+1 I also gave up ! time to double size again on short signals. first batch of short signals - lost, second batch double size and ahead slightly. So trending right. See how third one will turn out. Sure have now feeling of going alone in this which is better than before.
We're a little above the top of the range from the Flash Crash day, so I voted flat, figuring we should see a little bit of back and forth in this area. That range defined on that day has been where we've been trading ever since. That means the top of it was resistance, and now should be established as support.
There's still (an Obama) hope for the bears. The SPX took a peak above and it didn't like what it saw. (It probably saw deadbroke!) And it went back down the wedge.
Outside of day trades and short term swing trades, why would a longer term swing trader be short? In terms of longer term swing trades, a strongly confirmed reversal to the long side was put in on 9/1 and there hasn't been a single short signal since then (other than intraday and short term counter-trend swings).
Agreed. Aside from shorting because the market is up, what are the fundamental reasons to short? GOOG had great earnings. We are going to get a divided congress. Obama needs to pump up the next 2 years for reelection. Bernake is easing. AAPL PE is 24. That yields 4%. Compare that with 30 year treasuries. Is it overvalued? Perhaps if growth slows. But are you going to bet that it will drop right now?
thestreet.com poll is bullish, ET poll is leaning bullish. several weeks of bullish polls already. the contrarian stance says that the sentiment is indicative of a likely correction. but the sentiment pulse can't precisely time the turn-around. SPY Next Week? Bullish 8 42.11% Flat 4 21.05% Bearish 6 31.58% I prefer to keep my opinion to myself 1 5.26% Total: 19 votes 100% street.com: What would best describe your stance heading into the coming week of trading? Bullish 52.88% 110 votes Bearish 33.17% 69 votes Neutral 13.94% 29 votes
SPY ~118, almost the same level when Cramer made his famous calls on Apr 13: "We are 6 months away from seeing genuine prosperity." http://seekingalpha.com/article/198622-cramer-s-mad-money-6-months-to-prosperity-4-13-10 As some of you recall the market proceeded to quickly lose ~15% soon after that call. What's interesting is that the market has come back to the precise level and it is exactly 6 months since the call. NOW $1T question: what's Cramer's stance today?