeaaaaal long...

    Fear and panic - means you can buy your favorite stocks at bargain prices...gold futures dropping...that's good too...

    Remember 9/11? "Oh god, the world's going to end!!!"


    Just my thoughts...
  2. Not sure thats a good idea. After all what would I do if I had nothing to trade because all my money was tied up in stocks that were going UP everyday.:D :D :D :D :D
  3. janko


    im thinking the same thing, but shhhhh keep it down, let the fear and panic give us a beautiful entry.
  4. lundy


    The trend is down :D
  5. lyl797


    I am so happy today especially when INTC news hit after hour market because I did not listen to Larry & Cramer's bullish comment and go buy bargain stocks this time .....

    Last time I listen to Larry was 3 months ago, he painted a rosy picture saying that 2002 will be so bullish that anyone who jumped in at that time will be rich at the end of this year .... That was so reasonable and with all the data he provided, how could it go wrong! I jumped in and bought lots of "Bargain Stocks" ....... Now, all my money had been locked up, I deposit more money into my Datek account so that I won't own these stocks by margin, god, fortunately I did that, otherwise, I would've now been cut out from the market already .....

    I am watching my stocks falling day by day recently and Larry still continued his rosy outlook comment in CNBC and almost "Beg" all investors to "BUY" ..... Ha Ha .... I don't think so ....

    When PCS is $15, I thought that's a bargain, now it's $8 stock.
    People say CSCO worth only $5, now it's still $14.77 ....
    I said, it still has a long long way to drop ....... especially for almost 2 years, all the "long" traders died, only traders do "short" make money, how soon do you think it's gonna take to change this mindset .... Bear market it is .... don't look up, just go down ....

    Wait to see NDX drop to 900 .... it will come ....
  6. Not yet. But in the next 2-4 weeks, I believe it may be about time to enter on the long side of the market. The bearish sentiment is growing now and mutual fund sales have slacked off also. New yearly lows in the Nas is also important completing an Elliott 5 wave decline....all important psychological tipoffs to an important intermediate bottom. Look for a large reversal day in the next 2-4 weeks....that could be the bottom!

    Now what to buy? :p
  7. lundy


    we have to take out last septembers lows. since this is wave 5, the trend change is near, however wave 5 can be nasty.

    if you want confirmation, once we get a new weekly high/low, the trend is bullish...

    but until then, the trend is down and what was once way out of the money puts is now deeply in the money puts, and I aint pocketing the profit yet. I'll do that when we hit September lows... only then will I even consider to look for a bottom. What I'm thinking is the NDX takes out September lows by at least 100 points, but I could be wrong.

    In my long term account, i'll start buying stock (not margined) and out of the money options (not due for several months) when we take out September lows. I'll keep buying, as we fall or rise until we get a new high on the weekly, then i'll make sure I have a full position... pyramid is the word for it.
  8. bone

    bone ET Sponsor

    Who thinks that they're smart enough to pick a bottom?
  9. Good luck lundy, you'll probably make a ton.

    Of course all those folks that 'pyramided' their JDSU, NT, CMGI, ad nauseum were buried IN the Pyramid.:eek:
  10. lundy


    that was then, this is now... the importance of pyramids is not whether they eventually get buried or not, it's whether they are useful during their time or not.

    i'm not that smart, but you don't have to be to pick bottoms, you only need statistics and luck.... so thanks, I can use all the luck u have.
    #10     Jun 6, 2002