lets see, you were totally wrong about what the market would do but you are the professional? we sure have a high opinion of ourselves. the market could fall off a cliff today and you would still be wrong. a professional simply looks at the data in front of him and makes a judgment based on what he sees. sometimes he is wrong and sometimes he is right. there is no one correct way to trade.
Sorry vhehn, I have to comment: 1. I never said anything about what the market would do, I only talked about the highest probability and that remains still true even after yesterday 2. I still think it's not very intelligent to step in front of an express train coming at me 100 miles an hour; I would let it pass. 3. I never said I was a professional trader; I only try to do what I learned from masters like J.L. Livermore and N. Darvas.
thats fine but just remember there are many ways to make money in the market. the key is finding one that will fit your emotional makeup. i wouldnt hold livermore up as a hero. he was a failure in many ways. he blew up his account several times and in the end took his own life. to me that is a failure.
I don't disagree with your advice; there is a difference of opinion, though, about the train's direction.
I think the probabilities are: - 80% chance down from here {what we see now is a Death Cat Bounce} - 20% chance that we will see new highs in Dow & Nasdaq
Your metaphor is flawed. You can't easily and safely take a physical concept like momentum and bring it into trading. Markets are not linear. The "train" you're talking about could keep going on its trajectory, OR reverse its direction at any time, with no momentum at all. GS
krazykarl, It has nothing to do about doom and gloom. What I learned from trading is not to be arrogant when you are wrong!!! I still feel that short term and based on the charts that a down turn is probability wise, the best assumption. I know that I will not be correct 100%. It can be that the market will rally instead of go down!!! What matters is the win/loss ratio. What is clear is half the posters will be wrong. I think it is too early to write off a correction in my humble opinion. Good luck to everyone in their trading.