Here's a bone for Michael. My RTSMT daily system for the YM has issued a SELL Signal today effective for the open tomorrow! :eek: Now as you can see, this system was shorting earlier this year before the big hit the end of February, so it may be early and it may just go back to the long side very soon. So, Michael, hope this cheers you up a little... btw, my ES, ER2 and NQ daily systems are still long....BUT veeeery close to going short.
It is actually not. The 3rd top was 3 days ago and it did have a 21 points drop the next day. What we have right now is a breaking out of the channel 1490-1540 kind of thing... It is more obvious on the Dow chart....
This is a triple top! All you fools going in super-long yesterday. Now Trader Tim and I will be buying your shares, that is, when we cover at the end of our daytrading sega and you end up puking yours. It never fails. When there is super positive energy on this board, then the day is ripe for shorting. I look out on the yonder at the triple top I see in the sky. All you wannabe chartists, look out! Its Mike and Tim, the pirates. We will rain down on your parade today. What is it that I see, futures looking a wreck, consumer confidence down, housing falling to new lows, subprine chaos in the streets, ready the gang plank! We are about to board! Bring out the gold, bring out the ladies! Its shorting time. Yarg!!! Today is a Friday in July. All those Manhattan prop traders want to run out to the bars and get laid! Who is left behind, thats me. Watching as volume dwindles and the SPY breaks down into oblivion as the traders enjoy getting their one on. Haha. It will be fun watching the confidence turn to muck and the SPX burn in like yesterday's news. Yarg!!!!
Here is my bone for you all who think, want and believe. Look at the TraderTim chart and tell me that that price will exceed 1550. I remember that time some 7 years ago when there was a lot of positive forces. All the folks on the messageboards were going wild and then things started to go wrong. Suddenly a huge pullback. The price has jumped over a minor trend line and if it fails, then what will result is a resounding dump down to the original line. Here we go, will it go over the top? Yarg. The gang plank is coming out... The SPXXX, triple threat. Value is out, growth is in. No more SPXXX value index.
If we don't collapse back into the range we just broke out of yesterday. A simple measured move would be SPX 1570.
You fail to realize that you are a fool regardless of which way the market turns from here. You actually think YOU know something that YOU don't. You should trade your parent's money. They made you, and they deserve the consequences of their actions.