Tommorrow's short covering rally

Discussion in 'Trading' started by retaildaytrader, Oct 25, 2009.

  1. All of the internet and on CNBC I was seeing guys stating they were going short very proudly. Various charts were displayed to support their thesis. I was laughing because the market never falls when everyone is proclaiming they are going short.

    I can imagine tommorrow will be a nice short covering rally. Then followed by a few more days of upside as the shorts continue to unwind their positions. A few momentum traders will jump in to trade the long side driving the knife into the shorts.

    I wish trades were this obvious. I went long on Friday right around 3:30pm. I did not get the best price as prices continued to drop, but I can tell you I might just be in the money when 10am rolls around tommorrow and the shorts start covering in the am.
     
  2. S2007S

    S2007S

    You mean we get to celebrate Dow 10,000 again........


    :p
     
  3. MAYBE.. but

    the only bandwagon everyone seems to be on right now is the "one way trade" in the euro...
     
  4. this is what you wrote on Thursday

    10-22-09 08:00 PM

    There will be no pullback. The only way to get shares is to hit "market order" and send in the order. Thats it. You can try with the limits and they might let you get some. There will be no pullback.
     
  5. You must be one of those messageboard traders that constantly fishes through other's posts. Thats cool. In the stock operator book, there were room traders, bucketshop traders, etc. Today there are messageboard traders who just troll around and never make a trade.

    Well, the difference between you and I, is that I am going overseas for a month in December on what I raked in since I started in August and you, messageboard trader, are going to be sitting here back on the board. Don't worry, Im bringing my laptop with me and I might post a few things. I might even post a picture of what Thailand looks like while you sit in your room and the snow falls.

    No worries, I hear its going to be a warm winter this year.

     
  6. Warm in winter? You still believe in that Al Gore Global Warming Fraud?
     
  7. Futures are having a problem climbing. They're barely positive. You better find an area to sell your longs, 'cause you're likely to lose unrealized gains.
     
  8. I'm not going to sell unless price gets below the 10 day moving average and then I will take a loss in doing so.

    I lose about 80-90% of the time in my trades, but I make up for them with large wins. Im not afraid to take a loss like you messageboard guys. When I take a loss though, I take a real loss. You guys never take a loss because you have the best risk management plan in the world...you dont trade.

     
  9. GTS

    GTS

    Love the irony about some anon poster on a messageboard calling other folks "messageboard guys".

    Oh that's right, you're the real deal because you say you are and because you're bragging about some vacation you're going to take, excuse me.
     
  10. I love some early morning beat downs. Pumps me up for the trading day.
     
    #10     Oct 26, 2009