if so many people (including my humble self) are interested in a discussion regarding the bottom, then this bottom must be far, far away. As much as I leisurely learned from the stock market in the past 12 years, there N E V E R (sic) happens waht You expect. You wanted Lundy to give comment - he didn't. See ?
Lundy is busy getting cash advances on his credit cards to "double down" yet again (for the fourth double down?), and cover his margin calls. If we see a little bounce up, I'm sure he'll be back in all his glory.
Poor lundy. The funny thing is, before he started that thread up about the market being bottomed (and had the audacity to say the trend was up) he was adamant that the trend was down. If only he'd stuck to that previous conviction, we'd all be praising him (probably).
You bet! It's no fun to beat on the guy. I am pretty sure all traders went though this naive and arrogant stage. The only sad thing is, lundy still does not get it. And odds are he never will (since most traders never get it). But cmon, it does not make him a bad guy. The other sad thing to see is how many 'traders' here are interested in calling a long term bottom. BTW, it's an interested reminder when I read that they are tops and bottoms each day. Yes that's true. But I don't think all traders are trying to call or pick these tops and bottoms. Many traders are using non directional trading (I know I do) and in these styles tops and bottoms are irrelevant. there are investors, investors masking as traders (you know who), and very few actual traders. And among traders too often one think trading is only the kind of thing he is doing. there are many valid actual trading styles on many different markets. But on ET we often see terms misused, confused, and one's reality generalized to the many. Trading is a business and there are several plans possible. To me, there is only one verdict : do you make money in the long run, and with what kind of risk ? tntneo
How did Lundy do today? Or did he blow out his trading account over the past two weeks looking for today's rally?
Yeah, t hat's the thing about calling the bottom - you might run out of capital before you are "right". He has been calling for the bottom for 4-5 weeks. In terms of short-term trading, that's a long time to keep buying on lows thinking it's a bottom. Even if you had $100M you can still be totally blown out in 4-5wks of trying to find the bottom. So, the day he's waiting for is maybe today(maybe not who knows. and who cares). The point is not to pick on anyone. It's just that in trading, picking tops and bottoms is a very very dangerous game that's not really worth the effort. He could have waited until today then started buying and it rallied nicely and make a good profits rather keep on buying and buying on lows and lower lows and lower lows. Oh well. I think the point in trading/investing is NOT to be "right", but to make $. If you want to be a "guru" then call market bottoms and tops. If you want to make $, then just trade. To each its own.