What situation? I called for major fibonacci support at SPX 1087 back on Tuesday and the SPX low for yesterday was: 1087.06 And of course, this was right where all of the "Trend-Faders" of the world were getting super bearish and jumping up and down with all sorts of "Gloom & Doom" scenarios about consumer credit delinquencies, terrorism, high oil prices, etc. Here's the thread: http://www.elitetrader.com/vb/showthread.php?s=&threadid=30121
Yes I already knew your statement: 1087, and it was a technical masterpiece. But what I'm asking is, are you shorting this weak volume bounce?
No, not at all. One of the biggest cardinal sins is trying to pre-judge a market move just because it trades low volume. As traders, we trade price, not volume. The only time that I may factor volume into my trading methodology is after we have had a significant downmove, or upmove and are at what appears to be an extreme where sellers/buyers might have exhausted themselves. However, in the "in-between" mode, I have no use for volume. I'm sure that many of the "perma-bears" on this board will talk about how the volume was only 1.48 billion shares on the NYSE, but that is just am absurd "rationalization" as to why they were not long today. Cheers!
Way to go RiskArb!!!!!!! Don't hold your breath waiting for James to pay off though. Maybe between he and Manolo and Grand Master B they can scrape up $500 in a year or two.
I don't recall where I said "yes" to any $ wager. I believe I recall saying "no". Do you know the difference? Nice try, loser.