We have topped!

Indeed, something is only overbought if everybody else thinks so, and right now, there seem to be plenty of buyers and bears getting squeezed.

 

Ok, let's put things in a little perspective here. TopHat's gold calls sucked, no arguing that. He did time the NQ/QQQ short very well; that was a pretty significant break last week.

Meanwhile, if I'm not mistaken, you shorted GOOGL on the lows last week. So did you "fight the tape"?

 

Yes, but his call was for the end of the uptrend.

 

So let me get this straight, you think a call of QQQ as the top and saying "SHORTS THIS IS OUR TIME" is some sort of prophecy that he was so wise to point out? He acted as if the world was falling apart. I and I am sure others here proclaimed that it was merely a pullback/correction or pause leading to new highs. You can check my post history if you dont believe me but I said we would have a 5% or less pull back and I would be buying the dips. So we drop ~3.5-4% on the QQQ before turning higher. You think that was a significant break? Maybe a small enough one to make money but did he make money?....I highly doubt that.

As for the SHORT GOOGL call. I did not short at the lows. I shorted (0.75% of my capital) at $786 and then again (0.25%) this morning at $775. I also set my stop at $782.55 at that time of the 2nd leg short. A couple hours later I was stopped out for a breakeven trade @ $782.13. I know how to cut my losses.

Below is my update of that thread in real time (Posts #17-20), with time stamps if you wish to compare to the price of GOOGL. Normally, I do not post real time because of my job but today I was able to do so.

https://www.elitetrader.com/et/threads/short-googl-price-target-660-680.304827/page-2

 

Blown out. Sorry for the loss, perhaps try to be a bit more humble next time.

 

As Transportation Index goes higher, so will Stock Market overall.

 

are you still around?

 

Not saying you're wrong, but it was that type of thesis that led a LOT of people to miss up on the rally from 2011 until now. The only thing that matters to us as traders is our profit and loss and that is solely depending on price and our trading decisions. Anything else is noise.

 

Trading under the direction of bias does not end up well. This is a disconnected approach to successful trading.

 

Not worth keeping savings parked in a bank account
QE intermediately on standby
Actual inflation
No common technical signs of a top