There is always a bottom and always a top, just give it time, it will come, they always do....SPX could be at 1384 today and 1207 on May 18th. You never know, remember the markets take the stairs up and the elevator down!
Absolutely, 100 percent correct. The market only goes up or down. I think the issue is that anyone trading for a living or as a serious investor is using leverage, and suffering a thirteen or twenty percent drawdown unleveraged is a disaster leveraged. Hence, the perils of market timing.
March 12, 2012 THIS EXCELLENT CALL AND INSIGHTFUL CHART RECORDED FOR POSTERITY. [color=light blue]March 8, 2012 bone ET Sponsor http://www.spreadprofessor.com There is NO competent technical basis to be calling a major market "top" in the S&P. None. ... If I was already long, I would lighten up at 1370 ( last Fall's highs ), 1425, 1500, and short 1575.[/color] http://i40.tinypic.com/33o5gxu.png March 22, 2012 MORE EXCELLENT ANALYSIS & INSIGHTFUL CHARTING RECORDED FOR POSTERITY. March 21, 2012 bone ET Sponsor http://www.spreadprofessor.com We are not in a 'rising wedge'. There is no 'uptrend degradation'. We are in a full blown bullish trend channel... http://i44.tinypic.com/2wn4x0l.png *Nine Ender Exposed* http://www.elitetrader.com/vb/showthread.php?s=&threadid=239642
I'm sorry, but i find this discussion a bit sterile... I look at the charts, and all i see is an uptrend. Most of my positions are long, and the short setups that i establish every morning dont get triggered. I keep looking for the short setups (the same way i look for the long ones in a downtrend), but for the moment (and moment is a good word) most of my trades are on the long side. Just my opinion, If i'm wrong, I'll be stopped out. Best, vcir