jackstone54, you are a gambler. You should not drag people into gambling. Your past calls have all been wrong. Shorting Ford while it was rising and continue to short on the way up? Shorting First Solar while it was rising, and call a breakout above a previous high a sure buy? (It went lower right after breakout) Shorting Visa which is a hot IPO? Now you are shorting again because some dubious indicators told you so? Stop being foolish jackstone54. All others be warned.
You should get "Hooked on Phonics" for Christmas so you can learn to read better. I didn't say I can't lose, I said I can make money in any market. If I make a bad decisions yes I can lose money in any market just as easy. The market is what it is and it is not doom and gloom. The market having dips, pull backs, even major corrections is not the end of the world as we know it. Just learn to trade those downtrends and stop trying to spread panic everywhere. It's just retarded.
Anyone want a tissue? My thread isnt a venue to vent over your trading losses. Lots of sour apples on this thread.
Come on, SPX 1500 is just as likely by mid 2008? This isnt guru technical analysis, but the basic stuff. You have a large cup-like structure ranging over 8 years on the SPY which is a large broad based index. The price fails to get over the previous high in 2000. What would you expect to happen? Give me the basic technical book analysis. The answers are a 1/3 pullback, a 1/2 pullback, a 2/3 pullback, a full pullback to the previous low or a pullback of mammoth proportions going back below the previous low and knocking us back into the 90s. We have reached the 1/3 pullback point where price might run forward back to the previous high or go further upwards past the previous high. However, this scenario is all but laughable considering the state of the economy. So many people being laid off, out of control inflation and 110+ barrel oil. My educated guess based on standard book-basic book technical analysis is we run to 1150. However, some of the happenings going on around me are quite astounding and I wouldnt put a 2/3 or full pullback to be out of the question. 110+ dollar barrel oil? cities going bankrupt? the airlines probably going bankrupt? thousands of workers receiving pink slips on a daily basis? the homeowner flaming in-in trouble? The doomsday scenario is in front of me everyday with homeless approaching me at every gas stop. There is no basis either in technical theory or common sense theory for a run to 1500. Its not likely, not going to happen.
I'm sorry, but you sound like someone that gets paid by Baron at ET to have multiple alias' and generate all of these VALUE-LESS threads in the Trading Forum without so much as a clue as to what you are talking about. You start this thread entitled "The Next Wave Down Starts Now" . . . yet you clearly DO NOT HAVE EVEN THE MOST BASIC UNDERSTANDING IN REGARDS TO ELLIOTT WAVE! You might have some "credibility" if you actually had a decent knowledge base conerning wave structure as it relates to Elliott Wave. However, you put your foot into your mouth as soon as you indicated ( in the second paragraph of your initial post ) that you were unaware of the basic 5 wave structure that is inherent in the primary trend. Perhaps you can have Baron enroll you in a course on Elliott Wave.
You are too funny! You keep preaching about SPX 1150 ( just like your buddy "S2007S" ) and how your "educated" guess is based on basic text book technical analysis, YET YOU LACK A MOST BASIC UNDERSTANDING OF ELLIOTT WAVE and don't even know that waves in a 5-wave structure are reflective of the primary trend, not 3 as you stated in your opening post. Basic text book technical analysis in regards to Elliott Wave? Yeah, right buddy!
Right, only because you can't rationalize it so it can't possibly happen. Statements like yours make it so transparent why just as many people get burned up in flames on the way down as on the way up (1991, 1998, 2003).
jackstone is a noob who has made $50 with some spy puts. When the market resumes its run he'll go away.
Jack Stone sounds an awful like our dear "buddy" S2007S who a few weeks back was ranting and whining about how the FED didn't allow the market to go down to 1150 SPX ( on the Monday after the Bear Stearns debacle ) and that's how he rationalized why he wasn't able to pull the "trigger" on the BUY side. You know that a guy IS NOT A TECHNICIAN when he starts throwing all of his "fundamental" . . . ("110+ dollar barrel oil? cities going bankrupt? the airlines probably going bankrupt? thousands of workers receiving pink slips on a daily basis? the homeowner flaming in-in trouble?") . . . rationalization into making his case. So much for being a text-book technician, or having the slightest clue about Elliott Wave Theory . . . How much does Baron pay you per post again? Whatever it is, it's way too much!